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| Miracle Mile Shops on the Las Vegas Strip |
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| Britney Spears |
PITTSBURGH, PA – HFF announced today that it has arranged a
$580 million refinancing for the Miracle Mile Shops, a
501,522-square-foot mall located at the epicenter of the Las Vegas Strip. Miracle Mile Shops is one of the country’s
elite performing malls with top tier tenant sales.
HFF
worked exclusively to secure the financing on behalf of the ownership group
comprised of a joint venture 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 Cantor
Commercial Real Estate, with JP Morgan and Citigroup as participants.
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| Claudia A. Steeb |
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 percent 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.
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| David Edelstein |
“We have positioned Miracle Mile Shops as one of the top
five malls in the country with tenant sales at double the national average and
over 26 million shoppers per year,” said David Edelstein, president of
Tristar Capital.
“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,” said 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.
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| Michael Fuchs |
“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,” added Steeb.
. For a complete
copy of the company’s news releases, please contact:
Kristen M. Murphy
Associate Director
HFF | One Post Office Square, Suite 3500 | Boston, MA 02109
Main: 617-338-0990 | Direct: 617-848-1572 | Cell:
617-543-4873 | www.hfflp.com
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