JLL arranges $26.9M refinancing for Laredo power center

The fully leased center pulls from an extended regional and international trade area

November 05, 2019

DALLAS, November 5, 2019 – JLL announced today that it has arranged a $26.9 million refinancing for Rio Norte Shopping Center, a 222,185-square-foot, fully leased, Class A power center in the Texas border town of Laredo.

JLL worked on behalf of the borrower, a partnership between Auerbach Funds, LLC in their first of two funds, Auerbach Opportunity Fund I, LP, and Elevation Real Estate, to place the three-year, floating-rate loan with Bayview Commercial Mortgage. Loan proceeds will be used to retire existing debt on the property and provide capital for the expansion of the Ross Dress for Less space and newly executed lease for dd’s discounts.

Rio Norte Shopping Center is situated on 16.7 acres at 5404 San Bernardo in Laredo, a border town that pulls from an extended trade area that covers a large portion of south Texas and stretches deep into the interior of Mexico. International shoppers from Mexico account for more than half of Laredo’s $3.6 billion in gross retail sales. Located directly off Interstate 35, the center is visible to more than 113,378 vehicles per day and is in the heart of Laredo’s retail core that includes a Walmart Supercenter and the Mall del Norte, a 1.2 million-square-foot super regional mall. Anchored by the top-performing Ross Dress for Less in Texas, Rio Norte Shopping Center is also home to Michael’s Petco, Dollar Tree, Shoe Carnival, Five Below, dd’s discounts, Spec’s and more.

The JLL Capital Markets debt placement team was led by Dustin Dulin and William Hairston.

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.

For more news, videos and research resources on JLL, please visit the firm’s U.S. media center Web page: U.S. newsroom.

About JLL

JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. Our vision is to reimagine the world of real estate, creating rewarding opportunities and amazing spaces where people can achieve their ambitions. In doing so, we will build a better tomorrow for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.3 billion, operations in over 80 countries and a global workforce of nearly 92,000 as of June 30, 2019. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit

About Auerbach Funds 

Auerbach Funds is a privately held real estate investment fund manager currently operating two fully discretionary private equity funds. The group seeks to provide investors with consistent returns while managing risk. The firm believes in the ability to create transformational change to assets, and in turn, to the communities surrounding them. Auerbach’s Funds invests in distressed, deep value-add investments in both primary and secondary markets throughout the United States and follow an opportunistic strategy. The company typically investments in under-managed assets, distressed assets, REOs, and risk mitigated developments in the retail, industrial, office, multi-family, medical office and manufacturing asset classes. Visit to learn more.

About Elevation Real Estate Group, LLC

Headquartered in Charlotte, North Carolina, Elevation Real Estate Group, LLC is a full-service real estate company specializing in development, acquisition, leasing and management of commercial properties, primarily throughout the Southeast. For more information, visit

About Bayview

Bayview Commercial Mortgage Finance is a wholly owned subsidiary of Bayview Asset Management, LLC (“BAM”) that originates and acquires commercial and multi-family loans across the United States.