Terranova Corp. and Acadia Realty Trust obtained a $84 million loan from Bank of America for a trio of retail buildings on Lincoln Road in Miami Beach, Daily Business Review reported.
Terranova and Acadia purchased the buildings at 719, 801 and 826 Lincoln Road for $139 million last year.
The buildings are fully leased, according to Terranova. Tenants include Aldo, Fossil, Kiehls, Steve Madden and Solstice.
The loan represents the “perfect intersection of great real estate, committed sponsorship and a great lender,” Terranova chairman Stephen Bittel said. [Daily Business Review] –Emily Schmall