The Real Deal Miami

Stadium extends debt

October 05, 2009 12:06PM

The corporate parent of LandShark Stadium has stretched out its debt payments in a move that will save the the South Florida Stadium group $7.9 million a year in interest payments. The Miami-Dade County Industrial Development Authority approved the refinancing, which will be a boon to South Florida Stadium principal owner Stephen Ross, also the majority owner of the Miami Dolphins and founder and CEO of New York real estate group the Related Companies. A bout $240 million in debt will have its maturation debt extended to 2037, which an agency report said would allow the company to amortize the debt in synch with the useful life of the stadium.