12/07/2018 17:41:00

Ocean Bank provides $60 million loan for Kendall Village Center

Miami, July 12, 2018 (GLOBE NEWSWIRE) -- Ocean Bank announced it has provided a $60 million loan to Kendall Village Associates, LLC for refinancing of a 256,000-square-foot mixed-use shopping center located at the strategic intersection of Kendall Drive and SW 124 Avenue, directly west of the Florida Turnpike.

The Kendall Village shopping center and an adjacent parcel encompass 27.4 acres and 13 buildings. Tenants include Regal Cinema, Old Navy, GAP, Chuck E. Cheese, Jared Jewelry, Pier 1 Imports, Duffy’s Sports Grill, several other national retailers and a satellite campus of Nova Southeastern University.

“Kendall Village is emblematic of a strong real estate project.  It is a mature property with a strong tenant base and superb customer access,” said Agostinho Alfonso Macedo, president and CEO of Ocean Bank.

“Ocean Bank has a long and strong history with Kendall Village and developer Jeffrey Berkowitz, having financed the original construction of the center 18 years ago,” said EVP/Head of Lending and Retail Banking Ralph Gonzalez-Jacobo.  “It is in an excellent location, is 100 percent leased and has exceptional ownership and management.”

Michael Berkowitz, president of Berkowitz Development, Inc.  said, “It was an absolute pleasure working with Ocean Bank which had the foresight and confidence to understand that a high-quality well-designed pedestrian oriented mixed-use development like Kendall Village Center is the current and future trend in real estate development. The tenant mix naturally lends itself to placemaking and creating a real sense of community that distinguishes it from its peers by providing a true live, work, play experience that is at the forefront of new mixed-used developments nationwide.”

Senior Vice President and Regional Manager Eddie Diaz negotiated the loan on behalf of Ocean bank.

Kendall Village was built in 2000 and renovated in 2005.  The next phase is currently under construction and will be the home of an 82,311-square-foot Floor & Décor store to be delivered in the 1st Quarter of 2019.

About Ocean Bank

Ocean Bank is the largest independent, state-chartered commercial bank headquartered in Florida, with $3.8 billion in assets. Chartered in 1982, Ocean Bank operates its branch network throughout Miami-Dade and Broward counties. The community bank has received numerous awards and accolades from the Greater Miami Chamber of Commerce, The Beacon Council and the Florida Department of Education, among others, for its support of our South Florida communities. For more information, log on to www.oceanbank.com.

About Kendall Village

Kendall Village Center is a 323,000 leasable square foot, mixed-use pedestrian-oriented town center with entertainment, retail, restaurant, office, and residential uses.  The occupants include: Regal Cinemas, Nova Southeastern University, LA Fitness, Bahama Breeze, On the Border, Duffy’s Sports Grill, GAP, Old Navy, Chuck E. Cheese, Jared’s Vitamin Shoppe, Justice, Pier 1 Imports, Ann Taylor Loft, Famous Footwear, Venetian Nail Spa, and many other national tenants.  The next phase currently under construction is an 82,311 square foot Floor and Décor to be delivered in the 1st Quarter of 2019.

Kendall Village Center is located at the entrance to West Kendall at the Northwest Corner of North Kendall Drive (SW 88 ST) and The Florida Turnpike, Miami-Dade County, Florida.

Cheryl Rees

Ocean Bank

(305) 569 - 5029

Crees@oceanbank.com

Ray Casas

Wragg & Casas

(305) 372-1234

rcasas@wraggcasas.com

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