Developer bringing new anchor tenant to Kendall Village
City National Bank (CNB), Florida’s Big Bank Alternative, closed on a $12 million construction/permanent loan to Kendall 124, LLC, an affiliate of Berkowitz Development Group to build an 82,311 square-foot Floor & Décor store. The building will be another anchor in the busy Kendall Village mixed-use Shopping Center located at Kendall Drive and SW 124th Avenue.
CNB’s Marti Mang, Senior Vice President, and Commercial Real Estate Relationship Manager, along with Ramon Rodriguez, Executive Vice President and Director of Business Banking worked closely with Michael Berkowitz, President of Berkowitz Development Group to secure the financing.
“We have partnered with Berkowitz Development Group for many years, and were happy to work out the details to finalize the loan for this important new addition to Kendall Village,” Executive Vice President and Corporate Banking Executive, Juan Esterripa said.
Floor & Décor will use space previously dedicated to parking, but the new building will have adaptive re-use of space to accommodate the flow of patrons to the center. “The addition of Floor & Décor improves the co-tenancy of the center that also features a 70,000 square-foot Regal movie theater, classrooms and office space for Nova Southeastern University and a wide variety of restaurants, retail, medical offices and residential uses,” said Berkowitz, whose company Berkowitz Development Group is the operator and manager of the center and an affiliate of the Owner.
“The loan transaction was complicated, as any deal of that size will be, but both CNB and the Berkowitz team persevered, working out the obstacles together so that we could accomplish this goal,” Berkowitz added. “We’ve worked with the same banking group for 35 years, so we all knew how to achieve our collective mission.”
Berkowitz, a long established client of TotalBank, made the smooth transition to working with the team that is now part of City National Bank. Berkowitz Development Group said the new facility should be completed sometime in the first quarter of 2019, with a projected store opening by the second quarter of 2019.
About City National Bank of Florida
Headquartered in Miami, City National Bank (CNB) is the financial institution to which Floridians have turned for more than 70 years. With more than $14 billion in assets, CNB is one of the largest financial institutions based in the state. City National Bank is a subsidiary of Chilean bank, Banco de Credito e Inversiones (Bci), and remains a South Florida-based community bank with local decision-making. City National Bank is rated 5 stars "Superior" by BauerFinancial. CNB was voted Best Community Bank, Best Business Bank, Best Bank for Commercial Real Estate, Best Bank for Jumbo Loans, Best Private Bank and Best Foreign National Mortgage Lender by the readers of the Daily Business Review. CNB offers a diversified portfolio of financial products and services from Miami-Dade County to Central Florida.
