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

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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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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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Miracle Mile tower project to be developed in Florida

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CONSTRUCTION REVIEW ONLINE – September 19, 2022

A 4-story Miracle Mile mixed-use tower has been planned for a 0.2-acre site located in Coral Gables, Florida. Last December, the Miami Beach-based developer, Terranova Corporation, purchased the property for $6.8 million. The site is currently occupied by a former 9,000-square-foot Pharmacy building, which Terranova plans to redevelop into a retail-and-office building.

However, the  Miracle Mile tower development still requires certain city approvals and permits to move forward. If all goes as planned, the developers expected the construction to be completed within a year. The building’s proposed 4-story height was intentionally selected to match the Miracle Mile Overlay zone code. The Coral Gables City Commission put this measure in place last year to encourage commercial development, while also limiting overdevelopment.  

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