A more than $10 million financing package that recently closed involved three Florida commercial real estate loans, one of which was for Stickney Point Plaza in Sarasota.
Largo Capital Principal and General Counsel Kevin Coscia assembled the package, in which the newly built retail center in the 6300 block of South Tamiami Trail received a 10-year, fixed-rate loan with a 25-year amortization schedule, according to a statement.
Stickney Point Plaza, located near the Stickney Point Road intersection, spans 20,377 square feet of retail space. According to a statement, it is nearing full occupancy. Tenants include Jet’s Pizza, Florida EBikes, Dentists of Stickney Point and the not-yet-open Capriotti’s Sandwich Shop.
The retail plaza is owned by 6338 S Trail LLC, which lists commercial real estate investor Rodney Dessberg as a registered agent.
Also included in the financing package was a fully leased Sarasota office property that, according to a statement, houses two government agencies: Florida Department of Corrections and the Florida Department of Children and Families – Suncoast Region. Both are located in the 1800 block of 17th Street. The 10-year, fixed-rate loan features a 25-year amortization schedule.
The third deal in the $10 million package involved securing a $2.85 million first mortgage to refinance a six-property office portfolio with 36,000 square feet of net rentable space in “high-demand Florida markets” that are fully leased, according to a statement.
Largo Capital is a commercial real estate financing company founded in 1989 that has done $45 billion in total production, according to its website. It has offices in Sarasota and Tampa as well as Winter Park, where Coscia is based.
