Turnberry and Simon score $1.75B refinancing for Aventura Mall

Turnberry and Simon score $1.75B refinancing for Aventura Mall

Friday, June 8, 2018

Aventura Mall, Jackie Soffer

Turnberry Associates and Simon Property Group just closed on a $1.75 billion refinancing of Aventura Mall.

The financing was provided by JPMorgan Chase Bank, Wells Fargo Bank, Deutsche Bank and Morgan Stanley Bank and closed on Thursday, according to a release.

The loan 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 Group secured in 2013.

In 2016, the owners also closed on a $213.5 million mortgage to expand the upscale shopping center. The expansion wing was recently completed and includes a 93-foot tall slide, Topshop Topman store, and a Zara store.

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.

ttorneys at Buchanan Ingersoll & Rooney PC represented the ownership in the refinancing, according to the release.

Terms of the loan weren’t disclosed.

The 2.9 million-square-foot mall at 19501 Biscayne Boulevard in Aventura is anchored by Macy’s, JCPenney, Nordstrom and Bloomingdale’s. The mall opened in 1983, then doubled its size in 1997 and in 2007. 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.

Source: The Real Deal