July 10, 2019 Comments (0) Views: 879 Florida, National News, Properties, Southeast, Top National

Bal Harbour Expansion Lands $550M, One of Miami’s Largest Construction Loans Ever

Miami-based Whitman Family Development secured $550 million in financing for the expansion of the iconic Bal Harbour Shops, a 463,114-square-foot, open-air, luxury shopping destination in Bal Harbour, FL. The loan is one of the largest construction loans ever to close in Miami.

The fully-leased, global center is anchored by Saks Fifth Avenue and Neiman Marcus, and is located at 9700 Collins Ave. on 17.42 acres along Miami Beach.

HFF’s Manny de Zárraga, Chris Drew, Jim Dockerty and Matthew McCormack placed the $150 million, eight-year, fixed- and the $400 million floating-rate construction facility with MetLife Investment Management. Loan proceeds will be used to retire an existing loan and a 300,000-square-foot expansion of Bal Harbour Shops.

Plans include:
– A 57,414-square-foot Barneys New York, its only flagship store in the southeastern U.S.
– A three-story promenade connecting Barneys to an existing palm tree-lined promenade.
– A grand entrance on the northeast quadrant.
– A 20,000-square-foot Neiman Marcus expansion.

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