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Simon Property JV seeks $2B for Fla. mall refinancing

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Simon Property JV seeks $2B for Fla. mall refinancing

A Simon Property Group Inc. joint venture is seeking $2 billion to refinance the Aventura Mall in the Miami suburb of Aventura, The Real Deal reported, citing Trepp.

The financing will be used to repay a $1.2 billion commercial mortgage-backed securities loan that Simon Property and Turnberry Associates secured in 2013.

The companies also used an additional $167.4 million in financing to fund the construction of a new 175,000-square-foot wing at the 2.9 million-square-foot mall, the March 13 report noted, citing Trepp.

The 19501 Biscayne Blvd. property is anchored by Macy's, JCPenney, Nordstrom and Bloomingdale's.

Simon Property has a 33.3% stake in the mall with Turnberry owning the remaining 66.7%. The property is managed by Turnberry.

The mall opened in 1983 and underwent expansions in 1997 and 2007.