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Bal Harbour Expansion Lands $550M, One of Miami’s Largest Construction Loans Ever

Miami-based Whitman Family Development secured $550 million in financing for the expansion of the iconic Bal Harbour Shops, a 463,114-square-foot, open-air, luxury shopping destination in Bal Harbour, FL. The loan is one of the largest construction loans ever to close in Miami.

The fully-leased, global center is anchored by Saks Fifth Avenue and Neiman Marcus, and is located at 9700 Collins Ave. on 17.42 acres along Miami Beach.

HFF’s Manny de Zárraga, Chris Drew, Jim Dockerty and Matthew McCormack placed the $150 million, eight-year, fixed- and the $400 million floating-rate construction facility with MetLife Investment Management. Loan proceeds will be used to retire an existing loan and a 300,000-square-foot expansion of Bal Harbour Shops.

Plans include:
– A 57,414-square-foot Barneys New York, its only flagship store in the southeastern U.S.
– A three-story promenade connecting Barneys to an existing palm tree-lined promenade.
– A grand entrance on the northeast quadrant.
– A 20,000-square-foot Neiman Marcus expansion.

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About Dennis Kaiser

Dennis Kaiser is Vice President of Content and Public Relations for Connect Commercial Real Estate. Dennis is a communications leader with more than 30 years of experience including as a journalist and in corporate and agency marketing communications roles. He is responsible for Connect’s client content operations and is involved in a range of initiatives ranging from content strategy, message development, copywriting, media relations, social media and content marketing services. In his most recent corporate communications roles, he led a regional public relations effort across Southern California for CBRE, played a key marketing role on JLL’s national retail team, and was responsible for directing the global public relations effort at ValleyCrest, the nation’s largest commercial landscape services company. In addition to his vast commercial real estate experience, Dennis has worked on communications and launch strategies for a number of residential projects such as Disney’s Celebration in Florida, Ritter Ranch in Palmdale California (7,200 homes, 22,000 acres), WaterColor in Florida and PremierGarage in Phoenix. Dennis’s agency background included firms such as Idea Hall and Macy + Associates. He has earned an outstanding reputation with organization leaders as a trusted advisor, strategic program implementer, consensus builder and exceptional collaborator. Dennis has developed and managed national communications programs for Fortune 500 companies to start-ups, both public and private. He’s successfully worked with journalists across the globe representing clients involved in major-breaking news stories, product launches, media tours, and company news announcements. Dennis has been involved in a host of charitable and community organizations including the American Cancer Society, Easter Seals, BoyScouts, Chrysalis Foundation, Freedom For Life, HOLA, L.A.’s BEST, Reach Out and Read, Super Bowl Host Committee, and Thunderbirds Charities.

  • ◦Financing
  • ◦Development
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