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CPF refinances for $33M in Opa-Locka

July 06, 2011 11:08AM

CPF Investment Group, the developer of AVE Aviation & Commerce
Center, has completed a $33 million refinancing of the 2.6
million-square-foot community, which is located at the western edge of
Opa-Locka Executive Airport. The deal, which was financed by JP Morgan Chase,
paves the way for the development of a 135,000-square-foot facility for
operator Banyan Air Service, which signed a 20-year, $40 million lease
at the site in 2010. CPF also plans to develop a 12,000-square-foot
retail strip and a 120-room hotel at the site. “This refinancing
demonstrates confidence in bringing the continued growth of this
business park to fruition,” said Ernesto Cambo, principal of CPF. — Alexander Britell