Remington arranges $11.5 Million permanent financing for retail center, Sunrise, FL Remington, Inc. secured an $11,500,000 non-recourse permanent mortgage fixed rate financing for a retail center in Sunrise, Florida. The most attractive feature of the financing was a 5.11 percent interest rate that was fixed for 10 years and amortized over 30 years. The loan refinanced the center's existing higher rate mortgage. The property is a non-grocery anchored strip center built in 1987 that housed local tenants including an eight screen independent movie theater. In a rising interest rate environment, many savvy real estate owners moved early to capture fixed rate pricing when the 10 year Treasury was hovering around 4 percent. Among those that particularly benefited are owners who refinanced mortgages that we originally placed on their properties in the late 1997 - 1998 time frame when fixed rates were north of eight percent. Even with defeasance, owners recaptured this expense from lower payment savings in approximately 18 months as their payments were often 30-40 percent less. This transaction is an example of such a circumstance. One of Florida's most prominent real estate families engaged Remington on an exclusive basis to secure new financing for their center and also coordinate the defeasance of their existing mortgage. Remington advised its client to fix the rate at application which paid off as the Treasury was over 4.25 percent at the time of closing. Remington's lender provided an 80 day rate lock without cost to the borrower. Remington provided defeasance services without cost to the client as well, both examples of how extremely low transactional costs were passed onto the borrower as a result of working with Remington.