Aztec Group Secures $23.3M in Financing for Two Pennsylvania Retail Centers

BARTONSVILLE, PA. — Aztec Group Inc. has secured a total of $23.3 million in financing for two retail centers in Bartonsville. The firm secured $13.2 million in financing for Bartonsville Square and $10.1 million for Bartonsville Plaza. Basis Investment Group provided a 10-year loan, featuring a 75 percent loan-to-value ratio and a 30-year amortization schedule, for Bartonsville Square. Bartonsville Square is an 80,000-square-foot retail center anchored by a 50,000-square-foot Dick’s Sporting Goods. The property was developed by an affiliate of Legend Properties and is currently 95 percent leased and occupied. Also developed by an affiliate of Legend Properties, the 49,000-square-foot Bartonsville Plaza is 94 percent leased and occupied. Current tenants include Sleepy’s Mattress, Verizon Wireless, GameStop, Moe’s Southwest Grill, Great Clips, Sonic and Advanced Auto Parts. Ladder Capital provided a 10-year loan, which features a 70 percent loan-to-value ratio and a 25-year amortization schedule, for Bartonsville Plaza. Howard Taft and Charles Penan of Aztec Group Inc. arranged the financing for the undisclosed borrower.