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CIT Provides $46MM In Financing To Menin Development

May 10, 2017, 07:20 AM
Filed Under: Real Estate

CIT Group Inc. announced that its Real Estate Finance business provided a $46 million senior secured credit facility to Menin Development, a privately held owner, developer and manager of commercial real estate in the Southeast United States. Menin Development will use the facility to refinance PGA Plaza Shopping Center in Palm Beach Gardens, Florida.

This is CIT's third transaction with Menin Development. In November 2013, CIT provided $26 million in financing to a joint venture headed by Menin Development to support the renovation of PGA Plaza. This financing was also used for substantial improvements to the property as well as the creation of an additional 5,646 square feet of retail space, including the addition of new tenant anchors Trader Joe's and ULTA Beauty. In May 2015, CIT provided Menin with $41 million in permanent financing upon the completion of the renovation.

Craig Menin, founder of Menin Development, said: "We have been able to successfully transform PGA Plaza into the premier open air retail and lifestyle center in Palm Beach Gardens. The re-tenanting brought many new retailers, food operators and service providers, and the re-designed landscaping dramatically improved the center's traffic circulation, appeal, and visibility from PGA Boulevard. The fact that the property is constantly full and the parking lots always filled is testament to this success. This is our third financing with CIT's Commercial Real Estate group, which reflects their expertise in the sector and ease to work with. They are an experienced team that we look forward to working with again."

Matt Galligan, president of CIT's Real Estate Finance business, said: "Since Craig Menin and his firm took over PGA Plaza, the property is nearly fully leased. Overall, Menin Development demonstrates superior sponsorship that has developed PGA Plaza into a high quality asset with strong anchor tenants and unparalleled visibility. We're pleased we could provide this financing to Menin."

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