A group of banks helped Aventura Mall Venture’s mortgage grow to $1.2 billion.
Turnberry Associates and Simon Property Group, partners in the venture, received a $770 million loan through a commercial mortgage-backed securities trust, the South Florida Business Journal reported. Lenders included Morgan Stanley, JPMorgan Chase Bank, Wells Fargo Bank and German American Capital Corp.
The 2.1 million-square-foot mall at 19501 Biscayne Boulevard is one of the most visited in the U.S. The loan covers expenses for almost half of the space – 1 million square feet. The site – anchored by Bloomingdale’s, J.C. Penney, Sears, Nordstrom and Macy’s – is 0.2 percent away from being fully leased. [South Florida Business Journal] — Mark Maurer