Bal Harbour Shops Gets $550 Million Loan For Massive Expansion That Will Include Barneys

Bal Harbour Shops has secured a $550 million loan and will now ramp up an expansion project.

The mall will become the first U.S. retail location with Barneys, Saks Fifth Avenue and Neiman Marcus in the same space. A long-term lease has already been signed by Barneys.

The expansion will add an additional 300,000 square feet, including a 57,414-square-foot space to be occupied by Barneys New York, which will be Barneys’ only flagship store in the southeastern United States

A three-story promenade will be added to connect Barneys to the existing palm tree-lined promenade. A new grand entrance at the northeast quadrant of the property will be added along with an expansion of the Neiman Marcus space by 20,000 square feet.

Bal Harbour Shops includes 463,114-square-feet, and has operated at 100% occupancy for several decades with a waiting list.

Whitman Family Development, the borrower, was granted a $150 million, eight-year, fixed- and a $400 million floating-rate construction facility. Loan proceeds will be used to retire an existing loan and the expansion.

Whitman is led by Matthew Whitman Lazenby, the fourth generation leader of the developer.

Holliday Fenoglio Fowler, led by executive managing director Manny de Zárraga, senior managing director Chris Drew, managing director Jim Dockerty and director Matthew McCormack, arranged the loan.  MetLife Investment Management is the lender.

It is among the largest construction loans ever in Miami.

HFF says the size of the loan, the expansion of the Shops, and the luxury Barneys brand’s official entrance into the Southeast U.S., all represent the fact that retail is not dead and Miami’s luxury market continues to flourish. As the Gateway to the Americas and the safe haven for many wealthy northeasterners seeking refuge from State and Local Tax (SALT) deduction cap in the no-tax state of Florida, Miami keeps rising as a global capital for business, commerce, and luxury, the firm said.

Bal Harbour Shops is in a unique position to buck the brick and mortar retail trend with its unprecedented track record and projection of success, Whitman added.

 

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Anonymous
2 years ago

Smart move by Bal Harbour especially with the expansions at Aventura and Sawgrass.

Anonymous
2 years ago

I’m sure a lot of shoppers were worried about having to swing through the Old Navy outlet shop on their way to the Prada store.

Anonymous
2 years ago

400 floating, they really must believe in a low rate environment for a while…

Anonymous
2 years ago

Or that was there best option.

Anonymous
2 years ago

Hardly with these tenants…

Anonymous
2 years ago

No one here can afford shopping… which is why they are miserable ?

Anonymous
2 years ago

Where is that genius who claims that retail is dead?

Anonymous
2 years ago

it is … just cause you build a store with debt doesn’t mean there is any demand for retail. Bal Harbour mall is dead. Lincoln road – dead. design district empty just people out side taking selfies

Anonymous
2 years ago

“Experience” or Service retail isn’t dead. Not until Jeff Bezos figures out how to sell you ice cream and get it to your house before it melts, or Sushi to your house still fresh. Until then certain things are “Amazon-proof” and retail for those is still very much alive.

Anonymous
2 years ago

I still can’t get a pizza delivered hot

Anonymous
2 years ago

That’s why a life insurance company just lent them a little over HALF A BILLION DOLLARS! Just to lose money in a dying investment. Love this board!

Anonymous
2 years ago

On this site, you’ll read comments by some of the smartest and most brilliant people in Miami.

Anonymous
2 years ago

More competition for the Design District. It’s not looking good.

dottie
2 years ago

amazon is the nail in the coffin to saving this planet. the waste generated in packing is ridiculous. Why can’t people delay gratification any more?

Anonymous
2 years ago

Barney,s still a go with bankruptcy ?

Anonymous
2 years ago

Miami keeps rising as a global capital for business, commerce, and luxury, the firm said.
what a joke!!! global, hehehe
no transportation, no talent, no salaries, full of 3rd world mentality politicians
hehehe

Anonymous
2 years ago

… other than that, a lot of people who live in Miami thinks it’s a world class city.

Anonymous
2 years ago

They’re wrong.
As much as we like and root for our city, it’s far from being a world class city.

Anonymous
2 years ago

You’re more than welcome to gtfo of you feel that way. We don’t want you, promise.

Anonymous
2 years ago

who in the world shops ? all the stores are empty and closing.

Anonymous
2 years ago

then why do they keep building?? ?☕️

Anonymous
2 years ago

People who don’t want to get scammed buying a fake LV bag.

Anonymous
2 years ago

Have you ever been to Bal Harbour? It’s the most successful mall per square ft in the world…No one goes there anymore, its too busy…

Anonymous
2 years ago

You must do a lot of shopping to know that “all the stores are empty and closing?”