Miracle Mile Shops, a prominent entertainment and retail destination on the Las Vegas Strip, has secured a $425 million refinancing deal. The five-year loan, provided by Goldman Sachs, Bank of America, and Morgan StanleyBank, replaces a maturing 10-year loan. This funding will support the ongoing renovation of the property, which features 503,484 square feet of retail space and attracts millions of visitors annually. Located at 3663 South Las Vegas Boulevard, the property is situated in the bustling market of Las Vegas.

Summary of transaction details

• Property Type: Retail
• Transaction Amount: $425,000,000
• Address: 3663 South Las Vegas Boulevard
• Market: Las Vegas
• Loan Type: Refinance
• Loan Terms: Five-year, fixed-rate

JLL's Capital Markets group facilitated the refinancing deal for Miracle Mile Shops. The broker team involved in the transaction includes Claudia Steeb, Barry Brown, Carl Beardsley, and Zach Barone, representing JLL. Miller Capital Advisory, Inc., and California Public Employees' Retirement System are the landlords of the property.

The $425 million loan will provide the necessary financial support to continue the property's renovation, ensuring its appeal and maintaining its status as a prime location on the Las Vegas Strip. With its prominent position and consistently high visitor numbers, Miracle Mile Shops remains a significant player in the Las Vegas retail market.