Printer Friendly

-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

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.

((Comments on this story may be sent to

COPYRIGHT 2012 Normans Media Ltd.
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 2012 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:M2 EquityBites (EQB)
Date:Feb 21, 2012
Previous Article:-Citi reshuffles Australia, New Zealand top management.
Next Article:-Credit Suisse arranges 3-yr loan to Shui On Development.

Terms of use | Privacy policy | Copyright © 2019 Farlex, Inc. | Feedback | For webmasters