$15M Pays Down Debt on 120,000-SF Center

WEST PALM BEACH, FL-The 119,443-sf Lake Point Centre on Okeechobee Blvd. has received $14.7 million in permanent financing. The financing, which was provided by Key Bank Real Estate Capital, Inc., will be used to repay existing debt. The loan was a non-recourse loan with a 20-year term.

The neighborhood shopping center is anchored by a Wal-Mart Neighborhood Market and freestanding Walgreen’s drug store. The property was constructed in 1997 with Winn-Dixie as its former anchor.

“This is one of the first Wal-Mart Neighborhood Markets in Palm Beach County,” says Shannon Rex, of Delray Beach-based Dockerty Romer & Co. “Long-term fixed rate financing was placed on the subject taking advantage of the yield curve.” Rex arranged the financing.