Bank of China and Deutsche Bank to Loan $600M for Miami Design District Development

Wednesday, April 08, 2015
Tags:   Bank of China and Deutsche Bank to Loan $600M for Miami Design District Development.

A trio of lenders—Deutsche Bank, Bank of China and the French banking network Crédit Agricole—is close to wrapping up the senior portion of a nearly $600 million construction loan for a retail mega-development in Miami, Mortgage Observer has learned.

The loan, to a joint venture led by Miami-based developer Craig Robins and the global real estate fund L Real Estate, is due to close in the upcoming weeks, a person familiar with the matter said on the condition of anonymity. Chicago-based General Growth Properties and New York-based Ashkenazy Acquisition are said to own minority interests in the venture.

Blackstone Group is in negotiations to take a $100 million mezzanine portion of the loan, according to another person in the know. Bank of China will take about $250 million in the deal, while Deutsche Bank and Agricole will divvy up the remainder of the senior debt, that person said. Representatives for all four lenders declined to comment.

The massive retail enclave, known as the Miami Design District, which encompasses an entire neighborhood, is expected to include more than 120 luxury-brand stores, as many as 20 restaurants, a boutique hotel, galleries, residential condominiums and large-scale public art displays.

The project, due for completion in 2016, is on its way to becoming one of the world’s highest-priced shopping districts with a total property value of at least $1.4 billion, according to previous reports.

General Growth and Ashkenazy acquired a 20 percent stake in the development from Mr. Robins’ real estate firm Darca and L Real Estate, whose investors include the Paris-based luxury goods conglomerate LVMH, for $280 million, the Miami Herald reported in October.

So far, the JV partnership has constructed more than a dozen buildings for 50 retail brands, including high-end fashion and jewelry companies Tom Ford, Louis Vuitton, Givenchy, Bulgari and Fendi. Most of the additional buildings under construction are pre-leased, according to one of the two people familiar with the matter.

Mr. Robbins and representatives for L Real Estate could not be reached for comment. Representatives for General Growth and Ashkenazy did not return requests for comment.

Miami Design District’s Palm Court (Photo: Robin Hill/Miami Design District).

LEAVE A COMMENT
 
Name
 
Email Address
 
URL
 
 
Comment
 
< Back
 
73 NE 40 ST-DESIGN DISTRICT RETAIL 73 NE 40 ST-DESIGN DISTRICT RETAIL73 NE 40th Street is a brand new slice of modern elegance, articulated within th...
Noticias sobre o mercado imobiliario em Miami
Visit our Chairff Mobile website
South Beach Web Cam, Live South beach Webcam Miami Realtors Client login Points Of Interest Selling Commercial Marketing Plan
Chariff Realty Group
5801 Biscayne Boulevard,
Miami, FL 33137
Phone: (305) 576-7474
Fax: (305) 576-7494
Email: info@chariff.com
LEASED! ANOTHER DONE DEAL
Romero Britto’s gallery to move to 532 Lincoln Road After more than two decades at...

SOLD! Another Done Deal!!
Jugofresh owner Matthew Sherman has sold the Biscayne Boulevard site in MiMo that he had...

ANOTHER DONE DEAL!! CHARIFF INKS IN PINK
Two pink houses, two new deals. Lyle Chariff and Mauricio Zapata, partners in Chariff Realty...

Another Done Deal!! SOLD!
A group of local investors led by Lyle Chariff sold a retail development site in the emerging...

ANOTHER DONE DEAL! SOLD!
A Design District property across the street from the Palm Court Garage has traded hands...

Miami Design land prices Soar!!
Commercial land prices have gone sky high in the Design District over the past year or so,...

Sales heat up in area from Wynwood to Design District - “It’s become a very hot, targeted area,” Chariff told TRD.
A vacant lot west of Midtown Miami has sold for $980,000, The Real Deal has learned, as...

Boulevard 57 gets new name, management, renderings revealed
Boulevard 57, an eight-story condominium tower planned for Miami’s Biscayne Boulevard,...

Bank of China and Deutsche Bank to Loan $600M for Miami Design District Development
A trio of lenders—Deutsche Bank, Bank of China and the French banking network Crédit...

Another Done Deal-SOLD!
2400 NE 2nd Ave Miami, FL. A 10,000-square-foot office building on 13,000 Sq. Ft of land...

< Visit Our Chariff Realty Group Blog

Today's Real Estate News and Advice Updated: Wednesday, June 28, 2017

HOA Assessments Based On Square Footage

Question: I live in a condo with 150 different units. Our assessments are based on ou...
> Full Story

Probate Home Sales Have Their Own Special Rules

Frequently the real estate that had been owned by a person now deceased is made available fo...
> Full Story

Real Estate Is Lucrative For Canadas Taxman

The Canada Revenue Agency CRA continues to follow through on the crackdown it announced last...
> Full Story

The First-Time Homebuyers Guide To Grown-Up Furniture

You just bought your first home. Congratulations: Youre an adult Now its time to fill it up....
> Full Story

How To Spice Up Your Bedroom

Ever notice how you feel especially amorous when youre in a nice hotel with your honey? Ever...
> Full Story

Relaxing Designs For Your Lakefront Backyard

According to Wallace J. Nichols, in his book "Blue Mind," our brains are hardwired to react ...
> Full Story

How Green Can You Go? Eco-friendly Solutions For Every Commitment Level

Its hard to ignore the influence of big oil in Texas. Thirty-five miles to the S...
> Full Story

The Top-Three Considerations When Starting a Home-Based Business

If yoursquo;re considering starting a home-based business, youre in good company. According ...
> Full Story

Enforcing Long Unenforced Rules In Your HOA

It may come as little surprise that quite a few homeowner association boards fail miserably ...
> Full Story

Tenants Rights During a Foreclosure

Question: My wife and I and our two teen-age children have rented a nice house near t...
> Full Story

Copyright © 2017 Realty Times®. All Rights Reserved