Dockerty Romer arranges financing for Lauderhill center

FORT LAUDERDALE — Joseph A. Hepp of Delray Beach-based Dockerty Romer & Co. has arranged $3.4 million in financing for an unanchored shopping center located at 4400 University Drive, Lauderhill.  The non-recourse financing was arranged through a regional bank with a 6.95 percent interest rate, three-year term and a 25- year amortization schedule. 

The property, called The Promendate at Inverrary, is a 12-building, 120,3900-square-foot unanchored retail center on more than 10 acres along University Drive. Currently the property is 78 percent leased; a few of the tenants have occupiedthe center since it was built in the mid 1980’s.

The Promenade at Inverarry.

The borrower, 4400 University LP, has a portfolio of retail and multifamily properties throughout the east coast.

“The owner will continue to hold this property within his portfolio and was very satisfied that DRC was able to find non-recourse debt in this current market environment.” Hepp said.  “This was a concentrated effort between our firm, the borrower, and the lender. In today’s challenging and difficult environment, now more than ever when working in the retail sector, everyone performed above and beyond, delivering terms the borrower had requested from the beginning. The fact remains that as more and more commercial real estate loans come due, everyone involved in the transaction must work and communicate closely to achieve an acceptable solution for all parties involved. We were able to accomplish this goal.”