Current media coverage and upcoming developments hand-picked from the industry.

Pay It Forward: “My Goal Is To Be A Culture Curator”

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ALM Globest.com, by Tasha Norman – October 25, 2022

“My advice to get a foothold in the industry is to take any available position that will get you in the door,” says Mindy Mcilroy, president of Terranova Corp.


Mindy Mcilroy, Terranova Corp,. Miami Beach, FL Mindy McIlroy began her career as an executive assistant in 1997 at Terranova Corp., and is now the company’s president. In this role, McIlroy oversees all the day-to-day operations for the company’s diverse retail portfolio. She has additionally led the company’s strategy through its foray into mixed-use and High Street retail, where Terranova Corp. has a leading position as the largest single retail property owner on Lincoln Rd. in Miami Beach and Miracle Mile in Coral Gables.

Job Title: President

Area of expertise or focus:  Commercial Property Leasing, Marketing & Management


What is the best piece of advice you have received that has helped you succeed in your industry and what advice do you have specifically for the next generation? The best piece of advice I have received over the years that has helped me succeed in my industry is to find a mentor in your chosen field. Throughout my career, I have been blessed with three unique and knowledgeable mentors; each has had a large impact on me and played a role in shaping who I am in this industry. It is important to listen and learn all you can from your mentor, as well as taking the opportunity to soak up the knowledge all the members of your team have to offer to better you and your career.

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Stephen-Bittel

Stephen Bittel’s Terranova Inks Deal with New Tenants for Shadowwood Square in Boca Raton

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BOSS EDITORIAL – September 26, 2022 South Florida’s temperate weather and beautiful coastline has long drawn retirees to the eastern tip of the Sunshine State, but over the past few years the area has been an increasingly popular destination for younger residents too. In addition to the draw of working remotely from the beach, the availability of homes and lack of state income tax has seen Florida gain more than 200,000 residents in the last year, making it second only to Texas in population growth.

The influx of people has created new shifts in the makeup of the cities within the greater Miami metropolitan area. According to Stephen Bittel, founder and chairman of the commercial real estate firm Terranova Corporation, one of these shifts include a growing number of family-friendly businesses migrating to the markedly luxurious Boca Raton.

Indeed, Terranova’s retail center Shadowwood Square located in west Boca Raton recently signed two new tenants under that category: Carter’s Retail Inc., the largest branded marketer of baby and children’s clothing in the United States; and The Great Greek Mediterranean Grill, a fast-casual franchise with over 40 locations across the country and eight in South Florida alone.  

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CRE_Connect_Stephen_Bittel

The Fed, Funds and CRE Financing

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CONNECT CRE – September 22, 2022 BY AMY WOLFF SORTER

In March 2022, the Federal Reserve approved its first interest rate hike in more than three years. Since that time, much has been written about the impact of ongoing Effective Federal Fund Rate increases on commercial real estate financing.

Stephen Bittel

In the wake of the most recent EFFR increase, experts told Connect CRE that there is no doubt that continued hikes are impacting commercial real estate funding. Reliable sponsors can still obtain bank and life insurance company debt. But “nearly all of the Wall Street-type loan funds that rely on lines of credit or repurchase agreements are effectively out of new business without admitting it publicly,” said Stephen Bittel, founder and chairman of Terranova Corporation. Meanwhile, he continued, lenders are focusing on near-term renewals and stress-testing existing loans at renewal rates from 5.5% to 6.5%, “well in excess of loan rates from the last few years.”

Meanwhile, Chad Plumly said that while his company, Matthews Capital Markets, doesn’t rely on the Fed rates when it comes to financing, the hikes are impacting the overall markets. “In turn, treasury rates and term SOFR rates have increased significantly,” said Plumly, who is First Vice President with Matthews Capital Markets. Additionally, “borrowers seeking short-term floating rate or construction financing are finding it relatively more difficult than those seeking long-term financing,” said

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