Dockerty Romer arranges loan for North Palm center

Coconut Cay Shoppes on U.S. Highway 1 in North Palm Beach.

DELRAY BEACH — Joseph A. Hepp  of Delray Beach-based Dockerty Romer & Co., has arranged $3 million in financing for an unanchored retail strip center known as the Coconut Cay Shoppes located at 12100 U.S. Highway 1 in North Palm Beach. Financing was arranged through a regional bank with a 6.25 percent interest rate, three-year term and a 25-year amortization schedule. 

The property is a three–building, 27,900-square-foot unanchored strip center. Currently, the property is over 90 percent leased. A few of the tenants have date back to the construction of the center in the late 1980’s. The property is located along US Highway 1, with direct frontage.

“The owner will continue to hold this property within his portfolio; he continues to focus on the strength of his long term, cash flowing investments,” Hepp said. “This was a concentrated effort between our firm, the borrower, and the lender. In today’s challenging and difficult environment, especially when working in the retail sector, everyone performed above and beyond, delivering terms the borrower had requested from the beginning.”

The borrower, Doval Investments LLC, has a portfolio of retail, industrial, and multifamily properties throughout Florida and Canada.   

Dockerty Romer & Co., is a full service commercial mortgage banking and real estate brokerage firm specializing in the capitalization of income producing properties. Dockerty Romer & Co., has closed more than $3.5 billion of real estate transactions since it’s inception in January 2000.