Bed Bath & Beyond

Concord Summit Capital Secures $16 Million Refinancing for Shopping Center in Delray Beach, Florida

by Julia Sanders

Delray Beach, Fla. — Concord Summit Capital LLC has secured a $16 million refinancing for Bed Bath & Beyond Plaza, a shopping center in Delray Beach. Justin Neelis and Daniel Rojo of Concord sourced the non-recourse financing through Seven Hills Realty Trust on behalf of the borrower, Berta Management. The bridge loan will be used to construct a new Starbucks Coffee outparcel, provide for capital improvements and pay off existing debt. Bed Bath & Beyond Plaza was 86 percent leased at the time of financing to Bed Bath & Beyond, CVS/pharmacy, Enterprise, Marios Market, Agapi Gourmet, Jack’s Pizza, Philly Grill, USPS, JN Nails and Celebrity Dry Cleaning. Site work on the Starbucks Coffee location is underway. Once construction is complete, the shopping center will total 86,043 square feet of leasable space.

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