HFF arranged a $580 million refinancing secured by the Miracle Mile Shops, a 501,522-square-foot elite mall located in the epicenter of the Las Vegas Strip.
Claudia Steeb, Manny de Zarraga, Barry Brown, Gerry Rohm, and Bryan Levy with HFF arranged the 10-year, fixed-rate CMBS loan led by Cantor Commercial Real Estate, with JP Morgan and Citigroup participating.
Proceeds were used to refinance existing loans in addition to planned improvements including a renovation to the retail area surrounding the PH Live Theater, which will be home to Britney Spears' new show in Las Vegas.
HFF's Miami and Pittsburgh offices worked with the ownership group, a joint venture between Tristar Capital and RFR Holding LLC. The ownership group acquired the mall in December 2003 for $241.5 million and immediately embarked on a $130 million renovation and rebranding effort.
See CoStar COMPS #849400.
The mall is now 95 percent leased to more than 180 tenants, many with sales exceeding $1,000 per square foot. Miracle Mile Shops, home to H&M, Urban Outfitters, Guess, Gap, and others, features a 4,903-space parking garage, five movie theaters, and is anchored by the Planet Hollywood Resort & Casino and the Elara Hilton Grand Vacations Hotel. Robert K. Futterman & Associates serves as the project marketing and leasing advisor.
"We have positioned Miracle Mile Shops as one of the top five malls in the country with tenant sales at double the national average and over 26 million shoppers per year," said David Edelstein, president of Tristar Capital.