Blackstone Boosts Bal Harbour Shops Expansion Financing to $740 Million

According to property records, Whitman Family Development has secured an additional $190 million in financing from real estate giant Blackstone (BX) to refinance and advance the expansion of the ultra-luxury Bal Harbour Shops near Miami Beach.

The new floating-rate loan, issued through Blackstone’s real estate debt strategies division (BREDS), increases the total financing for the project to $740 million. This latest debt replaces a $550 million construction loan provided by MetLife Investment Management in 2019, which still had $387 million outstanding, per mortgage documents.

Since its debut in 1967, Bal Harbour Shops has earned a reputation as one of the most prestigious malls in the United States. It hosts iconic luxury brands such as Chanel, Gucci, Prada, and Goyard.

Six years ago, Whitman Family Development initiated a 250,000-square-foot expansion to the 511,000-square-foot open-air mall. This move followed decades of negotiations to secure necessary approvals. The new wing is anticipated to open in 2026.

Matthew Whitman-Lazenby, president and CEO of Whitman Family Development, expressed his confidence in the project in a statement.

Key advisors on the financing included JLL’s Manny de Zarraga, Chris Drew, Brian Gaswirth, Matt McCormack, Maddy McMillen, and Kim Flores. Erica English of Katz Barron served as legal counsel for Bal Harbour Shops, while Arun Singh, founder of Radial Capital, played a pivotal advisory role. Blackstone confirmed the loan through a representative.

The development’s growth ambitions continue to expand. This year, Whitman Family Development proposed an additional 45,700 square feet of retail space alongside plans for a 70-room hotel and 528 residential units under Florida’s Live Local Act. This law enables developers to fast-track approvals by designating at least 40% of residential units as workforce housing for 30 years.

However, Bal Harbour officials have opposed these plans. The developer filed a lawsuit against the town to advance the proposal, which includes four 275-foot towers as part of the next phase of expansion.

The project’s future remains closely watched as Whitman Family Development navigates regulatory challenges and community opposition while solidifying Bal Harbour Shops’ position as a premier luxury destination.