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Soffers, Simon Property want $2B to refinance Aventura Mall

Refi would cover $1.2B CMBS loan plus construction financing for new wing
March 13, 2018 01:30PM

Rendering of Aventura Mall’s three-level, expansion wing and Aventura Slide Tower. Turnberry Associates’ Jackie Soffer and Simon Property Group’s David Simon

The Soffers and Simon Property Group are seeking $2 billion to refinance Aventura Mall.

The loan, if granted, will be used to pay off a $1.2 billion commercial mortgage-backed securities loan that the joint venture between Turnberry Associates and Simon Property secured in 2013. An additional $167.4 million in financing was used to fund the construction of a newly-built 175,000 square-foot wing, according to Trepp.

The 2.9 million-square-foot mall at 19501 Biscayne Boulevard is anchored by Macy’s, JCPenney, Nordstrom and Bloomingdale’s.

Turnberry announced it was expanding Aventura Mall in 2014 to include a three-story retail wing and parking garage. In 2016 the owners closed on a $213.5 million mortgage to expand the upscale shopping center. The mall first opened in 1983, then doubled its size in 1997 and in 2007.

Simon Property Group has a 33.3 percent interest in the mall’s ownership. Turnberry owns the remaining 66.7 percent, Turnberry also manages the property.

The mall just announced six new luxury retailers, including CH Carolina Herrera, Furla, Bond No. 9, John Hardy, Daoro and Djula, according to a press release. Other existing stores include Gucci, Louis Vuitton, Givenchy, Cartier, Tiffany & Co., Apple, Anthropologie, H&M and Zara. [Trepp] – Amanda Rabines