The Real Deal Miami

Berkowitz obtains $45M refi for shopping center

Company gets 10-year loan secured by Kendallgate

December 19, 2013 01:30PM

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Kendallgate Shopping Center

Kendallgate Shopping Center

Berkowitz Development Group has obtained a $45 million refinancing from PNC Bank for its Kendallgate Shopping Center in Miami-Dade County’s West Kendall neighborhood.

The Miami company received a 10-year fixed-rate loan secured by the nearly 195,000-square-foot shopping center, Daily Business Review reported. The interest rate was not disclosed.

Kendallgate was built in 1989 and renovated in 2004. Tenants at the 11910 Southwest 88th Street center include Bed Bath & Beyond, Chili’s, DSW, Macaroni Grill and Sports Authority.

A longtime retail developer and owner, Berkowitz also owns Gables Station near Coral Gables, Fifth and Alton in Miami Beach and Dadeland Station in Miami. [Daily Business Review]Eric Kalis

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