MIAMI—Kendallgate Shopping Center has won a $45 million refi with record-low interest rates. Berkowitz Development Group just secured the refinancing for its 194,624-square-foot shopping center at 11910 SW 88th Street in Miami.
Although the treasury rates have increased from May to October 2013, well-positioned institutional quality assets have still been able to secure interest rates at historically low levels. Berkowitz placed Kendallgate's 10-year fixed-rate loan with PNC Bank.
“Since its construction in 1989 and subsequent renovation in 2004, Kendallgate Shopping Center has always been a thriving source of commerce for the Kendall community and our national retailers continue to boast strong sales,” says David Singer, CEO of Berkowitz. “Weathering through several economic cycles since 1989, our team was acutely aware that now is the time to refinance so our center can continue on an upward trajectory.”
Indeed, Kendallgate has consistently outperformed its local market. The shopping center beats the market occupancy rate of 97.3% for West Kendall with a fully occupied center.
Located at the entrance to West Kendall on the Southwest Corner of North Kendall Drive (Southwest 88 Street) and the Florida Turnpike, Kendallgate Shopping Center's retailers leverage busy traffic in the high population of the area. The retail property includes notable tenants such as DSW, Bed Bath & Beyond, Petco, ULTA, Chili's, Macaroni Grill, and Sports Authority, which just finished a complete renovation of their store.
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