{"id":1004083508,"date":"2013-09-12T07:55:12","date_gmt":"2013-09-12T15:55:12","guid":{"rendered":"https:\/\/synd.yardi.com\/?p=179192"},"modified":"2022-12-08T17:22:25","modified_gmt":"2022-12-09T01:22:25","slug":"miracle-mile-refinancing-yields-580m-for-tristar-capital-rfr","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/miracle-mile-refinancing-yields-580m-for-tristar-capital-rfr\/","title":{"rendered":"Miracle Mile Refinancing Yields $580M for Tristar Capital, RFR"},"content":{"rendered":"

By Alex Girda, Associate Editor<\/em><\/p>\n

One of Las Vegas\u2019 signature retail \"\"<\/a> properties, the Miracle Mile Shops, is the subject of a $580 million refinancing announced on Sept. 9. HFF arranged the deal on behalf of the owner, a joint venture of Tristar Capital and RFR Holding LLC. Robert K. Futterman & Associates acted as the owners\u2019 marketing and leasing adviser.<\/p>\n

The refinancing consists of a 10-year, fixed-rate CMBS loan led by Cantor Commercial Real Estate with the participation of JP Morgan and Citigroup. Tristar Capital and RFR will use the proceeds to refinance current loans, and fund upgrades, such as the area adjacent to PH Live Theatre, site of a forthcoming show starring Britney Spears.<\/p>\n

In refinancing Miracle Mile, Tristar Capital and RFR benefited from its track record. Tristar Capital president David Edelstein characterized it in a statement as \u201cone of the top five malls in the country, with tenant sales at double the national average and over 26 million shoppers per year.\u201d Miracle Mile is currently 95 percent occupied and has about 180 tenants. Many stores generate sales of more than $1,000 per square foot.<\/p>\n

Tristar Capital and RFR have invested about $130 million in renovating the property since acquiring it in 2004. Its current tenant roster includes retailers such as H&M, GUESS, Gap, Cabo Wabo, Tommy Bahama, Quiksilver and Urban Outfitters. Also part of the property are Planet Hollywood Resort & Casino and Elara, a Hilton Grand Vacations Hotel, plus five theatres and a 4,903-space parking garage.<\/p>\n

Photo: miraclemileshopslv.com<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

One of Las Vegas’ signature shopping spots on the Strip is the Miracle Mile Shops, one of the largest and best-known retail facilities in Sin City. The property made headlines recently for a massive refinancing deal completed by HFF on behalf of the owner, a joint venture between Tristar Capital and RFR Holding LLC. The total amount obtained in the refinancing process stands at $580 million. Robert K. Futterman & Associates acted as the joint venture’s project marketing and leasing advisor in the process.<\/p>\n","protected":false},"author":41,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1593,21742],"tags":[],"class_list":["post-1004083508","post","type-post","status-publish","format-standard","hentry","category-las-vegas","category-latest"],"acf":[],"yoast_head":"\nMiracle Mile Refinancing Yields $580M for Tristar Capital, RFR - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/miracle-mile-refinancing-yields-580m-for-tristar-capital-rfr\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Miracle Mile Refinancing Yields $580M for Tristar Capital, RFR\" \/>\n<meta property=\"og:description\" content=\"One of Las Vegas’ signature shopping spots on the Strip is the Miracle Mile Shops, one of the largest and best-known retail facilities in Sin City. 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