PembrokePines, FL -Sky Development Inc. has secured a $8.3 million construction loan for Park Plaza Executive Center, two medical/ professional office buildings to be built adjacent to Memorial Hospital Pembroke, in Pembroke Pines.

The loan will be used for site preparation, foundation and setup fees. Closing took place on September 21st with Colonial Bank providing the financing. Attorney Gary Kornik of Fromberg, Perlow & Kornik, P.A. and Jane C. Rankin, Esq., Kubicki Draper were legal counsel for the developer and lender, respectively.

"Colonial Bank was very pleased to provide financing for Park Plaza Executive Center," said Bill Painter, senior vice president, Colonial Bank. "Our local management team for commercial lending was impressed with Mr. Toledano’s entrepreneurial expertise, his professional staff at Sky Development, and with the excellent location adjacent to Memorial Hospital.  We are a relationship bank and look forward to developing a growing relationship with Sky Development."

Park Plaza will comprise two four-story medical/ professional office buildings at 2121 and 2141 University Drive, on the southeast corner of University Drive and Sheridan Street. Sky Development also owns Memorial Hospital Pembroke, which it acquired for $32 million in December.

“This innovative medical office complex will augment the healthcare services provided by the hospital.  Not only will it be a fully equipped office complex; it will include retail space consisting of cafes, snack shops and specialty stores to serve the local community,” said Yizhak Toledano, founder and CEO of Sky Development Inc., an Aventura-based owner, manager and developer of prestigious commercial and residential real estate properties.

The 9.77-acre development will encompass approximately 160,000 square feet of office space, including approximately 10,000 square feet dedicated to retail and a bank.

Features will include hurricane impact-resistant construction; an onsite coffee/ snack shop; and a state-of-the-art security system designed by A.T.C. with 24-hour keypad access. To accommodate medical professionals, the buildings will also feature stretcher cab elevators; wet columns throughout; and waste disposal capabilities.

Additionally, there will be ample parking to accommodate the added patient/ visitor traffic. Customizable offices suites will begin at 1000 square feet; build-to-suit retail space starts at 1,200 square feet. Leasing will begin this year; groundbreaking is scheduled for the end of the year; completion is scheduled for December 2008.

Sky Development, Inc. is engaged in acquisition, development, rehabilitation, and conversion, offering a full complement of in-house services including market assessment, public funding, asset management, and incentive strategy.

For information on Park Plaza, visit www.skydevelopmentinc.com.