Simon and Turnberry locked $1.75B refinancing for Aventura MallJune 9, 2018
Simon Property Group and Turnberry Associates secure a $1.75 billion refinancing of Aventura Mall this past Thursday. The funding was provided by Wells Fargo Bank, JPMorgan Chase Bank, Morgan Stanley Bank and Deutsche Bank, according to a release.
Part of the money, $1.2 billion, will be used to pay off the commercial mortgage-backed securities loan closed by the joint venture between the two companies back in 2013.
A mortgage of $213.5 million done in 2016 guaranteed the expansion of the luxury mall, that now includes stores like Topshop Topman, and Zara, plus a 93-foot tall slide.
Turnberry owns 66.7 percent of the mall’s ownership, and it also manages the property. While Simon Property Group has 33.3 percent.
The Aventura Mall is the house of many well-known luxurious brands, and with its more than 2.7 million square feet of space, the mall occupies the third position in the rank of largest malls in the United States, behind only to the Mall of America in Minnesota and the King of Prussia Mall in Pennsylvania.