BH Group, partner secure $125M loan for mall redevelopment (Photos)
STORY HIGHLIGHTS
• BH Group and Electra America secured a $125 million loan.
• The redevelopment will create Southplace City Center with mixed-use facilities.
• South City Debt Lender LLC provided the mortgage for 95 acres.
BH Group and Electra America obtained a $125 million construction loan for the redevelopment of the Southland Mall in Cutler Bay with a mixed-use project.
South City Debt Lender LLC, an affiliate of Tyko Capital, provided the mortgage to multiple affiliates of Aventura-based BH Group and Lake Park-based Electra America. It covers 95 acres at 20505 S. Dixie Highway, which includes the mall that was developed in 1959.
The developers acquired the mall out of foreclosure for $100.35 million in 2022. Then they followed up by buying the former Sears building for $34 million later that year.
The developers later revealed plans for a $1 billion redevelopment, which would dub the site Southplace City Center. It would feature 4,395 apartments, over 500,000 square feet of retail, dining and entertainment venues in the existing mall, another 150,000 square feet of new retail and restaurant space on the outparcels, a 150-room hotel, and 60,000 square feet of medical office space.
BH Group CEO Isaac Toledano said the loan will fund infrastructure work and later in 2025 they will start on the first phase of the project, which will consist of multifamily and retail.