Building value that allowed for new financing to an upscale community center is all in a day’s work for Vero Beach’s energetic Terry Torres.
In April 2013, Terry T. Torres, CCIM brokered the transaction for Village Shops of Vero Beach , an upscale 25,000 sf shopping center located along SR A1A on the exclusive barrier island in Vero Beach.
Torres is President and Broker of SLC Commercial Bird Realty Group, Inc. in Vero Beach, a member of the Florida Chapter’s East Coast District and serves as Vice President of Operations for the Florida CCIM Chapter.
Shortly after the transaction closed, Torres worked with the owners and began to renovate the center, adding a new paver parking lot, all new landscaping, new sidewalks and interior walkways, and many other significant renovations. The improvements totaled over $2,100,000 to date with an additional $1,100,000 in improvements planned.
“As a result of the extensive renovations we were able to secure long-term national credit tenants Tommy Bahama and J McLaughlin Inc as well as the popular new Citron Bistro,” Torres shared.
The resulting 400% increase in NOI enabled Mr. Torres to arrange and secure a $5,000,000 mortgage on behalf of the owner, Village Shops of Vero Beach, from CenterState Bank. The financing package was based on a valuation of $7,640,000 or 74% LTV. The loan closed in late February, 2017.