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.