Turnberry, Simon score $214M loan for Aventura Mall

Turnberry owns majority of 2.7M square foot mall

Jan.January 04, 2016 11:15 AM

The owners of Aventura Mall have closed on a $213.5 million mortgage for the upscale shopping center as it embarks on an expansion.

Miami-Dade County records show a Turnberry Associates affiliate closed on the financing on New Year’s Eve. The mall, at 19501 Biscayne Boulevard, is anchored by Nordstrom, Bloomingdale’s and Macy’s and features 300 stores. Other tenants include Louis Vuitton, Cartier, Burberry, Gap, J. Crew, Anthropologie and Zara.

Simon Property Group has a 33.3 percent interest in the mall’s ownership. In addition to owning the remaining 66.7 percent, Turnberry also manages the property. JP Morgan Chase is the lead lender, according to county records.

In 2014, Turnberry announced it was expanding Aventura Mall to include a new three-story, 241,000-square-foot retail wing and parking garage in 2014. The mall first opened in 1983, then doubled its size in 1997 and in 2007, added Nordstrom and a three-level wing of high-end stores. It has more than 2.7 million square feet of space, making it the third largest shopping mall in the United States, behind Mall of the America in Minnesota and King of Prussia Mall in Pennsylvania.

Jackie Soffer, co-chair and CEO of Turnberry Associates, heads the company’s retail, hospitality and office divisions. She could not immediately be reached for comment.

Turnberry is partnering with LeFrak on SoLē Mia, a $4 billion, 183-acre master-planned community in North Miami that broke ground last summer. The Soffer, LeFrak joint venture will include 12 residential buildings, 4,390 residential units, nearly 1 million square feet of commercial space and 37 acres of parks when completed.

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