The Real Deal Miami

Davie shopping center owner receives $22M loan

Ireland Cos. gets mortgage from City National for Town and Country renovation
April 02, 2014 11:15AM

Town and Country Shopping Center

Town and Country Shopping Center

The family-owned Ireland Companies received a $22 million loan from City National Bank of Florida for the renovation of the Town and Country Shopping Center in Davie.

Ireland is set to reposition Town and Country as a destination retail center with the addition of Hobby Lobby and Whole Foods as anchor tenants, according to City National’s written statement announcing the transaction. The Tom Ireland-led company developed the shopping center on the southwest corner of University Drive and I-595 during the 1970s.

City National structured the loan with an initial funding of about $10.3 million. The entire loan amount is scheduled to be released when the two new anchor tenants occupy their spaces later this year.

“The commitment by Hobby Lobby and Whole Foods serves as evidence of the desirability of the location and the growing strength of the retail market in South Florida,” said Gary Fitzgerald, City National’s executive vice president of real estate banking. — Eric Kalis