Turnberry, Simon Refinance Aventura Mall in South Florida With $1.75B Loan
AVENTURA, FLA. — Aventura Mall Venture, a partnership between Turnberry Associates and Simon Property Group (NYSE: SPG), has received $1.75 billion in financing for Aventura Mall in Aventura, a city in South Florida’s Miami-Dade County. JPMorgan Chase Bank, Wells Fargo Bank, Deutsche Bank and Morgan Stanley Bank provided the financing.
According to multiple news outlets, the loan will be used to pay off a $1.2 billion CMBS loan that Turnberry and Simon secured in 2013, and a $214 million loan that mall owners took out in 2016 to fund a 315,000-square-foot expansion. The new three-level wing includes experiential additions to the Arts Aventura Mall program, a 93-foot-tall Aventura Slide Tower, the first Topshop Topman in Florida, Zara, Under Armour, Treats Food Hall and new dining options offering indoor and outdoor seating.
The nearly 3 million-square-foot Aventura 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.
Jack Kessler, Rebecca Livingston Lando, Bruce Booken, Jason D’Amico, George Cass, Rebecca Trinkler and Haley Ayure of Buchanan Ingersoll & Rooney PC provided legal representation for Turnberry and Simon.
“This transaction is important because it enables Aventura Mall to refinance on attractive terms, positioning ownership to sustain its already robust growth strategy,” says Rebecca Livingston of Buchanan.
Florida-based Turnberry designs, builds, owns and operates properties in the hospitality, residential, retail, commercial and luxury services sectors. The company’s portfolio includes Destin Commons, JW Marriott Nashville, Turnberry Isle Miami and The Residences at MGM Grand.
Indianapolis-based Simon Property Group owns or has interest in a portfolio of more than 200 shopping, dining, entertainment and mixed-use destinations comprising 192 million square feet across North America, Europe and Asia. The company’s stock price closed at $162.53 per share on Wednesday, June 13, up from $159.64 a year ago.
— Camren Skelton