Holliday Fenoglio Fowler (HFF) has secured $550 million in financing on behalf of Miami-based borrower Whitman Family Development to expand Bal Harbour Shops, a 463,114-square-foot, open-air, luxury shopping destination along Miami Beach in Bal Harbour, Fla.
HFF arranged the $150 million, eight-year, fixed-rate loan and $400 million floating-rate construction facility with MetLife Investment Management.
According to HFF, it is one of the largest construction loans ever to close in Miami.
The property was constructed in 1965 as the first all-luxury fashion shopping center. Today, the shops also house more than 100 global, high-fashion boutiques and brands, including Chanel, Gucci, Van Cleef & Arpels, Tiffany & Co., Salvatore Ferragamo and Valentino.
