Terranova Announces $55M Refi Of Miracle Mile Portfolio

Terranova Corporation Chairman Stephen Bittel announced that Terranova affiliate Gables Miracle Mile, LLC, closed the $55 million refinance of its portfolio of properties along Coral Gables’ historic Miracle Mile, paying off several existing loans and providing growth capital for the future.

This loan closing marks Terranova’s ninth capital markets transaction of the year, totaling over $162 million year to date including the $55 million sale of the former Pepsi Distribution Center site in Doral, the two recent acquisitions on Coral Gables’ Miracle Mile, totaling almost $13.8 million, and the $23 million financing of 723 Lincoln Lane in Miami Beach.

“For almost 30 years, Terranova and City National Bank have collaborated on countless successful loan transactions on numerous assets in varied asset classes and business lines,” Bittel said. “Terranova’s long-standing relationships with valued partners like City National Bank are integral to our success, and we appreciate the trust and commitment that City National Bank has had in our team’s proven operating capability and business approach.”