Simon, Prime Property Fund Line Up $555M Dadeland Mall Refi
Simon Property Group and Prime Property Fund are lining up a $555M CMBS package to refinance Dadeland Mall in Kendall, with a Dec. 3 expected close.
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- Read original source · Commercial Observer
Simon Property Group and Prime Property Fund are lining up a $555 million commercial mortgage-backed securities package to refinance Dadeland Mall in Kendall, Miami-Dade County, Commercial Observer reported. The deal is expected to close Dec. 3.
Why it matters
Dadeland is one of the largest retail assets in South Florida, and a big-name owner pairing is going to the CMBS market rather than relying on a bank loan. According to Commercial Observer, the package does more than swap old debt for new. It also returns close to $200 million in equity to the sponsors.
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That is a signal on lender appetite for top-tier regional malls in Miami-Dade. It also shows how institutional owners are recycling capital out of stabilized retail. For developers eyeing South Florida retail and mixed-use sites, a mall of this scale pricing cleanly is a useful comparable.
The numbers
Commercial Observer’s breakdown of the $555 million package:
- $345 million goes to refinancing existing debt.
- Just under $200 million comes back to the sponsors as equity.
- $5.7 million covers landlord obligations.
- $4.5 million covers closing costs.
Fitch values the 1.5 million-square-foot mall at $909 million, per the outlet. Net operating income was $61.6 million last year and $66.4 million for the 12 months through September 2026. The $555 million package therefore sits at roughly 61 percent of Fitch’s valuation, our arithmetic from the reported figures.
We have not pulled the recorded mortgage or the CMBS offering documents. Those filings would show the lender group, the loan term and the interest rate, and none of that is public yet in the sources we have.
What’s next
The expected closing date is Dec. 3. Once the loan is recorded with the Miami-Dade Clerk and the securitization prospectus is filed, the final lender group, rate and maturity should become visible. We will check the record when it posts. Terms could still change before closing, and the figures above are as reported by Commercial Observer.
Quick answers
- What is the latest on Simon Property Group in South Florida?
- Simon Property Group and Prime Property Fund are lining up a $555M CMBS package to refinance Dadeland Mall in Kendall, with a Dec. 3 expected close.
- What are the key numbers for Simon Property Group?
- CMBS package: $555M; refinanced debt: $345M; Fitch value: $909M; 12-month NOI: $66.4M.
- Where does the information on Simon Property Group come from?
- The story cites Commercial Observer.
Sources
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