A joint venture between Turnberry Associates and Simon Property Group has secured $1.75bn loan for the refinance of the Aventura Mall in Florida. The loan proceeds will be used to pay off a $1.2bn CMBS loan secured in 2013 and a $214m loan that the mall owners took out in 2016 to fund a 315,000 sq ft expansion. The funding was provided by JPMorgan Chase Bank, Wells Fargo Bank, Deutsche Bank and Morgan Stanley Bank. The nearly 3 million sq ft mall is home to more than 300 tenants, including Nordstrom, Bloomingdale’s, Macy’s, Gucci, Louis Vuitton, Burberry, Anthropologie, H&M, Urban Outfitters and a 24-screen AMC movie theater. “This transaction is important because it enables Aventura Mall to refinance on attractive terms, positioning ownership to sustain its already robust growth strategy,” said Rebecca Livingston of Buchanan Ingersoll & Rooney PC, which represented the mall owners.
