Renovation work





7118-7186 N. University Drive

Tamarac, FL 33321



Southeast corner of University Drive and NW 72nd Street, in the city of Tamarac, Broward County, Florida


Parcel Number:                                          49-41-03-28-0010



                                                                        Broward County Appraiser


Land Area:                                                    8.15 AC (355,014 SF +/-)


Number of Buildings:                               3


Number of Stories:                                    1


Gross Leasable Area:                                67,631


Year Built:                                                    1983

Flood Zone:                                                 Federal Emergency Management Agency (FEMA)

Zone AH

FEMA Home Page


Parking Spaces:                                         377


Parking Ratio:                                             5.58 per 1,000 SF GLA


Improvement Analysis

Foundation:             Continuous monolithic slab poured on reinforced concrete footings

Construction:          Fireproof steel frame with steel beams and steel deck

Floor Structure:      Concrete slab on compacted fill

Exterior Walls:         8” concrete block with stucco painted finish. Retail storefronts are plate glass set in anodized aluminum frames.

Roof Cover:             Built-up roofing system with a modified bitumen cap sheet system along the front façade and covered walkway


ADA Compliance:                                      Yes


Current Zoning:                                          B-2, Business District


Uses Permitted:                                          Multifamily residences, retail, professional & medical offices, banks, restaurants, hotels/motels, retail uses, etc.



Loan Information:

            Lender:                                             Prudential Mortgage Capital Company, LLC

Servicer:                                           Prudential Asset Resources

            Asset Manager:                              Kevin Duty

            Address:                                           2200 Ross Avenue, Suite 4900E

                                                                        Dallas, TX 75201

            Phone:                                              214-721-6057

            Fax:                                                    214-777-4585

            Loan Number:                                 6104132

            Program:                                          PMCC-Conduit

            Term/Month:                                    10/120

            Amortization\Month:                     28/336

Loan Closing Date:                       January 12, 2001

First Pay Date:                                March 1, 2001

            Loan Amount:                                 $3,200,000

            Note Rate (fixed):                           7.9%

            Monthly P&I Payment:                  $23,677.81

            Maturity Date:                                  February 1, 2011

            Lock-Out Period:                            3 Months Prior to Maturity Date

            Current Principle Balance

                                    As of 6/1/03:             $3,127,505.49


Title Policy Insurance Company:          First American Title Insurance Company



Recent Renovations/Construction:      We substantially completed a major renovation of the Shopping Center in July 2003. Elements of the renovation include: a new facade, new individual channel letter tenant signs, installation of new irrigation system, replacement of existing landscaping throughout and the replacement of the existing lighting with metal halide, major repair and replacement of existing curbing, and re-striping of the parking areas. Future work includes the construction of two new main entry monument signs. The renovation program extends to a major retenanting of the shopping center. Four leases with new tenants have been executed in the second quarter of 2003: (1) Direct Realty (1,400 sq.ft.) has opened for business; (2) University Fitness (13,288 sq.ft.), (3) Milano's Bakery (4,550 sq.ft.) and Physiotherapy Associates (2,800 sq.ft.) are currently under construction.



Tamarac Center, LLC, a Florida Limited Liability Company


Property Manager
CBA Property Management, Inc.

10933 Wellworth Avenue

Suite 6

Los Angeles, CA 90024


Onsite Manager
Chris Sullivan

            Cell Phone: 954-593-7059



Leasing Contact - Florida
Conrad Baker

Office: 800-CBA-MGMT

Chris Sullivan

             Cell Phone: 954-593-7059