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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" corridor linking Miami with fashionable Coral Cables.

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 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, greeting motorists as they head into Coral Gables.

"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 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 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, Towson Mall near Baltimore, and Brookdale Center in Coral Gables are among its high-profile redevelopments.
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Title Annotation:Wien & Malkin Strategic Capital IV, L.P.
Publication:Real Estate Weekly
Geographic Code:1USA
Date:Apr 19, 2006
Words:367
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