Bilzin Sumberg Real Estate Practice Group Partner Adam Lustig has closed an $18.2 million refinance on Flamingo Park Plaza, an approximately 129,000 square foot shopping center complex at 4410 West 16th Avenue in Hialeah, Miami.
Bilzin Sumberg represented the borrower, Flamingo Kids, Ltd., which is controlled by Jack Glottmann. The loan was made by Wells Fargo Bank, which intends to securitize it in the CMBS market.
According to Mr. Lustig, while financing activity in general and CMBS financing in particular are increasing, we have not seen a tremendous amount of financing in South Florida on non-grocery anchored shopping centers of this type.
“Retail leasing and sales volumes are picking up once again, and this deal is an example of the renewed activity underway,” said Mr. Lustig. “Tenants are looking to expand as the economy continues to stabilize. This rings true particularly in South Florida, where foreign investment and residential growth is spurring retail development.”
The property’s anchor tenants include Navarro, CAC Florida Medical Centers, Dollar Tree Stores and Goodwill.
About Bilzin Sumberg
Bilzin Sumberg Baena Price & Axelrod LLP is a commercial law firm with extensive experience in the areas of Corporate & Tax, Government Relations & Land Development, International, Litigation, Real Estate and Restructuring & Bankruptcy. For more information, please visit www.bilzin.com.