Menin Development nabs $41M in financing

Developer will refi the PGA Plaza Shopping Center

May.May 19, 2015 12:00 PM

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

Related Articles

Craig Menin and 301 East Atlantic Avenue in Delray Beach (Credit: Google Maps)

Menin Development buys Johnnie Brown’s building in Delray Beach

The health conscious grocer Earth Fare will close its stores

Earth Fare will close South Florida stores

Louis Oosthuizen and 12230 Tillinghast Circle (Credit: Getty Images and Realtor)

Pro golfer Louis Oosthuizen sells Palm Beach Gardens home

Anchor Health Properties CEO Ben Ochs and 3401 PGA Boulevard (Credit: Google Maps)

Anchor Health pays $24M for medical office building

The property at 3101 PGA Boulevard (Credit: Google Maps)

Sears sues landlord and city over blocked sublease at Palm Beach Gardens mall

Ken Endelson and a rendering of Avenir

Kenco buys 40 lots in Avenir

Greg Silvers CEO of EPR Properties and Franklin Academy at 5651 Hood Road

Missouri investor sells Palm Beach Gardens charter school

Peter Ricker and 900 Village Square Crossing

MB Real Estate scores Palm Beach Gardens office building