The owners of the Miami Design District nabbed $350 million to refinance a portion of the luxury mall.
Deutsche Bank added $100 million to a $250 million loan issued two years, covering the Paradise Plaza retail courtyard and nearby areas, according to mortgage documents. The borrowers include Craig Robins’s Dacra, LVMH-backed private equity firm L Catterton and real estate giant Brookfield Properties.
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The 179,418-square-foot Paradise Plaza sits at 151 Northeast 41st Street, at the northern end of Miami’s 18-city block outdoor mall. It houses 120,000 square feet of retail and restaurant space in addition to a 7,800-square-foot event space.
Tenants include Major Food Group’s ZZ’s restaurant, Michelin-starred outposts L’Atelier de Joël Robuchon and Le Jardinier, in addition to high-end fashion brands Balenciaga and Gucci and private club The Moore.
The loan also covers the neighboring boutiques of U.S. fashion brands Tory Burch and Ralph Lauren a block south as well as the Christian Louboutin store, the Cote Korean steakhouse and the seven-story Museum Garage parking lot.
Since the pandemic, the Miami Design District has emerged as one of the top destinations for luxury shopping in South Florida. To meet demand, architect David Chipperfield, who won the prestigious Pritzker Architecture Prize in 2023, is designing an expansion on the west side of the district that will include condos, hotels and more retail, though construction has yet to commence.
In June, a venture led by Dacra obtained a $125 million construction loan for a 20-story rental tower on the south side.
A representative for Dacra did not immediately respond to a request for comment.
Julia Echikson can be reached at jechikson@commercialobserver.com.