Cash out advice on two retail properties in Florida.

[Richard W.]

We are a mid size Canadian investment company with a small holding in FL and negligible leverage. Two of our FL retail plazas (Ft Lauderdale and Tampa, mortgage free) are fully leased and strong performing. We are looking to do cash out financing on them to capitalize on potential acquisition opportunities next year.

The combined acquisition cost of the properties was about $17ml a few years back and they are worth materially more today. Would it be more advantageous for us to do a portfolio type mortgage combining the two properties or lien them separately under two mortgages?

Thank you in advance for any advice.