Inland Gives 93% Loan to Retail Center with 7% Occupancy

MIAMI-Oak Brook, IL-based Inland Mortgage Corp. has closed a $13.72 million bridge loan to fund the acquisition and renovation of the 139,171-sf shopping center Crossroads at Northlake in Palm Beach Gardens, FL.

The loan is 93% of the total cost of $14.75 million, which includes the $7 million sale price, $6 million in renovation costs, and other fees such as closing costs. The term of the loan is 18 months and has a floating interest rate over prime. Inland refused to disclose the estimated interest rate.

Massachusetts Mutual Life Insurance Co. of Springfield, MA, sold the Crossroads at Northlake to Woolbright Development Inc. of Boca Raton. The buyer expects renovating the center will help bring the occupancy up to normal levels. The occupancy at closing was 7%.

The shopping center, built in 1987, is at the southeast corner of Northlake Boulevard and Interstate 95.