Simon nears $555 million loan to refinance Miami's Dadeland Mall

Simon Property Group and its partner Prime Property Fund are near a deal for $555 million in commercial mortgage-backed securities debt to refinance Dadeland Mall in suburban Miami-Dade County, Commercial Observer reported on Tuesday.

The loan runs 10 years at a fixed rate and pays interest only. It would retire $345 million of current debt and send just under $200 million of equity back to the owners. Fitch Ratings put the value of the 1.5 million-square-foot mall at $909 million, using a 7 percent capitalization rate.

Three banks are originating the debt. Fitch named them as Wells Fargo, Bank of Montreal and J.P. Morgan Chase Bank. The rest of the proceeds would cover $5.7 million in landlord obligations and $4.5 million in closing costs.

The mall's income has climbed. Dadeland Mall, which sits at 7535 North Kendall Drive, produced net operating income of $61.6 million last year. Over the 12 months through September 2026, that figure reached $66.4 million.

Total sales at the indoor center came to $892 million in the year before August. Apple led tenants with $126 million. Macy's followed with $116 million, Saks Fifth Avenue with $87 million and Zara with $60 million.

Simon describes the 1.5 million-square-foot property as Miami's original shopping center, with more than 150 retail stores and restaurants. Its anchors include Florida's largest Macy's, Saks Fifth Avenue, JCPenney and DICK'S House of Sport, according to the Dadeland Mall website, and an Apple flagship sits at the main entrance.

The four-story center blends low- and high-end brands. Shoppers can find Skims, Aritzia and Princess Polly alongside Salvatore Ferragamo and Dolce & Gabbana. The mall was nearly fully occupied in September.

Simon and Prime Property Fund have spent $82.5 million on renovations at the property over the past decade, according to Commercial Observer.

Simon has also tightened its grip on the site. In June 2025 it paid $15.6 million for the ground lease under the JCPenney store at Dadeland, a 190,962-square-foot building on 12.4 acres on the mall's east side, The Real Deal reported. That purchase left Simon owning all of Dadeland except a big box store owned by Macy's, according to the report.

The refinancing adds to a string of moves in the region by Simon Property Group, one of the country's largest mall owners. The Indianapolis-based company has been investing more heavily in South Florida in recent years. Last year, Simon paid $512 million for the 500,000-square-foot shopping center at Brickell City Centre in Miami.

This year, the company filed plans to enlarge its 1.7 million-square-foot indoor mall in Boca Raton. The project would redevelop a nearby Sears department store that has closed.

Simon Property Group did not immediately answer a request for comment, Commercial Observer reported. The transaction is expected to close Dec. 3.