HFF Arranges $550M Construction Loan for Bal Harbour Shops in Miami Beach
MIAMI BEACH, FLA. — HFF has arranged $550 million in financing to expand Bal Harbour Shops, an upscale shopping mall in Miami Beach. The 463,114-square-foot mall is home to anchors Saks Fifth Avenue and Neiman Marcus. The borrower, Miami-based Whitman Family Development, will use $150 million of the loan to pay off an existing loan and $400 million to expand the center by 300,000 square feet, bringing the total to 763,114 square feet. The expansion will include a 57,414-square-foot space to be occupied by Barneys New York, a three-story promenade that will be added to connect Barneys to the existing palm tree-lined promenade, a new grand entrance at the northeast quadrant of the property and the expansion of the Neiman Marcus space by 20,000 square feet. MetLife Investment Management provided the loan. The $150 million portion features a fixed interest rate for eight years while the $400 million portion is underwritten with a floating interest rate. Other tenants at Bal Harbour Shops include Chanel, Gucci, Van Cleef & Arpels, Tiffany & Co., Salvatore Ferragamo and Valentino. Manny de Zárraga, Chris Drew, Jim Dockerty and Matthew McCormack of HFF arranged the loan on behalf of Whitman Family. Arun Singh and Jay Gadsby of MetLife Investment Management originated the loan.