W&M fund heading south to Miracle Mile.Wien & Malkin Strategic Capital IV, L.P. has made an $11 million preferred-equity investment in the redevelopment of a 246,000-square-foot retail property along the popular "Miracle Mile Miracle Mile can refer to the following places:
The funds will be applied to the $67-million redesign and modernization of the retail center, formerly known as Miracle Plaza. With more than 90% of the space pre-leased, Coral Gables-based Talisman Companies. L.L.C. will reopen the center next year as Miracle Place Market. Branded national tenants will include Marshall's, Bed Bath & Beyond, Office Max, PetSmart, DSW DSW - penis war and Bally's Total Fitness Centers. Miracle Place Market will be a "big box" center comprising three floors of high-ceiling retail space and three decks of covered parking. The property occupies the northern end of the Miracle Mile on Coral Way Coral Way, is a primarily east-west street that begins in downtown Miami in Miami-Dade County, Florida. The eastern terminus is at Brickell Avenue (U.S. Route 1) in the downtown Miami Financial District. , greeting motorists as they head into Coral Gables Coral Gables, city (1990 pop. 40,091), Miami-Dade co., SE Fla., SW of Miami; inc. 1925. Founded at the height of the Florida land boom, Coral Gables is a noted planned city, with tree-lined boulevards and Mediterranean-style buildings. . "We're delighted to join in making this a successful project," says George S. Perry, Senior Vice President and Director of Investments of W&M Properties, which sources and structures investments for the Strategic Capital program. "We moved fast, overcame the myriad issues associated with a complex redevelopment project like this, and showed the value we bring to the owner/developer community with our ability to understand and provide what is required." Designed to free trapped equity and cover a wide range of special funding requirements, the Strategic Capital program provides relatively short- and longterm capital to real estate entrepreneurs, either as mezzanine debt or structured equity. To date, four Strategic Capital partnerships have raised more than $86 million of equity from Wien & Malkin investors, and made investments in transactions with total capitalization Total capitalization The total long-term debt and all types of equity of a company that constitutes its capital structure. total capitalization See capitalization. of more than $1.2 billion. Strategic Capital has been especially active in Florida in recent months, having made loans totaling more than $14 million to help finance affordable housing and luxury apartments in the state, in addition to the Coral Gables preferred-equity investment. Talisman Companies, based in Coral Gables, has made shopping center shopping center, a concentration of retail, service, and entertainment enterprises designed to serve the surrounding region. The modern shopping center differs from its antecedents—bazaars and marketplaces—in that the shops are usually amalgamated into redevelopment a specialty over the course of its 26-year history, with projects totaling more than seven million square feet nationwide. Fashion Outlets of Las Vegas Fashion Outlets of Las Vegas is a 371,000 square foot shopping mall located in Primm, Nevada and is owned by Primadonna Resorts. Its address is 32100 Las Vegas Boulevard South, and is located just off Interstate 15 at the California state line, some 40 miles southwest of Las Vegas. , Towson Mall near Baltimore, and Brookdale Center in Coral Gables are among its high-profile redevelopments. |
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