Bal Harbour Shops secures $550 million loan for its expansion; one of Miami’s largest construction loans ever
Bal Harbour is one of the most exclusive portions of Miami. Small and full of sophistication, beach with a turquoise green sea, an enviable collection of five-star hotels, art galleries, renowned restaurants and more boutiques shops in its famous Bal Harbour Shops. Thus, to keep at the top of the list amongst demanding tourists, the Bal Harbour Shops just closed a $550 million loan for its expansion and renovation process.
The famous open-air mall should double in size, adding another 300,000 square feet. Accordingly, it will receive several new stores, among them, the giant Barney’s New York with 57,414-square-foot space, Saks Fifth Avenue, and Neiman Marcus.
Bal Harbour Shops encompasses 463,114-square-feet and has performed at 100% occupation for decades with a waiting list.
Whitman Family Development, the borrower, was conceded a $150 million, eight-year, fixed- and a $400 million floating-rate construction facility. Loan returns will be used to retire an existing loan and the expansion. It is among the most substantial construction loans ever in Miami.
The mall is in a unique position to buck the brick and mortar retail trend with its unparalleled track record and projection of success, Whitman said.