-Terranova secures USD22.5m loan from PNC for shopping centre.
M2 EQUITYBITES-February 21, 2012--Terranova secures USD22.5m loan from PNC for shopping centre(C)2012 M2 COMMUNICATIONS http://www.m2.com
21 February 2012 - Terranova Capital Corp said on Monday it had obtained a USD22.5m (EUR17m) loan from PNC Corp to refinance an earlier loan for the Suniland Shopping Center.
The company used the money to cover a smaller credit it received from a life insurer generating excess proceeds. The 82,000 sq ft (7,618 sq m) property is owned by Suniland Associates Ltd, a unit of South Florida's commercial real estate advisory company Terranova Corp.
Terranova bought the property located at 11325 South Dixie Highway, Pinecrest, Florida, in two deals in 1994 and 1996 for an aggregate sum of USD10.4m. The company has significantly revamped the shopping centre and enhanced the tenant mix to pocket higher returns.
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|Publication:||M2 EquityBites (EQB)|
|Date:||Feb 21, 2012|
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