(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 raises capital and replaces and improves the rate on the locally based developer's $116.7-million construction loan.
Marc Yavinsky, VP and branch manager of the Boca Raton loan origination office of GMAC Commercial Mortgage Corp., arranged the refinancing through TIAA-CREF. "This property fills a tremendous void in the local retail market," Yavinsky says. "A majority of the tenants are setting up shop for the very first time in Florida, and the center is not saturated with common anchors and tenants, but rather specialty shops and restaurants."
That was the devleoper's objective from the start, Robert Jacoby, Menin's VP and COO, told GlobeSt.com in January 2005. He described his tenanting goal as "an appropriate mix of nationally known restaurants and specialty retailers unique to this area." Tenants began moving in last November and, at completion this spring, the center will be fully occupied.
The anchors are a 68,087-sf Cobb Theater and a 42,592-sf Whole Foods Market. Among the in-line tenants are: Sur LaTable, Z Gallerie, Urban Outfitters, Elizabeth Arden Red Door Spa, Storehouse and Smith & Hawken. National restaurants include: Cheesecake Factory, Max's Steak House and the Strip House.
GMAC previously arranged the construction loan for the locally based developer. Craig Menin, president, says his company has a "next series of upscale, open-air retail and mixed-use projects in South Florida currently under development."
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