Stephen Bittel with properties 220 Miracle Mile and 300 Miracle Mile (Terranova)

Terranova Corp. has secured a $ 55 million refinancing of its Miracle Mile portfolio in downtown Coral Gables, as the company continues to profit from low interest rates.

Miami Beach-based Terranova, headed by President Stephen Bittel, received funding from the City National Bank. The debt consolidates and replaces loans from three lenders on 14 properties, Bittel said.

The closing came about a month after Terranova refinanced its Marshalls / Lincoln Eatery building in Miami Beach with a $ 23 million loan, also from City National Bank.

The $ 55 million loan is backed by properties that include 220 Miracle Mile, 300 Miracle Mile and 253 Miracle Mile. The property at 220 Miracle Mile could potentially be converted into a hotel, but Bittel said those plans were on hold for now.

“The money will be used to repatriate some of our capital to accommodate leasehold improvements and return some of our originally invested capital,” he said. His business benefits from “historically low interest rates,” he added.

Last month, Terranova paid $ 8.7 million for commercial buildings at 232 and 330 Miracle Mile, which are leased to Greek restaurant Kaia and Gabriella Arango Couture. The commercial real estate company also paid $ 6 million for the corner building at 300 Miracle Mile, previously occupied by California Pizza Kitchen. Terranova also has properties at 308, 348 and 360 Miracle Mile.

Earlier this year, Terranova and its partner Terra sold a nearly 24-acre development site in Doral to logistics real estate investment firm GLP Capital Partners for $ 55 million. The partnership sold the industrial property for $ 15 million above its purchase price of $ 40 million in 2018.