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

Refi would cover $1.2B CMBS loan plus construction financing for new wing

Miami /
Mar.March 13, 2018 01:30 PM

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


Related Articles

arrow_forward_ios
The current Miami Beach North Shore library with Mayor Dan Gelber (Google Maps, Gelber)
Miami Beach seeks buyers for city-owned development sites
Miami Beach seeks buyers for city-owned development sites
Developer David Edelstein and Robert Levine of RAL Development with the project (Getty, RAL)
David Edelstein, partner close on missing piece of Wynwood assemblage for office towers
David Edelstein, partner close on missing piece of Wynwood assemblage for office towers
Clockwise from top: Kenneth, Robert and Bradley Fishel with Aventura Corporate Center (Getty)
Renaissance Properties sells Aventura office complex for $140M
Renaissance Properties sells Aventura office complex for $140M
David Grutman and Pharrell’s Goodtime Hotel had received nearly 30 noise violations (Carma Connected, Getty)
Too much of a good time? David Grutman and Pharrell’s Goodtime Hotel could lose entertainment permit
Too much of a good time? David Grutman and Pharrell’s Goodtime Hotel could lose entertainment permit
Related Companies Chairman Stephen Ross with One Flagler (Related, Getty)
Prayers answered? Related Companies closes on church site for planned office tower in downtown West Palm
Prayers answered? Related Companies closes on church site for planned office tower in downtown West Palm
Grover Corlew principal Mark Corlew with Bank of America Tower in Boca Raton (Grover Corlew)
Grover Corlew buys Bank of America Tower in Boca Raton for $45M
Grover Corlew buys Bank of America Tower in Boca Raton for $45M
The partially collapsed 12-story Champlain Towers South condo building (Getty)
Inside the tug-of-war over the Surfside condo site’s future
Inside the tug-of-war over the Surfside condo site’s future
Moishe Mana and the downtown parking lot he purchased (Google Maps, Getty)
Moishe Mana expands downtown Miami assemblage with $12M purchase
Moishe Mana expands downtown Miami assemblage with $12M purchase
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...