Downtown at the Gardens, Palm Beach Gardens, FL

Savills represented Ashkenazy & Agus Ventures in its acquisition of a $140 million (face amount) permanent first mortgage from a national insurance company.

The mortgaged collateral is a 338,300 square foot open air lifestyle center in Palm Beach Gardens, Florida. The property was owned by a large public pension fund.

Opened in 2006, the center featured a successful Whole Foods and Cobb Theaters, but rent levels and occupancies for the in-line tenants fell far short of projections.

Ashkenazy & Agus was able to negotiate an attractive price for the mortgage and engaged Savills to arrange financing for the note purchase.

Savills successfully identified an investor who was able to close the transaction in less than 30 days.