BWE, a national commercial and multifamily mortgage banking company, announced today that it has secured $13.9M to refinance Restaurant Row, a newly constructed Class-AA retail asset located adjacent to the Town Center at Boca Raton shopping mall in Boca Raton, FL and within walking distance of some of Boca Raton’s premier class A office space.
Maxx Carney, senior vice president, and Dan Rosenberg, executive vice president in BWE’s Boca Raton office, originated a $13,900,000 first mortgage loan to refinance Restaurant Row on behalf of sponsor PEBB Enterprises, a Boca Raton-based private equity family office with a long history of developing some of the most unique retail properties across South Florida.
“Creating unique developments in the competitive South Florida retail market can be challenging which is why we were thrilled to work to refinance a piece of real estate that has such character and is already such a local hotspot,” said Carney. “We’re proud to have worked with our partners at PEBB Enterprises to refinance this new luxury dining destination and look forward to further opportunities to bring creative new concepts and experiences to South Florida.”
Located at 5377 Town Center Road, Restaurant Row is a newly constructed class-AA collection of restaurant venues totaling 22,322 square feet. The property’s four tenants are among some of the most celebrated dining concepts in South Florida including El Camino Boca Raton, an organic Mexican soul food eatery; Stage Boca, an innovative and worldly small-plates kitchen; Motek Boca Raton, which offers kosher-style Mediterranean fare, and Japanese-Latin fusion gastropub Pubbelly Sushi.
“Restaurant Row is a reflection of our commitment to developing high-quality, experience-driven retail that complements the energy of Boca Raton,” said Eric Hochman, Chief Investment Officer at PEBB Enterprises. “BWE understood our vision and delivered a financing solution that positions this asset for long-term success. We’re grateful for their partnership and look forward to collaborating on future projects.”
Prior to PEBB Enterprise’s work on Restaurant Row, the firm has had a hand in some of the highest-profile real estate developments in the region, including the development and $74M sale of the Shoppes at Isla Verde, a 207,030-square-foot shopping center in Palm Beach County in 2018, and the ongoing redevelopment of the Office Depot corporate headquarters in Boca Raton.