Ocean Bank provides $40M to refinance shopping mall

Ocean Bank recently announced it has loaned $40 million to Dadeland Greenery LP to refinance the Greenery Mall and Dadeland Square shopping center.

Dadeland Greenery LP is headed by Joseph A. Sanz, executive chair and founder of Orion Investment and Management Ltd. The limited partnership purchased the center in 2023 for $52.2 million with a $42 million commercial mortgage-backed securities loan.

“Joseph Sanz and his family have been valued customers of Ocean Bank for many years,” said Eddie Diaz, executive vice president and head of corporate lending at Ocean Bank. “We are happy to be able to provide a permanent loan for this iconic property and to expand our relationship with Mr. Sanz.”

The Dadeland Square shopping center is located on an 8.7-acre site at 7700 N. Kendall Drive, adjacent to the Palmetto Expressway. It features 212,991 square feet of mixed-use retail/office space, including 84,916 square feet of office space in an eight-story building.

Long-term tenants include TJ Maxx/Home Goods, Joann Fabrics, Guitar Center, Don Pan bakery, Starbucks and several law firms.

Senior vice presidents Juan A. Mendiola and Federico Tunnermann arranged the loan for Ocean Bank.

For more information about Ocean Bank, go to www.oceanbank.com.

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