(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 raisescapital and replaces and improves the rate on the locally baseddeveloper's $116.7-million construction loan.
Marc Yavinsky, VP and branch manager of the Boca Raton loanorigination office of GMAC Commercial Mortgage Corp., arranged therefinancing through TIAA-CREF. "This property fills a tremendousvoid in the local retail market," Yavinsky says. "A majority of thetenants are setting up shop for the very first time in Florida, andthe center is not saturated with common anchors and tenants, butrather specialty shops and restaurants."
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
*May exclude premium content
Already have an account?
Sign In Now
© 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.
