JLL's Capital Markets group arranges refinancing for
503,484-square-foot entertainment and retail destination
PITTSBURGH, June 28,
2023 /PRNewswire/ -- JLL's Capital Markets group
announced today that it has arranged a $425
million refinancing for Miracle Mile Shops, a
503,484-square-foot entertainment and retail destination located at
the center of the Las Vegas Strip.
JLL worked on behalf of the borrowers, IMI Miracle Mall LLC and
IMI Miracle Harmon LLC, which are indirect subsidiaries of
Institutional Mall Investors LLC, a co-investment venture between
an affiliate of Miller Capital Advisory, Inc. and California Public
Employees' Retirement System, to secure a five-year, fixed-rate
CMBS loan.
Goldman Sachs served as lead lender for the combined
SASB/conduit loan. Bank of America and Morgan Stanley Bank also
served as lenders. Initial loan quotes for this refinancing
opportunity were provided by 12 different lenders. This loan
replaced a maturing 10-year loan that JLL placed in
September 2013.
Built in 2000 and redeveloped in 2008, Miracle Mile Shops
includes approximately 130 food and beverage, jewelry, health and
beauty, apparel and entertainment tenants. Notable tenants include
V Theater, Saxe Theater, H&M, Victoria's Secret and Lululemon.
Approximately 24.8 million people visit the center annually. The
borrowers are nearing completion of a major renovation started in
2022 to transform the property into a more modern retail
destination with an immersive customer experience and expanded
entertainment and restaurant offerings.
Situated at 3663 South Las Vegas Blvd., the property benefits
from its integrated traffic drivers (not a part of financing),
including Planet Hollywood Resort & Casino (2,500
rooms), Elara by Hilton Grand Vacations Hotel (1,201 rooms) and
Zappos Theater (7,000 seats). Additionally, the 24,880 total hotel
and timeshare rooms within walking distance and the 19,000 seats at
the proximate T-Mobile Arena also contribute to the center's
customer base.
The JLL Retail Capital Markets Debt Advisory team was led by
Senior Managing Directors Claudia
Steeb and Barry Brown,
Managing Director Carl Beardsley and
Associate Zach Barone.
"JLL worked with the borrowers to determine acceptable
competitive financing terms, and with the strong property
performance and sponsorship, the asset received a great deal of
initial lender interest, including 25 loan quotes from multiple
lenders," said Steeb. "Miracle Mile Shops has continued to thrive
due to its location at the 'Fifty Yard Line' of the famous Las
Vegas Strip and the amazing renovation that the borrowers are
completing. JLL is proud to once again place the debt for this
property."
JLL's Capital Markets group is a full-service global provider of
capital solutions for real estate investors and occupiers. The
group's in-depth local market and global investor knowledge
delivers the best-in-class solutions for clients — whether
investment and sales advisory, debt advisory, equity advisory or a
recapitalization. The firm has more than 3,000 Capital Markets
specialists worldwide with offices in nearly 50 countries.
For more news, videos and research resources on JLL, please
visit our newsroom.
About Miller Capital Advisory, Inc.
Miller Capital
Advisory, Inc. is an Investment Advisor with headquarters in
Skokie, Illinois, a suburb of
Chicago, and a regional office in
Austin, Texas. The firm manages
property investments throughout the entire United States. Real Estate investments under
management totaled approximately $8.7
billion as of March 31,
2023.
About CalPERS
CalPERS is the nation's largest public
pension fund, serving more than 2 million members in the retirement
system and more than 1.5 million members in their health program.
The Real Assets Program consists of three distinct portfolios: Real
Estate, Infrastructure, and Forestland. These investments are
acquired and managed through separate accounts, joint ventures, and
comingled funds between CalPERS and investment management firms. As
of March 31, 2023, CalPERS maintained
approximately $71.2 billion in total
assets under management within their Real Assets Program. CalPERS
has investments in both domestic and international markets.
About Institutional Mall Investors, LLC
Institutional
Mall Investors LLC is a co-investment venture owned by CalPERS, the
nation's largest public pension fund and an affiliate of Miller
Capital Advisory, Inc. Miller Capital Advisory, Inc. serves as
investment manager for Institutional Mall Investors LLC.
Institutional Mall Investors LLC's portfolio features regional and
super regional shopping centers, such as Ala Moana Center, Houston
Galleria, Oakbrook Center, and Scottsdale Fashion Square. The
portfolio focuses on fashion-oriented retail properties in
the United States. As of
March 31, 2023, the portfolio
included approximately 21.0 million square feet of retail GLA and
over 1.26 million square feet of prime office space.
About JLL
For over 200 years, JLL (NYSE: JLL), a
leading global commercial real estate and investment management
company, has helped clients buy, build, occupy, manage and invest
in a variety of commercial, industrial, hotel, residential and
retail properties. A Fortune 500 company with annual revenue of
$20.9 billion and operations in over
80 countries around the world, our more than 103,000 employees
bring the power of a global platform combined with local expertise.
Driven by our purpose to shape the future of real estate for a
better world, we help our clients, people and communities SEE A
BRIGHTER WAYSM. JLL is the brand name, and a registered
trademark, of Jones Lang LaSalle Incorporated. For further
information, visit jll.com.
Contact: Jenna Sharp,
Associate, Public Relations
Phone: +1 214 394-3356
Email: Jenna.Sharp@am.jll.com
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