$3.95M Mortgage on the Town Square Mall in Marathon, Florida Keys

Monroe County is the smallest market this database tracks, six closings in the Florida Keys, and the Town Square Mall loan is the second largest of them. Terrabank recorded a $3,950,000 mortgage on the Marathon shopping center on April 7, 2026, executed March 31, on a roughly ten year term due March 2036, for owner Buritica Marathon 76 LLC, an active Florida entity dating to 2020.

Town Square Mall is a two story center of 22,069 square feet at 11400 Overseas Highway, mile marker territory in the heart of Marathon, built in 1973 and renovated in 2008 per county records. Leasing materials describe small units of roughly 450 square feet rented singly and doubled, upstairs and down, a classic Keys configuration of small local businesses; the one individually confirmed tenant is a jewelry and pawn shop in suite 121. The property last sold in August 2020 for a recorded $3,700,000.

The debt history is a roll call of Keys and South Florida community banking: Commercial Bank of Florida in 1996 and 2003, Marine Bank of the Florida Keys from 2004 through 2008 modifications, a Centennial Bank modification in 2017, Terrabank itself at $2,175,000 in 2018, and FirstBank Florida at $2,590,000 in 2021. The 2026 loan brings Terrabank back at nearly double its prior position. Seven lenders across thirty years, all of them community institutions; no national bank has ever appeared on this title.

Terrabank is a Miami based community bank with Coral Gables and Miami offices; its site lists commercial lending among its lines without published program parameters. This is its first closing tracked on LoanList. The rest of the tracked Keys record frames the market: $3,230,000 from SouthState Bank in Key West, $1,120,000 from Anchor Bank in Tavernier, and $1,015,000 from Centennial Bank in Key West.

For owners of commercial property down the Overseas Highway, the record says what Keys operators already know: this is community bank country, end to end. Every recorded lender on this center for three decades has been a Florida community institution, and the newest, largest loan came from one that had already been here before. In a market this thin, relationships are the financing infrastructure.