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Terranova Brokers Two Retail Center Loans Totaling $11.3 Mil.

MIAMI-Two retail properties for which Terranova Corporation found new buyers some years back have been refinanced through the firm's capital markets unit.

By Harold Kelman | Updated on September 11, 2000

MIAMI-The 96,041-sf El Mercado Shopping Center at 2436 W. 60th St. in Hialeah has been refinanced via a $9.2 million, 10-year, fixed-rate loan from New York’s J.P. Morgan. The 85,000-sf Quail Roost Trade Center at 18625 SW 107th Ave. received a $2.1 million, five-year loan, with a five-year option from Pennsylvania’s Eagle National Bank.

Paul Ahmed, director of capital markets for Miami-based Terranova Corp., brokered both transactions. Terranova had previously negotiated the sales of both properties to their present owners. An investment group acquired El Mercado in 1991. Allen Greenwald bought the mixed-use Quail Run three years ago.

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