Palmetto Gardens pays off loan, avoids foreclosure, signs Wal-Mart

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.

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