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Miami Shopping Centers Get $30M Refinancing

MIAMI-The funding, which JP Morgan Chase provided for LKS Associates LP, an affiliate of Loeb Partners Realty LLC, was for the 181,923-net-rentable-sf Kendall Value Center and the 81,998-net-rentable-sf Sunset Strip Shopping Center.

By Melissa Bogdany | Updated on August 31, 2004

MIAMI-JP Morgan Chase, a national conduit lender based in New York, has provided $30 million in refinancing for two local neighborhood shopping centers.The centers, which have the same principals, are Kendall Value Center and Sunset Strip Shopping Center. The two have nearly 264,000 sf combined. In the transaction, Geoffrey Rice, a director in LJ Melody & Co.’s New York office, secured the permanent, fixed-rate financing for LKS Associates LP, which is an affiliate of Loeb Partners Realty LLC. Kendall Value Center, built in 1983, consists of about 181,923 sf of net rentable area. A 106,000-sf BJ’s Wholesale Club anchors this center. Sunset Strip Shopping Center has approximately 81,998 sf of net rentable space. A 16,740-sf Food Star Market anchors the center, which was built in 1984.

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