GMACCM Provides $90M Loan for Retail Development

PALM BEACH COUNTY, FL-GMAC Commercial Mortgage Corp. has provided a $90.1-million loan for the construction of Downtown at the Gardens, an upscale retail project planned for the northern section of the county.The development, located just west of the Gardens Mall, will include a 16-screen, 3,200-seat Cobb Theatre, a Whole Foods Market, and several restaurants and specialty retailers. The project is being developed by Menin Development Co.”Downtown at the Gardens … will have a dramatic impact on the retail market in Palm Beach Gardens and northern Palm Beach County,” according to Marc T. Yavinsky, vice president and branch manager in GMACCM’s Boca Raton office, where the loan originated. “Menin Development … has capitalized on a tremendous location by bringing in a number of new-to-the-market national and specialty retailers and upscale restaurants.”Downtown at the Gardens will be situated on approximately 35 acres with a 20-acre lake, a walking path and a sculpture park. The building will be approximately 336,000 sf. The term of the construction loan for the project is three years with a floating interest rate.