Menin Gets $140M Refi

PALM BEACH GARDENS, FL-Menin Development Co. obtains a $140-million permanent, fixed-rate loan on Downtown at the Gardens, a 344,165-sf lifestyle center on Gardens Parkway. This replaces and improves the rate on the locally based developer’s $116.7-million construction loan.

Marc Yavinsky, VP and branch manager of the Boca Raton loan origination office of GMAC Commercial Mortgage Corp., arranged the refinancing through TIAA-CREF. The lender “offered the borrower flexibility in the loan structure and worked closely with Menin to close the loan prior to all of the tenants taking occupancy,” he says.

In January 2005, Robert Jacoby, Menin’s VP and COO, told GlobeSt.com, GSR’s sister website, that the center would be leased at the opening, and “we may hold back some space in order to obtain the right mix.” He described that as “an appropriate mix of nationally known restaurants and specialty retailers unique to this area.” Tenants began moving in last November.