MIAMI-The 650,000-sf Mall of Americas in Miami at 7795 Flagler St. has received a five-year, $52.5-million first mortgage loan to refinance existing debt on the mall. The property owner is Sterling Centrecorp Inc.
Northbrook, IL-based Allstate Real Estate Investment Group, though its commercial mortgage division, provided the financing. Albert Rex, of Collateral Mortgage Capital LLC, arranged the financing on Allstate's behalf.
The owner plans to upgrade and reposition the mall with planned revitalization efforts. "Given its proximity to the airport and location within a strong Florida real estate market, the Mall of Americas has enormous potential and is a strong investment for Allstate," says Allstate Real Estate Investment Group senior portfolio manager Dave Henderson. "We are thrilled to expand our portfolio in the southeast while strengthening relationships with a key client partner, Sterling Centrecorp."
The mall is located two miles southwest of the Miami International Airport. Among the tenants are Subway, Home Depot, KB Toys, Nokia, Party Supermarket, Old Navy Outlet, Ross Dress for Less, Marshall's, a 14-screen AMC movie theater and Casa Larios Cuban Cuisine.
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