UPDATE: Gardens Project Snags $140M Fixed-Rate Refi

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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.”