CIT Group announced that CIT Real Estate Finance provided a $41 million senior secured credit facility to Menin Development, a privately held owner, developer and manager of commercial real estate in the Southeast United States. Menin Development will use the facility to refinance PGA Plaza Shopping Center in Palm Beach Gardens, Florida. Financing was provided by CIT Bank, the U.S. commercial bank subsidiary of CIT. Terms of the transaction were not disclosed.
In November 2013, CIT provided $26 million in financing to a joint venture headed by Menin Development to support the renovation of PGA Plaza. PGA Plaza received substantial improvements and created an additional 5,646 square feet of retail space, including the addition of new anchors Trader Joe’s and Ulta. Other features included a completely re-designed building facade, an upgraded parking lot, landscaping, site lighting and signage, which dramatically improved the shopping center’s traffic, appeal and visibility.
Craig Menin, founder of Menin Development, said: “We’re proud of the substantial repositioning and upgrades PGA Plaza recently underwent. 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. CIT’s Commercial Real Estate team has been nothing short of exemplary in their service, skill and depth of knowledge through both of our recent financings. We look forward to growing this relationship.”
Matt Galligan, President, CIT Real Estate Finance, added: “Palm Beach Gardens is a great submarket of Palm Beach with above-average demographics and household wealth. The population is growing again as local firms begin sustained hiring for the first time since the recession. We’re able to provide this additional round of financing due to our extensive knowledge in the sector and the strong relationship we built with Menin Development.”
Meggan Walsh, Managing Director and Deputy Group Head, CIT Real Estate Finance, added: “Craig Menin and his team have positioned PGA Plaza to capitalize on strong rent growth that is expected to last through 2019 as leases signed during the downturn are coming up for renegotiation. We’re pleased we could close this transaction in a fast and efficient manner.”
Menin Development, Inc., headquartered in Palm Beach, Florida, is a privately held owner, developer and manager of commercial real estate properties. Menin is the developer and owner of over $1 billion of prime retail properties throughout South Florida and the West Coast and has a current portfolio of existing, high-quality community and grocery-anchored centers, single tenant retail buildings and high street retail holdings as well as another 2.1 million square feet under development. The company was founded by Craig Menin in 1985.