Sawgrass Landings in Sunrise lands $21M loan

The Canadian Imperial Bank of Commerce granted a $20.9 million loan for Sawgrass Landings, a shopping center in Sunrise, The Real Deal has learned.

New York-based RM Capital handled the deal for the 64,500-square-foot retail center, which is owned by Trikon Sunrise Associates. The site is anchored by an LA Fitness and includes a Starbucks, FedEx Office Print & Ship Center, Supercuts and Panera Bread.

Sawgrass Landings is made up of three buildings, each constructed in 2005, according to Broward County property records. Jon Samuel is listed on the owner’s corporate filings.

The 10-year, fixed-rate loan has a four-year-long interest-only period, according to a representative for RM Capital. Weiss, Romano Tio and Marc Sznajderman of RM Capital arranged the loan on behalf of the borrower.

“Sawgrass Landings is at the intersection of one of Florida’s most dynamic and rapidly expanding submarkets,” said RM Capital Director Steven Weiss. “RM Capital was able to demonstrate to the market that the property justified premium execution and the lender agreed.”

The shops, at 13713, 13775 and 13999 West Sunrise Boulevard, are located just west of Sawgrass Mills, which is adding 80,000 square feet of retail as part of The Colonnade Outlets at Sawgrass Mills. Simon Property Group picked up a missing piece of the massive mall in March — a 75,726-square-foot store for $16.9 million.