The Real Deal Miami

Dacra affiliates secure $301.5M construction loan

It's the biggest private construction loan since the recession
August 08, 2013 10:00AM

Craig Robins

Craig Robins

In the largest private construction financing since the recession, Dacra obtained a $301.5 million package for its haute couture shopping mall project in Miami’s Design District, the South Florida Business Journal reported.

The 19-acre mall is being designed by architect Elizabeth Plater-Zyberk and developed by Craig Robins, and has already inked agreements with Louis Vuitton, Cartier, Christian Dior and Prada.

A group of Dacra affiliates that own property in the Design District received a $251.5 million mortgage from HSBC Bank, which acted on behalf of a group of lenders.

Separately, another group of Dacra affiliates obtained a $50 million mortgage from BREDS II Loan Holdings, a subsidiary of Blackstone Mortgage Trust, the Journal reported.

Dacra plans to build more than 1.1 million square feet at the site, from the north side of Interstate 95 to the Julia Tuttle Causeway, from 3730 Biscayne Blvd. west to 3850 N. Miami Ave. [SFBJ]Emily Schmall