Terranova Scores $22.5 Million Refinance For Suniland Shopping Center

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MIAMI BEACH, FLORIDA – February 21, 2012 – Terranova Capital Corp. is proud to announce the $22.5 million refinance of the 82,000 sq. ft. Suniland Shopping Center located at 11325 South Dixie Highway Pinecrest, FL 33156.

The new loan provided by PNC Corp. was used to satisfy an existing much smaller loan from a life insurance company, and generate significant excess proceeds. The property is owned by Suniland Associates Ltd., an affiliate of Terranova, which has owned the property since 1996.

Originally acquired in two transactions in 1994 and 1996 totaling $10.4 million, Terranova has extensively renovated the property and upgraded the tenancy bringing in exceptional tenants like the U.S. Post Office, SunTrust Bank, Citicorp, Great Florida Bank, Starbucks, Flanigan’s, The Cheese Course, Hair Cuttery, Sushi Rock, Energy Kitchen and others to join existing longtime tenants CVS, Wagons West and Pete’s Barbershop.

Terranova Chairman Stephen Bittel said, “This is just one more example of our firm identifying and acquiring great real estate, redeveloping it to unlock the value, and then leasing to the best tenants we can find. We have improved the tenant mix and grown income significantly. The best is still to come!”

“Suniland is the heart of the village of Pinecrest community. We have brought in the best of new retail concepts to join with longtime community icons. Our property serves the shopping, dining and entertainment needs of the community. Suniland remains one of the top choices of new retailers entering our market because of the high income in the Pinecrest community and its magical location on U.S. 1 with traffic counts approaching100,000 cars daily, enabling it to serve a much broader trade area,” said Terranova Executive Vice President Mindy McIlroy.

Terranova Corporation, South Florida’s leading commercial real estate advisory firm, currently is involved with commercial real estate assets for its clients and its own portfolio valued at more than $1 billion. The company offers complete commercial real estate services, including asset and property management, leasing, tenant representation, acquisitions, dispositions, financing, construction management and development services.

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Terranova Brokers $20 Million Loan for Paraiso Parc

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MIAMI BEACH, FLORIDA – July 5, 2011 – Terranova Capital Corporation has brokered a $20 million loan for power shopping center Paraiso Parc, 15701 & 15729 Pines Boulevard, Pembroke Pines on behalf of its affiliated venture partners.

In this challenging economic environment lender MetLife loaned on a quality asset with top sponsorship. The favorable financing speaks to the strength of the well maintained A+ quality investment property. Paraiso Parc was originally purchased in an all cash deal in 2007.

Paraiso Parc is 99% occupied with long term leases in place and features a national tenant lineup including the “A” player in the grocery category Publix alongside AT&T, SunTrust, and Wells Fargo. The center lies on Pines Boulevard, the major retail corridor in Broward County which links East and West Pembroke Pines. Paraiso Parc is in a dense, high income neighborhood, where the average household income exceeds $137,000 within a 3-mile radius.

Terranova Corporation’s leasing and operating efforts at Paraiso Parc have revealed quality long term tenants and a well preserved center giving the lender the confidence to make the loan.

“If a loan was going to be given this is an asset that a lender would not pass up,” said Terranova Chairman Stephen Bittel. “We look forward to a long relationship with MetLife.”

Terranova Corporation, South Florida’s leading commercial real estate advisory firm, currently is involved with commercial real estate assets for its clients and its own portfolio valued at more than $1 billion. The company offers complete commercial real estate services, including asset and property management, leasing, tenant representation, acquisitions, dispositions, financing, construction management and development services.

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Terranova Closes $22 Million in Financing for Two Miami-Dade Shopping Centers

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MIAMI BEACH, FLORIDA – January 4, 2007 – Terranova Corporation closed mortgage financing for two of its Miami-Dade Shopping centers totaling $22 million. Both deals allowed the local ownership groups to unlock significant equity from the properties while obtaining long term fixed interest rates.