Berkowitz Development Group Inc. has secured a 10-year fixed-rate loan for $45 million from PNC Bank to refinance Kendallgate Shopping Center.
Without specifying the interest rate it obtained Nov. 18, Berkowitz said well-positioned, institutional-quality assets like the West Kendall center “have still been able to secure interest rates at historically low levels.”
The 194,624-square-foot retail center southwest of Florida’s Turnpike and Kendall Drive is fully occupied with major tenants including a newly renovated Sports Authority, Bed Bath & Beyond, DSW, Petco, ULTA, Chili’s and Macaroni Grill. The average market occupancy rate is 97 percent.
“Since its construction in 1989 and subsequent renovation in 2004, Kendallgate Shopping Center has always been a thriving source of commerce for the Kendall community and our national retailers continue to boast strong sales,” said Berkowitz CEO David Singer. “Weathering through several economic cycles since 1989, our team was acutely aware that now is the time to refinance so our center can continue on an upward trajectory.”
Miami-based Berkowitz is a retail developer with several retail projects aside from Kendallgate at 11910 SW 88th St. Its other properties include Dadeland Station, Gables Station, and Fifth and Alton.