Miami Shopping Centers Get $30M Refinancing

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.