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JLL arranges $6 million refinancing for mixed-use property in St. John, U.S. Virgin Islands

BOSTON –  JLL Capital Markets introduced that it organized a $6 million refinancing for The Market, a 55,100-square-foot mixed-use property providing important retail, workplace, storage and hospitality makes use of in St. John, U.S. Virgin Islands.

JLL labored on behalf of the borrower, Mugar Enterprises, Inc. to safe the five-year, fixed-rate mortgage via Financial institution of New Hampshire.

The Market is a three-story property providing workplace, retail and cupboard space alongside the 12-key Market Suites boutique lodge. Renovated in 2020, the constructing is designed to resist hurricanes and is ADA suitable. Tenants at The Market embody Starfish Market, the biggest of solely three grocery shops on the island, Chelsea Drugstore, Firstbank and St. John {Hardware}.

Positioned on 2.01 acres at 4A Property Enighed, the property is situated throughout the coronary heart of Cruz Bay, St. John’s most important downtown space. The property advantages from the island’s sturdy tourism business and is near the ferry dock serving the island, the Nationwide Park Customer’s Middle and the beginning of many mountaineering trails, in addition to quite a few seashores, resorts, retailers and eating places.

The JLL Capital Markets Debt Advisory crew representing the borrower was led by Managing Director Anthony Cutone and Managing Director Amy Lousararian.

The publish JLL arranges $6 million refinancing for mixed-use property in St. John, U.S. Virgin Islands appeared first on Boston Real Estate Times.