Turnberry-Simon Land Major Refinancing Deal for Aventura Mall

AVENTURA, FL—The ownership of the Aventura Mall here has closed on a $1.75-billion refinancing of its nearly 3-million-square-foot shopping center complex here.

Aventura Mall Venture, an affiliate owned by Turnberry Associates and Simon Properties, secured the financing provided by JPMorgan Chase Bank, Wells Fargo Bank, Deutsche Bank and Morgan Stanley Bank. The deal was announced by law firm Buchanan Ingersoll & Rooney, which represented the ownership in the financing deal.

“This transaction is important because it enables Aventura Mall to refinance on attractive terms, positioning ownership to sustain its already robust growth strategy,” says Rebecca Livingston Lando, shareholder in Buchanan’s finance section.

No financial terms of the transaction were released. A report in the Real Deal states that the new financing will be used to repay $1.2 billion of debt Turnberry and Simon secured on the property in 2013. The ownership also closed on a nearly $214 million mortgage in 2016 in connection with a 315,000-square-foot expansion that was recently completed.

Jack Kessler (Fort Lauderdale and Pittsburgh office), Lando (Pittsburgh office) and Bruce Booken (Fort Lauderdale office), shareholder and co-chair of the tax section, led the Buchanan team in the financing transaction.

The Buchanan team also included Jason A. D’Amico (Pittsburgh office), shareholder in the real estate practice, George L. Cass (Pittsburgh office), of counsel in the bankruptcy practice, Rebecca S. Trinkler (Fort Lauderdale office), counsel in the real estate practice, and Haley R. Ayure (Tampa office), associate in the corporate section.

The 2.9-million-square-foot Aventura Mall features more than 300 retailers and is anchored by Nordstrom, Bloomingdale’s and Macy’s, and includes such retailers as: Gucci, Louis Vuitton, Cartier, Burberry, Fendi, Givenchy, CHANEL Fragrance & Beauty, Bally, Breitling and Tiffany & Co.