Terra Nabs $44M Loan for Publix-Anchored Retail Project in Pembroke Pines
David Martin’s Terra scored its second loan for 16000 Pines Market, its retail development in Pembroke Pines, Fla., according to property records.
The $43.7 million loan — provided by real estate investment firm Thorofare Capital — will finance the second phase of construction, which is expected to end in 2022.
Back in 2017, a company tied to Coral Gables-based S&K Worldwide Realty loaned $48.8 million, property records show.
Anchored by a Publix supermarket, the retail development will include a 22,747 square-foot Crunch Fitness gym and a 25,000 square-foot Burlington department store. The 117,583-square-foot retail project, located at 16000 Pines Boulevard, sits in the heart of the suburb’s shopping district. A Whole Foods and Costco are less than a mile away.
“Terra’s continued investment in Pembroke Pines reflects the City’s growing residential population,” said Terra CEO David Martin in prepared remarks.
Across Pembroke Pines, Terra is developing another retail project, Pines City Center, which is also in its second phase of construction.
Coconut Grove-based Terra is one of the most prolific developers in South Florida. According to the company, its portfolio holds 10 million square feet of residential, commercial and mixed-use developments valued at more than $8 billion.
In March, the company scored a massive $340 million loan to build Five Park, a residential tower in Miami Beach. Just last week, the company purchased a parcel on Bay Harbor Islands for $31.5 million, as CO first reported.
Real estate debt fund manager, Thorofare Capital, specializes in issuing loans ranging between $10 million to $100 million. Since its inception in 2010, it has originated more than $2.8 billion in 31 states, the company says.
Walker & Dunlop’s Keith Kurland, Jackson Sastri and Ian Hawk arranged the financing.