Terranova scores $55M refi of Miracle Mile portfolio in Coral Gables
Loan consolidates debt from three lenders on 14 properties
Terranova Corp. secured a $55 million refinance of its Miracle Mile portfolio in downtown Coral Gables, as the firm continues to take advantage of low interest rates.
Miami Beach-based Terranova, led by Chairman Stephen Bittel, received the financing from City National Bank. The debt consolidates and replaces loans from three lenders on 14 properties, Bittel said.
The closing occurred about a month after Terranova refinanced its Marshalls/Lincoln Eatery building in Miami Beach with a $23 million loan, also from City National Bank.
The $55 million loan is backed by properties that include 220 Miracle Mile, 300 Miracle Mile and 253 Miracle Mile. The 220 Miracle Mile property could eventually be redeveloped into a hotel, but Bittel said those plans are on hold for now.
“The money will be used to repatriate some of our capital to accommodate tenant improvements and return some of our originally invested capital,” he said. His company has been taking advantage of “historically low interest rates,” he added.
Last month, Terranova paid $8.7 million for the retail buildings at 232 and 330 Miracle Mile, which are leased to the Greek restaurant Kaia and Gabriella Arango Couture. The commercial real estate firm also paid $6 million for the corner building at 300 Miracle Mile, previously occupied by California Pizza Kitchen. Terranova also owns properties at 308, 348 and 360 Miracle Mile.
Earlier this year, Terranova and its partner Terra sold a nearly 24-acre development site in Doral to logistics real estate investment firm GLP Capital Partners for $55 million. The partnership sold the industrial property for $15 million above its $40 million purchase price in 2018.