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CIT Provides $26MM for Redevelopment of PGA Plaza Shopping Center

February 05, 2014, 07:50 AM
Filed Under: Real Estate

CIT Group announced that CIT Real Estate Finance provided a $26 million senior secured credit facility to redevelop the PGA Plaza Shopping Center, a joint venture headed by Menin Development, a privately held owner, developer and manager of commercial real estate in the Southeast U.S. The financing will be used to make site improvements to the PGA Plaza Shopping Center in Palm Beach Gardens, Florida, including renovating the exterior of the property. Financing was provided by CIT Bank , the U.S. commercial bank subsidiary of CIT. Terms of the transaction were not disclosed.

“Palm Beach Gardens is a thriving submarket of Palm Beach where we see potential for further opportunities,” said Meggan Walsh , Managing Director and Deputy Group Head, CIT Real Estate Finance. “CIT’s ability to reach agreement quickly on a structure that fits the Sponsors’ needs was key to winning this transaction. We are pleased to put our knowledge to work for our real estate middle market clients and look forward to growing this relationship.”

Craig Menin, founder of Menin Development, said, “We believe PGA Plaza Shopping Center will stand out in this area due to the layout of the center and the upgrades it will receive from this redevelopment. As a neighborhood shopping center, PGA Plaza will boast superior tenancy, enhanced visibility from the street and easy accessibility for patrons. We are grateful to CIT’s Commercial Real Estate team for its depth of knowledge and their ability to complete this transaction in a timely and efficient manner.”

Menin Development, Inc. headquartered in Palm Beach, Florida, is a privately held owner, developer and manager of commercial real estate properties. Menin, the developer and owner of over $1 billion of prime retail properties throughout the Southeast, has a current portfolio of 800,000 square feet of existing, high-quality community and grocery-anchored centers as well as another 2.1 million square feet under development. The company was founded by Craig Menin in 1985.

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