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

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FINANCED
$740,000,000
Kim Flores
Christopher (Chris) Drew
Matthew (Matt) McCormack
+ 3

Florida

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Development Site511,000 SF
Financed 12/18/2024
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Property Image
FINANCED

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

9700 Collins Avenue

See Similar Deals
Development Site511,000 SF
Financed 12/18/2024
Kim Flores
Christopher (Chris) Drew
Matthew (Matt) McCormack
+ 3
the dealplayerscompscontact
Contact now

Summary

FLORIDA
Asset Type:Development Site
Price Per Square Foot:$1,448
Total Square Footage:511,000 SF
Transaction Type:Loan

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:

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.

Players

Brian Gaswirth
JLL
Brian Gaswirth
45 deals$6.3B volume(305) 421-6554
BROKER
Manny de Zarraga
JLL
Manny de Zarraga
18 deals$2B volume
BROKER
Matthew (Matt) McCormack
JLL
Matthew McCormack
31 deals$2.8B volume
BROKER
Christopher (Chris) Drew
JLL
Christopher Drew
48 deals$4.7B volume(305) 421-6551
BROKER
Kim Flores
JLL
Kim Flores
35 deals$3.2B volume
BROKER
Maddy McMillen
JLL
Maddy McMillen
7 deals$1.1B volume
BROKER
Blackstone
Blackstone
LENDER

Details

FINANCED
IMAGE: Chris Drew, Kim Flores, Stephen A. Schwarzman, Tony Labarbera, Matthew Whitman-Lazenby, Maddy McMillen, Brian Gaswirth, Matthew McCormack & Manny de Zarraga DATE: 12/18/2024 ADDRESS: 9700 Collins Avenue MARKET: Bal Harbour ASSET TYPE: Development Site ~ SF: 511,000 LENDER: Stephen A. Schwarzman & Tony Labarbera - Blackstone (@Blackstone) LANDLORD: Matthew Whitman-Lazenby - Whitman Family Development BROKERS: Brian Gaswirth (@BGassy), Chris Drew, Kim Flores, Maddy McMillen (@MaddyMcMillen), Manny de Zarraga & Matthew McCormack (@InstantMack) - JLL LOAN AMOUNT: $740,000,000 LOAN TYPE: Refinance NOTE: Whitman Family Development secured $190 million from Blackstone's BREDS division, increasing total financing to $740 million, to refinance and advance the Bal Harbour Shops expansion, set to open in 2026. The project, which includes a 250,000-square-foot addition and future plans for retail, residential, and hotel developments, faces pushback from local officials despite leveraging Florida's Live Local Act to provide housing for the workforce.

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$740,000,000.00

Monthly NOI$4,933,333.33
Monthly Debt Service$4,677,303.37
Change in Cash Flow$0.00
Refinance Proceeds$0.00