CONSTRUCTION LOAN SECURED

FOR SHOPPING CENTER

Miami-based DZD Holdings announced it closed on a $19.8 million construction loan from National City Bank to build a 108,000-square-foot retail shopping center along the Palmetto Expressway in Miami Gardens.

Palmetto Gardens Plaza, an L-shaped center at 3791 NW 167th St., is scheduled to be completed in about 18 months. The location on the north side of the Palmetto means that the center will be exposed to 118,000 cars daily, the developers said. The first anchor tenant is 4U Lighting & Design. DZD Holdings is part of a real estate team behind the project that includes Macken Realty, Vercon Construction and Behar Font & Partners. Macken Realty is the exclusive leasing agent, Vercon Construction the general contractor and Behar Font & Partners the architects.

''We were able to secure this financing thanks to the relationship we have with the bank and because of the combined track records of DZD, Macken and Vercon, which we presented to the bank as a team,'' John Castaneda, project coordinator for Macken Realty, said in a statement announcing the deal.

Another key factor, the developers said, is the ability of the project to serve as a neighborhood shopping center for the immediate community and as a destination shopping center for residents from northern Miami-Dade and southern Broward counties.

The Palmetto Corridor, where the center is located, is already home to big-box retailers such as BrandsMart USA, El Dorado Furniture, City Furniture, Rooms to Go, OfficeMax, Home Depot and CompUSA.

''We are all speculating on how the market will do with any type of product but it seems to be somewhat stable in the retail sector, as long as you have the right location, and this is an excellent location,'' said Michael Lepera, vice president for commercial lending at National City Bank. ``We are confident with the developer's ability to deliver the product they are working on.''

Palmetto Gardens Plaza's prospective tenants include retail banks, restaurants, drug stores, apparel outlets and furniture showrooms, according to Jodi Macken, principal of Macken Realty.

''This center is going to offer a whole variety of retail options that residents of the area currently have to drive somewhere elsewhere for,'' Macken said. ``We think it will be a real asset for the community.''