The Real Deal Miami

Saks at Dadeland takes out $27M in financing

Loan is part of a bigger $846M multi-state mortgage

August 21, 2015 12:00PM
By Katherine Kallergis

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Dadeland Mall

Dadeland Mall

Saks Fifth Avenue at Dadeland Mall has taken out $27 million in financing, Miami-Dade County records show.

The loan is part of a bigger $846,229,966 million mortgage on 34 properties across the United States, including a Saks in Beverly Hills, New York and Atlanta.

Saks Dadeland Leasehold LLC was the borrower. Saks has a ground lease for the store at 7687 North Kendall Drive. The store is one of the mall’s longtime anchors.Mindy Novack, vice president of Real Estate Legal at Hudson’s Bay Company, signed the loan. Hudson’s Bay bought Saks Fifth Avenue for $2.4 billion in 2013.

JP Morgan Chase Bank of America and Column Financial are the lenders, according to the mortgage.

Dadeland Mall, 50 percent owned by Simon Property Group, is anchored Macy’s, Macy’s Home Gallery & Kids, JCPenney, Nordstrom and Saks. Overall, the mall spans more than 1.4 million square feet and features more than 185 retail stores and restaurants. This year, Simon has announced new stores, expansions and renovations, including a multimillion-dollar renovation to its food court and a new Lucky Brand, American Eagle Outfitters and the Fashion Wing expansion.