LAS VEGAS-Those who follow @GlobeStcom on Twitter and @GlobeStLIVE may have seen a post teasing the announcement, but GlobeSt.com has learned that the 501,522-square-foot Miracle Mile Shops here in Las Vegas has been refinanced. The $580-million refinancing was secured by HFF on behalf of the ownership group comprised of a JV between Tristar Capital and RFR Holding LLC.
Robert K. Futterman & Associates serves as the project marketing and leasing advisor for the ownership group. The 10-year,fixed-rate CMBS loan was led by New York City-based Cantor Commercial Real Estate, with JP Morgan and Citigroup as participants.
Loan proceeds were used to refinance existing loans and provide funds for additional improvements, including the exciting renovation of the retail area surrounding the PH Live Theatre that will soon be home to Britney Spears' new Las Vegas show. In 2004, the Tristar-RFR ownership group acquired Miracle Mile Shops and immediately embarked on a $130 million renovation and rebranding program.
The mall is 95% leased to more than 180 tenants, including many with sales exceeding $1,000 per square foot. Notable tenants include H&M, Urban Outfitters, GUESS, Gap, Cabo Wabo, Tommy Bahama and Quicksilver.
The property also features a 4,903-space parking garage and five on-site theatres. Miracle Mile Shops is further anchored by Planet Hollywood Resort & Casino and Elara, a Hilton Grand Vacations Hotel. “On ownership's behalf, HFF evaluated numerous financing alternatives to secure the optimal recapitalization terms, keeping in mind the significant value creation opportunities ahead for the mall. In the end, the financing provided us the desired flexibility and returns,” says Michael Fuchs, co-founder of RFR.
The HFF team was led by managing director Claudia Steeb and executive managing director Manny de Zárraga, and included senior managing directors Barry Brown and Gerry Rohm, and managing director Bryan Ley. “Cantor's creative structuring enabled them to be selected by ownership as the primary lender for the transaction. This is believed to be the largest loan closed by Cantor to date,” adds Steeb.
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
