(For more retail coverage, click GlobeSt.com/RETAIL.)

PALM BEACH GARDENS, FL-Menin Development Co. has obtained a $140-million permanent, fixed-rate loan on Downtown at the Gardens, a 344,165-sf lifestyle center on Gardens Parkway. This raises capital and 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. “This property fills a tremendous void in the local retail market,” Yavinsky says. “A majority of the tenants are setting up shop for the very first time in Florida, and the center is not saturated with common anchors and tenants, but rather specialty shops and restaurants.”

That was the devleoper’s objective from the start, Robert Jacoby, Menin’s VP and COO, told GlobeSt.com in January 2005. He described his tenanting goal as “an appropriate mix of nationally known restaurants and specialty retailers unique to this area.” Tenants began moving in last November and, at completion this spring, the center will be fully occupied.

The anchors are a 68,087-sf Cobb Theater and a 42,592-sf Whole Foods Market. Among the in-line tenants are: Sur LaTable, Z Gallerie, Urban Outfitters, Elizabeth Arden Red Door Spa, Storehouse and Smith & Hawken. National restaurants include: Cheesecake Factory, Max’s Steak House and the Strip House.

GMAC previously arranged the construction loan for the locally based developer. Craig Menin, president, says his company has a “next series of upscale, open-air retail and mixed-use projects in South Florida currently under development.”

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

 

GlobeSt Net Lease Spring 2024Event

This conference brings together the industry's most influential & knowledgeable real estate executives from the net lease sector.

Get More Information
 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.