Cronheim Secures $140MM Insurance Co. Debt for Miami Retail Property on behalf of Philips International
David Turley, Janet Proscia and Jeff Pacailler have secured $140 million for the refinance of Palm Springs Mile, a 1,280,000 square foot retail portfolio located in the Miami suburb of Hialeah, FL. Palm Springs Mile is a group of contiguous shopping and strip centers that dominate a mile of Hialeah’s primary commercial corridor along both sides of the street. Anchor tenants include Kohl’s, LA Fitness, Walmart Neighborhood Market, Burlington Coat Factory, Michaels, Toys R Us, Winn Dixie and Ross Dress for Less.
The loan was placed with one of Cronheim’s insurance company correspondents. It features a 25-year term with seven years of interest only followed by a 30-year amortization schedule.
The borrower was an entity affiliated with Philips International, an active operator and developer based in New York City. Philips International is a prolific investor across all major asset classes and a recognized pioneer in the retail and hotel sectors. The company’s holdings span more than 200 properties throughout the country. Philips International has offices in New York, Delaware, Florida and Texas.
“We are pleased to have helped the borrower accomplish its goal of locking in long-term financing while interest rates remain near historical lows,” noted David Turley. “Palm Springs Mile is one of South Florida’s premier retail assets. Cronheim Mortgage is thrilled to add this loan to our servicing portfolio.”