Blackstone Group has secured $600m in loan for Dacra Development, which will use the amount in the development of Miami Design District mall in Miami, Florida.

Miami Design District is owned by Miami Design District Associates, a partnership between Dacra and L Real Estate, a global real estate development and investment fund, specialising in creating luxury shopping destinations.

The proposed project is expected to be valued at around $2.2bn, including existing equity and is scheduled to be completed by 2016.

Of the loan secured, Blackstone will hold a $100m mezzanine portion with the Bank of China providing $250m, Reuters reported citing Dacra Development president and CEO Craig Robins.

Earlier in 2011, Dacra partnered with L Real Estate to form Miami Design District Associates.

Real estate investment firm General Growth Properties and Ashkenazy Acquisition have paid $280m in late 2014 for a 20% stake in the partnership.

Construction on the 1.2 million square feet of retail space across 20 buildings in the Design District is currently underway.

Less than 50% of the expected 120 stores were opened in Design District at the end of 2014.

The Design District also houses flagship Louis Vuitton, Cartier and Piaget stores surround a courtyard with a Buckminster Fuller-designed sculpture. It also includes art galleries, interior design stores and restaurants run by James Beard award-winning chefs.