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Turnberry and Simon, Owners of Top-Grossing Aventura Mall, Complete $1.75 Billion Refinancing

JPMorgan Chase Leads Lending Team on on Mall's Valuation, Future CMBS Transaction
June 11, 2018
Turnberry Associates and Simon Properties completed a $1.75 billion refinancing of Aventura Mall in Aventura, Florida, widely considered one of the three largest malls in U.S. at 2.7 million square feet.

JPMorgan Chase Bank, Wells Fargo Bank, Deutsche Bank and Morgan Stanley Bank and provided the financing, with a potential single-borrower single asset securitized transaction contemplated in the near future, according to Buchanan Ingersoll & Rooney, a law firm that represented the mall owners in the refinancing.

The financing takes out existing $1.2 billion in CMBS financing securitized in Aventura Mall Trust 2013-AVM.

"This transaction is important because it enables Aventura Mall to refinance on attractive terms, positioning ownership to sustain its already robust growth strategy," said Rebecca Livingston Lando, shareholder in Buchanan's Finance section, who co-led the Buchanan team along with Jack Kessler and Bruce Booken.

Located between Miami and Fort Lauderdale, the retail property is one of the nation's top-grossing shopping centers and was 100% leased based on the September 2017 rent roll used for the refinancing.

Total inline sales through the first six months of 2017 were approximately $413 million -- on an annualized basis this is $1,171 per square foot, according to Fitch Ratings analysis of the 2013 CMBS deal.

The property's net cash flow for the trailing twelve month period ending September 2017 was approximately $116.7 million, according to Moody's Investors Service analysis.

Aventura Mall is anchored by five department stores, including Bloomingdale's, Nordstrom and Macy's, and also includes numerous boutiques and more than 300 retailers.

Last year, the mall added a three-level, 315,000 square-foot wing as part of a major expansion on the east side of the property. The new space includes more shopping and dining options, including a two-level Topshop Topman store, marking the British brand's first store in Miami, and a new 34,000+ square-foot, two-level store for popular fashion retailer Zara.

The signature design element is a nearly 93-foot tall sculpture by Belgian artist Carsten Höller that visitors to the mall are able to slide down.

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