Miami Gardens, Fla. — The owners of Palmetto Gardens Plaza, a 7.1-acre center in Miami Gardens, have reached a settlement with PNC Bank, secured a new loan with Hudson Financial Services and signed a lease with Wal-Mart for a Neighborhood Market Store as its anchor tenant.
In January of 2010, PNC Bank filed a foreclosure action against Palmetto Design Center, the property owner. That action has been settled.
The principals have secured a new $4.5 million loan with Hudson Financial Services. That loan contributed to funding the settlement.
The revitalized center spans 63,000-sq. ft. The Neighborhood Market will occupy 41,000 sq. ft.