RK Centers Secures $34 Million Refinance Loan From Bank Of America For RK Causeway Plaza

The asset involved in the transaction is RK Causeway Plaza, a retail property located at 12101 Biscayne Boulevard in North Miami, covering an area of 129,000 square feet on 9 acres of land. The loan amount secured for this property is $34 million, which is a refinancing loan. The property has been owned by RK Centers since 2003 and is fully leased, anchored by T.J. Maxx. The center benefits from Miami's strong retail fundamentals, which include a 3.2% vacancy rate and above-average rent growth.

Summary of transaction details:

• Property Type: Retail
• Transaction Amount: $34,000,000
• Address: 12101 Biscayne Boulevard
• Market: North Miami
• Asset Size: 129,000 SF
• Land Size: 9 acres
• Lender: Bank of America
• Landlord: Raanan Katz - RK Centers
• Loan Type: Refinance

The key individuals involved in this transaction include Raanan Katz representing RK Centers, which manages the property and its leasing. The financing was facilitated by Bank of America, indicating the lender's role in providing the refinance for the asset in the strong North Miami retail market.