Walker & Dunlop, Inc. announced today that it recently originated an acquisition and construction loan for a future retail site in Sun City, Florida. The 12-acre piece of vacant commercial land is located at the southeast corner of Sun City Center Boulevard and U.S. 301. The financing was provided by BB&T Bank and will enable the borrower, Leon Capital Group, to develop prime commercial retail space within the Sun City community.
Livingston Hessam and Jeremy Pino, Walker & Dunlop Tampa-based vice presidents, led the deal team that originated the $4,357,000 loan. Mr. Hessam commented, “Walker & Dunlop and BB&T were able to provide a creative structure for the acquisition and construction loan that met the business plan of Leon Capital Group. We were happy to be able to quickly accommodate the borrower on this unique transaction that will increase the retail opportunity in the market and add value to the community of Sun City, Florida.”
Sun City is a master-planned age restricted community, 55 years or older, with a DRI (Development of Regional Impact) designation. Because the community is a fully developed DRI with no additional development rights, retail space is limited and valuable in the market area. Leon Capital Group has initial plans for up to five retail pads in its development, which is flexible and can accommodate many different users. The site is located opposite a Super Wal-Mart and a Publix-anchored shopping center, making it an ideal location for both prospective retailers and residents of the community.