Another Roaring Construction Loan since the Bubble Bust: Dacra Affiliates enhancing Miami's Design District

Craig Robins

In the largest private construction financing since the recession, Dacra obtained a $301.5 million package for its haute couture shopping mall project in Miami’s Design District, the South Florida Business Journal reported.

Once again I'm taken back by the speed at which Miami is developing. This announcement made yesterday will continue to reform and change the landscape of the Midtown / Edgewater / Design District areas. Within 3 years we will be examining Miami in a completely different way. The lifestyle and experience is dramatically being enhanced.

The 19-acre mall is being designed by architect Elizabeth Plater-Zyberk and developed by Craig Robins, and has already inked agreements with Louis Vuitton, Cartier, Christian Dior and Prada.

A group of Dacra affiliates that own property in the Design District received a $251.5 million mortgage from HSBC Bank, which acted on behalf of a group of lenders.

Separately, another group of Dacra affiliates obtained a $50 million mortgage from BREDS II Loan Holdings, a subsidiary of Blackstone Mortgage Trust, the Journal reported.

Dacra plans to build more than 1.1 million square feet at the site, from the north side of Interstate 95 to the Julia Tuttle Causeway, from 3730 Biscayne Blvd. west to 3850 N. Miami Ave. [SFBJ] — Emily Schmall

source

Emily Schmall. "Dacra affiliates secure 301.5 million construction loan" South Florida Business Journal. 8/8/2013. http://www.bizjournals.com/southflorida/

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