The Real Deal Miami

Menin Development nabs $41M in financing

Developer will refi the PGA Plaza Shopping Center

May 19, 2015 12:00PM

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PGA Plaza and Craig Menin

PGA Plaza and Craig Menin, founder of Menin Development

Palm Beach Gardens-based Menin Development landed $41 million in financing from CIT Real Estate Finance, according to a press release.

Menin will refinance its PGA Plaza Shopping Center, which it rescued out of foreclosure in 2013. CIT provided a $26 million loan to renovate the plaza in November of that year, creating an additional 5,646 square feet of retail space, including the addition of anchors Trader Joe’s and Ulta. The renovation also included a redesigned building facade, an upgraded parking lot, landscaping, site lighting and signage for the shops at 2505 and 2570 PGA Boulevard in Palm Beach Gardens.

“We’re proud of the substantial repositioning and upgrades PGA Plaza recently underwent,” founder Craig Menin said in a statement. “From the new construction to the redesigned landscaping, which increases the center’s visibility from PGA Boulevard, we’ve improved our occupancy rates and the overall tenant profile at the center.”

PGA Plaza tenants include Chase Bank, Subway, Marshall’s, Anthony’s Coal Fired Pizza and Dunkin’ Donuts.

Menin owns and has developed more than $1 billion of real estate in South Florida and on the West Coast. Its portfolio includes community and grocery-anchored centers, and single-tenant retail buildings, according to a press release. In April, Menin Development picked up two commercial buildings in downtown Delray Beach for $19.5 million. — Katherine Kallergis