BAL HARBOUR, FL — Whitman Family Development has secured a $740 million loan for the upscale Bal Harbour Shops, marking a significant investment in South Florida’s retail sector despite elevated interest rates.
The financing, provided by Blackstone, includes $550 million to refinance previous debt secured in 2019 and $190 million for construction of the center’s expansion. JLL’s Manny de Zarraga and Chris Drew represented the Whitman family in the transaction.
Bal Harbour Shops Expansion
Located at 9700 Collins Avenue, the luxury shopping center spans 500,000 square feet and features high-end retailers such as Gucci, Prada, Chanel, and Ferragamo. Anchored by Saks Fifth Avenue and Neiman Marcus, the mall boasts a 98% occupancy rate with 110 tenants.
The ongoing 250,000-square-foot expansion, which adds retail and dining space, is expected to be completed in 2025.
Decades of Development and Challenges
Founded by Stanley Whitman in 1965, Bal Harbour Shops was envisioned as an upscale alternative to Lincoln Road’s retail offerings. The expansion, approved in 2016 after prolonged community resistance and litigation, underscores the family’s commitment to evolving the property.