{"id":1004742274,"date":"2025-01-06T06:33:35","date_gmt":"2025-01-06T14:33:35","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004742274"},"modified":"2025-02-24T01:57:09","modified_gmt":"2025-02-24T09:57:09","slug":"104m-loan-issued-for-centro-citys-retail-component","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/104m-loan-issued-for-centro-citys-retail-component\/","title":{"rendered":"Miami Retail Asset Scores $104M Loan"},"content":{"rendered":"\n<p><\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"alignright size-large is-resized\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/01\/CentroCity-e1736173786540.jpg\"><img loading=\"lazy\" decoding=\"async\" data-attachment-id=\"1004742275\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/104m-loan-issued-for-centro-citys-retail-component\/centrocity\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/01\/CentroCity-e1736762054526.jpg\" data-orig-size=\"1200,900\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"CentroCity\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/01\/CentroCity-e1736762054526.jpg?w=1024\" height=\"682\" width=\"1024\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/01\/CentroCity.jpg?w=1024\" alt=\"Aerial view of Centro City\" class=\"wp-image-1004742275\" style=\"width:400px;height:auto\"\/><\/a><figcaption class=\"wp-element-caption\">Centro City&#8217;s retail and residential components. <em>Image courtesy of Terra<\/em><\/figcaption><\/figure><\/div>\n\n\n<p>A $104 million loan for Phase One of Centro City\u2019s 350,000-square-foot retail component was issued by Hudson Bay Capital. It is part of Miami-based developer Terra\u2019s overall $291 million in permanent financing secured for the 38-acre mixed-use development.<\/p>\n\n\n\n<p>The new financing will pay off the development\u2019s existing construction loan, provided by Apollo Global Management and Mack Real Estate Credit Strategies in 2022.<\/p>\n\n\n\n<p>Centro City includes 1,200 market-rate residential apartments, green space for residents, a newly reimagined shopping center with lifestyle-oriented retail and restaurants, a Class A office building and a Mater Academy K-8 Charter School.<\/p>\n\n\n\n<p class=\"has-large-font-size\">Connected to the community<\/p>\n\n\n\n<p>\u201cAt Terra, we prioritize creating spaces that offer not just accessibility but real connectivity to the vibrant heart of their communities,\u201d David Martin, CEO of Terra, told <em>Commercial Property Executive<\/em>.<\/p>\n\n\n\n<p>\u201cCentro City exemplifies this vision, strategically located in the heart of West Little Havana, where residents and businesses can tap into Miami&#8217;s key employment centers, cultural landmarks and transportation corridors,&#8221; he added.<\/p>\n\n\n\n<p>\u201cThis is <a href=\"https:\/\/www.multihousingnews.com\/terra-lands-construction-loan-for-1b-miami-project\/\">part of a broader strategy<\/a> we&#8217;ve applied across South Florida, from Coconut Grove\u2019s Grove Central to our upcoming Upland Park development, which will redefine mobility and living in West Miami-Dade. Our commitment is to build more than just developments; we create dynamic, sustainable ecosystems that enhance communities and drive economic growth.\u201d<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity has-very-light-gray-to-cyan-bluish-gray-gradient-background has-background is-style-wide\"\/>\n\n\n\n<p><strong>READ ALSO:<\/strong> <a href=\"https:\/\/www.commercialsearch.com\/news\/retail-construction-starts-surged-in-h1-2024\/\">Retail Construction Starts Surged in H1 2024<\/a><\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity has-very-light-gray-to-cyan-bluish-gray-gradient-background has-background is-style-wide\"\/>\n\n\n\n<p>Target, Ross Dress for Less, DD\u2019s, Fresco y Mas, Walgreens and Bank of America are among the tenants for the 95 percent-leased property in the center of Miami-Dade County, just west of Little Havana.<\/p>\n\n\n\n<p>Walker &amp; Dunlop\u2019s Keith Kurland and Gangemi Law Group represented Terra in the transactions. Holland &amp; Knight Partners Joe Dewey, Brett Holland, Shawn Amuial and Shaina Kamen, together with Associate Brian Piper, represented Hudson Bay Capital.<\/p>\n\n\n\n<p>\u201cMixed-use multifamily developments featuring retail in Miami continue to garner interest from residents, investors, and lenders,\u201d said Michael J. Romer, co-founder &amp; managing partner of Romer Debbas LLP. \u201cThis most recent financing is a positive sign as lenders begin to awake from a relatively dormant market cautiously. The combination of multifamily, retail and warm weather is the magic formula entering 2025.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"<p>This component of a 38-acre mixed-use development is almost fully leased.<\/p>\n","protected":false},"author":3568,"featured_media":1004742275,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21808,21825,1492,21742,21749,32781],"tags":[34301,52001,52536,40638,51997,44213],"class_list":["post-1004742274","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-featured","category-finance","category-miami","category-latest","category-retail","category-southeast","tag-apollo-global-management","tag-gangemi-law-group","tag-hudson-bay-capital","tag-mack-real-estate-credit-strategies","tag-terra","tag-walker-dunlop"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - 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