MIAMI (March 16, 2015) – Robert Bhat, vice president of NorthMarq Capital’s Miami based regional office secured a $13 million commitment for the refinancing of Shingle Creek Crossing Phase III, a 20 acres site consisting of 8 super pads, 5 outparcels and a 75,000 sq.ft. building located at 1341 Brookdale Center in Brooklyn, Minnesota. NorthMarq arranged financing for the borrower, Gatlin Development, through its relationship with a national bank. The subject development is part of the 60+ acre redevelopment of the former Brookdale Mall.
“The site was formerly the Brookdale Mall, a regional mall original constructed in 1962,” said Bhat. “Since acquiring this property in 2010, Gatlin Development, along with Mid-America Real Estate, successfully transformed this 60+ acre site into a massive retail development that now has tremendous consumer traffic. With Michaels, TJ Maxx and several tenants opening up soon, this will only continually improve. We anticipate this will be leased to a big box retailer, a variety of restaurants and local stores.”