Mount Dora, Fla. — Avison Young has arranged a $7.7 million acquisition loan for Tri-Cities Shopping Plaza, a 78,452-square-foot retail center in the Central Florida city of Mount Dora.
George Vail of Avison Young arranged the seven-year, fixed-rate loan with a 30-year amortization schedule through BankUnited. The undisclosed borrower acquired the asset for $11 million. Constructed in 1988, Tri-Cities Plaza underwent a $6.5 million capital improvement program in 2016. The property was 94 percent leased at the time of sale to tenants such as Ross Dress for Less, TJ Maxx and Dollar Tree.