Whitman Family Development Secures $740 Million Refinance Loan From Blackstone For Bal Harbour Shops Expansion

The asset involved in this transaction is a development site located at 9700 Collins Avenue in Bal Harbour, encompassing a total square footage of 511,000. The loan amount secured for this property is $740,000,000, which is categorized as a refinance loan.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $740,000,000
• Loan Type: Refinance
• Lender: Stephen A. Schwarzman & Tony Labarbera - Blackstone
• Landlord: Matthew Whitman-Lazenby - Whitman Family Development
• Brokers: Brian Gaswirth, Chris Drew, Kim Flores, Maddy McMillen, Manny de Zarraga & Matthew McCormack - JLL

Matthew Whitman-Lazenby of Whitman Family Development is advancing the Bal Harbour Shops expansion project, which is set to open in 2026. The financing strategy includes securing $190 million from Blackstone's BREDS division to enhance total funding for the project, which plans to introduce a 250,000-square-foot addition along with retail, residential, and hotel developments, despite facing pushback from local officials.