The Ben-Josef family, owners of the Sagamore Hotel South Beach, propose a 561-unit apartment building near North Miami. Their plan comes as South Florida is experiencing a multifamily construction boom, putting the tri-county region in line for a record number of new units by year-end. Ben Josef Group Holdings wants to develop the project on a 4-acre vacant site between…
641 Foot Tower Approved By FAA For Edgewater
The Federal Aviation Administration has given approval for the height of a new tower planned to rise in Edgewater. According to the August 19 FAA determination letter, the new tower is permitted to rise 637 feet above ground, or 641 feet above sea level. The letter was sent to Meridian TC Real Estate Group LLC. Edge House, a condo building allowing short term rentals…
Miami-Dade (Including Miami Beach) Overwhelmingly Favors Mass Transit Expansion
Miami-Dade voters are strongly in favor of expanding rapid mass transit in the county, according to the results of a referendum held yesterday. The question posed to voters in yesterday’s primary election read: Does Miami-Dade County need to expand its existing rapid mass transit system? (Rapid mass transit is defined here as elevated Metrorail, passenger rail…
Miami International Mall’s market value plummets to $159M
Simon Property Group’s Miami International Mall is in precipitous condition. The struggling indoor retail center ‘s current market value nosedived to $159 million, compared to a $391 million valuation a decade ago, a recent Morningstar report shows. The 59 percent decline in value is on the heels of Simon securing a one-year forbearance on a $157.4 million commercial mortgage…
Simon-Owned Miami Mall Loses Half Its Value As Lender Negotiations Continue
Simon Property Group’s Miami International Mall was hit with more bad news after its appraisal value was recently slashed in half. A July appraisal valued Miami International Mall at $159M, roughly equal to the value of two CMBS loans tied to the property. Miami International Mall was appraised at $159M in July, down 59% from its $391M valuation in 2013…
Foundation Pour Completed For 521-Foot Tower In Edgewater
A foundation pour was completed over the weekend at the Edgewater site where a 521-foot tower is under construction, according to a social media post by a contractor. The tower is known as 2600 Biscayne and will span an entire city block. In March, the developers obtained $181M in construction financing. Groundbreaking took place in late April. 2600 Biscayne will rise…
Miami Blue Lagoon Development Site Slated for Auction Following Foreclosure Ruling
A development site in Miami’s Blue Lagoon area, previously approved for apartments and a hotel, is now facing foreclosure and is set to be auctioned due to a $17.9 million lawsuit. Miami-Dade… Judge Thomas J. Rebull granted the foreclosure judgment on August 10 in favor of TIG Romspen US Master Mortgage against 7 at Blue Lagoon LLC and loan guarantor Caroline Weiss.
Lender wins final foreclosure judgment for Caroline Weiss’ Blue Lagoon dev site
Caroline Weiss is on track to lose a waterfront Blue Lagoon development site at the center of a bitter legal fight with her eldest daughter. Miami-Dade Circuit Court Judge Thomas ReBull on Aug. 10 granted final summary judgment for TIG Romspen, a lender that filed a foreclosure lawsuit last year against two Weiss entities that own a 7-acre assemblage on Northwest 7th Street…
University of Miami opens residential village, football center on hold
The University of Miami’s Coral Gables campus is debuting a large residential project that opened this month, and continues to work on future capital projects including a theater arts building to open this fall while delaying its highly publicized football operations center. The Centennial Village, said Jessica Brumley, vice president of facilities, operations, and planning…
PMG, Greybrook Obtain $178M Refinancing for Society Wynwood Mixed-Use Development in Miami
PMG and Greybrook have obtained $178 million for the refinancing of Society Wynwood, a 10-story mixed-use property located at 176 N.W. 25th St. in Miami’s Wynwood Arts District. Eastdil Secured arranged the financing through funds managed by Ares Management and Monarch Alternative Capital on behalf of the borrowers. Randy Barcelo of Stearns Weaver Miller…
PMG, Greybrook Miami Mixed-Use Site Lands $178M Refi
PMG and Greybrook Realty Partners have refinanced the recently completed Society Wynwood property, a 10-story, 318-unit mixed-use development in Miami’s Wynwood Arts District. The $178 million refinancing was provided by funds managed by Ares Management and Monarch Alternative Capital. Eastdil Secured arranged the construction refinancing package. PMG was…
Prologis pays $55M for Verizon subsidiary HQ near Doral, with plans for industrial redevelopment
Prologis bought a Verizon subsidiary’s headquarters near Doral for $54.5 million, with plans for an industrial redevelopment. The San Francisco-based real estate investment trust scooped up the one-story building at 9700 Northwest 112th Avenue in an unincorporated area of Miami-Dade County from TracFone Wireless, according to records and real estate database…
Developer Of 90-Story Dolce&Gabbana Brickell Supertall Pledges $1.5M Towards Transportation
The developer planning a 90-story Dolce&Gabbana supertall condo hotel has signed an agreement that will provide transit and transportation upgrades in Brickell. The Dolce&Gabbana tower is currently going through Miami-Dade’s review process under the Rapid Transit zoning plan. Approval of developments in the zone may be conditioned on public benefits.
Lynd considers $9M capital call to investors for Miami Gardens rental complex
Multifamily investor Lynd is considering asking its investors in a Miami Gardens apartment complex to pony up additional capital, as skyrocketing insurance premiums and other increased expenses hit South Florida properties. The San Antonio, Texas-based firm has put investors in the 234-unit Parc Place Apartments on alert that it may ask them to infuse $9.1 million…
424 Deeds Already Recorded At New 51-Story Downtown Miami ‘Vertical Neighborhood’
Buyers are quickly closing on their units at a newly opened 51-story tower in downtown Miami, according to county records. Closings of condos at the tower began in late June (a single deed was recorded in May). As of this morning, a total of 424 deeds have already hit county records, including 15 recorded yesterday alone. The building includes the Gale Miami Hotel & Residences…
Trinity Cathedral Site Apartment Tower Submitted To FAA At 448 Feet
The proposed heights for an apartment tower at the Trinity Cathedral site have been filed with the FAA. According to the August 14 filing, the tower is planned to rise 446 feet above ground, or 448 feet above sea level. The 42-story building will have 462 residential units and 14,000 square feet of space for the church. A total of 552 parking spaces will also be built as part of the development.
Work Underway At 38-Story Edgewater Hamilton House Apartment Tower Site
Construction work appears to now be underway at the Hamilton House site in Edgewater, a photo by Ryan RC Rea shows. Hamilton House is now planned to rise 38 stories, rather than the 60 stories previously submitted to planners, according to a representative of developer Aimco. The revised plans call for 114 luxury apartments and 7,000 square feet of waterfront restaurant…
Miami-based Biscayne Companies, led by Kevin Fantes and Alejandro Reyes, wants to develop a seven-story project on the northwest corner of Northwest 27th Avenue and Northwest 54th Street in unincorporated Miami-Dade County, according to Fantes. The development firm scooped up the nearly half-acre vacant lot for $1.5 million, according to the broker.
Walker & Dunlop has arranged a $53.6 million loan for the construction of Clara Bay Harbor 100th, a multifamily development located at 1145-1163 100th St. in Bay Harbor Islands, roughly 15 miles outside Miami. Upon completion, the property — which is the second phase of a three-phase rental development by Clara Homes — will comprise 45 units. The developer will also use the proceeds…
Clara Homes scored a $53.6 million construction loan for its Bay Harbor Islands multifamily project, advancing the development into its next stage. The deal comes as financing for South Florida developments continues to flow, amid a record pipeline of apartments. Miami-based Clara is developing its project with three six-story buildings with a total of 150 units on several…
Doral City Council green-lights Trump Doral condo expansion
Doral City Council members approved the Trump Organization’s proposal to develop up to 1,500 luxury condos on the Trump National Doral Miami property. Mayor Christi Fraga and councilman Rafael Pineyro voted against the rezoning on first reading at a council meeting Wednesday evening. It passed 3-2. An affiliate of Donald Trump’s firm was seeking a zoning…
Galbut family pays off $213M construction loan for downtown Miami tower, amid unit closings
An affiliate of Galbut Family Office paid off the $213.4 million construction for the Gale Hotel & Residences project in downtown Miami. Bank OZK provided the financing for the 51-story, 688-unit mixed-use tower at 601 Northeast First Avenue in September 2021. The developer, Sixth Street Partners, began recording closings in late May, property records show. A spokesperson…
FM Capital Secures $11M Bridge Loan for Office Building in Miami Beach
FM Capital has secured an $11 million bridge loan for the financing of an office building located at 301 Arthur Godfrey Road in Miami Beach. Formerly known as the HSBC Building, the property is now known as the Citizens Bank Building. Noam Temchin of FM Capital originated the interest-only, floating-rate loan through Sheridan Capital on behalf of the undisclosed borrower.
Second Phase Of Quail Roost Station Breaks Ground Along Forthcoming Transit Hub In Miami-Dade County
Atlantic Pacific Companies has broken ground on an affordable housing project for seniors at Quail Roost Station in Perrine. This development will be a hub along Miami-Dade County’s forthcoming electric bus rapid transit system and offer direct access to public transportation along the South Dade TransitWay, making it a crucial part of its transit-oriented community initiatives….
Grant Cardone office building in NW Miami-Dade adds Venture X coworking space
A coworking franchise will soon move into a Northeast Miami-Dade office building owned by real estate investor Grant Cardone. Venture X and a franchiser have secured the second floor of the 11-story 10X Centre at 18851 N.E. 29 Ave. in Aventura, said Barrett Wolf, CEO and founder of Wolf Co Real Estate Brokerage Investments. The 19,127-square-foot office is now being built…
40-Unit ‘Belle Apartments’ Planned for 18234 Homestead Ave in Miami
Belle Development LLC hopes to move forward with the Belle Apartments, an eight-story venture near the future South Dade TransitWay. If approved, the project would offer 40 homes measuring 532 to 1,100 square feet. The average apartment would span 873 square feet, according to the South Florida Business Journal. Communal amenities would include a bike room and lounge.
Construction Progresses on 70-Story Okan Tower at 555 N. Miami Avenue in Downtown Miami
Construction continues to advance on Okan Tower, a 70-story mixed-use building under development at 555 North Miami Avenue in Downtown Miami. Designed by Behar Font & Partners and developed by Okan Group, the 902-foot-tall, 914,124-square-foot structure will include 399 residences, a 316-key hotel, 64,000 square feet of Class A office space, and a range of indoor…
Swire Tells Investors: Demand For Brickell Key Condos Exceeds Expectations
Developer Swire Properties says that demand for condo units in a new two-tower project in Brickell is exceeding expectations. Swire announced plans for The Residences at The Mandarin Oriental, Miami in June 2023, and launched sales in December. “The market response in relation to the sales reservations since December 2023 has exceeded expectations,” the company…
‘Rapid Leasing Velocity’ Reported At New $178M Wynwood Apartment Complex
The developers of the new Society Wynwood apartment complex are reporting strong demand for units, helping to secure a refinance. Developer PMG, and Canadian-based private equity firm Greybrook said they had obtained $178m in refinancing for Society Wynwood. Society Wynwood’s welcomed its first residents in March, and has experienced “rapid leasing velocity” since then.
Construction Permit Issued For Large New Whole Foods Market Next To Midtown Miami
Whole Foods Market has been issued a construction permit for a large new store near Midtown Miami, allowing work to begin. The construction permit was issued this morning (August 19). It was first applied for on January 22. According to the permit, a total of 50,812 square feet will be built out at an estimated cost of $7 million. The new Whole Foods will be located on the ground…
Construction Permit Applied For At $190M Brickell Tower
A construction permit application for a 39-story residential tower one block from Brickell City Centre has been submitted. The filing was submitted to Miami-Dade on August 8. Zoning and construction review are being handled by the county, rather than the city of Miami, under Miami-Dade’s Rapid Transit zoning plan. The estimated value of construction is listed on the permit…
Loews Strikes Deal for $305M Loan to Refinance Miami Hotel
Loews Corporation has struck a deal to secure $305 million to refinance a Miami, Florida hotel. The loan, co-originated by National Association, J. P. Morgan Chase, and Wells Fargo Bank, is interest only, carrying a 10-year fixed rate, as reported by the Commercial Observer, citing Fitch Ratings. The bulk of the loan will be allocated towards refinancing existing debt…
Grant Cardone Bets On South Florida With Aventura Complex Renovations
Grant Cardone is best known for discussing multifamily and residential real estate. However, that doesn’t mean he has stayed out of the office sector. Cardone’s Cardone Capital recently announced the renovations of a building he is calling the 10X Centre, and it’s a window into what Cardone sees as valuable office space right now. Cardone has been bullish on the Florida market…
Financial services firm Latin Securities opened an office in downtown Miami. Buenos Aires, Argentina-based Latin Securities, which offers wealth management, securities brokerage and other services, leased 4,000 square feet at Miami Tower at 100 Southeast Second Street, according to its broker. Fabio and Sebastian Faerman of FA Commercial represented the tenant.
Backed by real estate titans, Miami-Dade Mayor Daniella Levine Cava cruises to reelection
Developers and commercial real estate investors are getting another four years of cozying up to Daniella Levine Cava. Miami-Dade County’s first female mayor cruised to a second term in office, nabbing 58 percent of a countywide vote in Tuesday’s August primary election. Although a non-partisan race, Democrat Levine Cava faced six challengers, four of whom are Republicans…
Affiliate of Gables Residential Proposes Community for 250 Racquet Club Road in Weston
The Weston City Commission heard the proposal for Gables Weston on August 19th, where an affiliate of Atlanta-based Gables Residential wanted to have the parcel rezoned from high-rise multi-family to planned development district. Plans called for a community with three housing types: 384 apartments, 80 single-family homes, and 28 townhouses. More specifically…
Chick-Fil-A plans new cold storage center in Weston
Atlanta-based restaurant operator Chick-Fil-A won approval to build a new cold storage warehouse and distribution facility in Weston to replace the one the company bought earlier this year. The Weston City Commission unanimously approved the company’s site plan for a one-story warehouse spanning 157,314 square feet, a standalone vehicle maintenance building with 9,252 sf…
Weston rejects rezoning for Gables Residential’s planned 384-unit apartment project
Gables Residential failed to win a rezoning of the old Bonaventure Resort & Spa site in Weston, 22.5 vacant acres where the Atlanta-based multifamily developer planned to build hundreds of apartments. Gables Residential, led by President and CEO Sue Ansel, paid $50 million for the Bonaventure Resort & Spa in 2022, then demolished the resort to clear the site for the…
13th Floor Breaks Ground on Hallandale Apartments
Developer 13th Floor Investments has broken ground on Parks at Hallandale, a 398-unit multifamily property in Hallandale Beach, Fla. The development will include both market-rate and workforce apartments across several five-story garden style buildings situated on15.5 acres. The property will include 6,500 square feet of ground-floor retail. Miami-based 13th Floor obtained…
Invesca Secures $94M in Additional Financing for Completion of Pixl Apartments in Plantation
Invesca Development Group has secured $94 million in financing to complete the construction of its Pixl apartments in Plantation. The project, located at 4350 West Sunrise Boulevard, will feature 330 apartments. The new funding was necessary to address the maturity of the original construction loan, manage additional costs from hiring a new contractor, and support the project…
Longpoint expands South Florida retail portfolio with $33M Pompano Beach purchase
Longpoint Realty Partners added another grocery store-anchored shopping center to its South Florida retail portfolio. An affiliate of Boston-based Longpoint paid $33.1 million for Palm Aire Marketplace at 299 South Powerline Road in Pompano Beach, records and real estate database Vizzda show. The 143,219-square-foot shopping center is anchored by Presidente…
$33.1M Sale of Palm Aire Marketplace in Pompano Beach Brokered
Colliers has brokered the $33.1 million sale of Palm Aire Marketplace, a shopping center located in the South Florida city of Pompano Beach. Presidente Supermarket and dd’s DISCOUNTS anchor the property, which totals 143,219 square feet. Other tenants at Palm Aire Marketplace include T-Mobile, Chase Bank and McDonald’s. Harry Blyden, Bastian Schauer, Ruben Suarez…
Adler Partners Inks Miami-Area Office Lease Renewal
Boston Proper has renewed its 42,563-square-foot office lease at Adler Real Estate Partners’ office and flex business campus in Boca Raton, Fla. Colliers negotiated the long-term deal on behalf of the tenant and CBRE assisted the landlord. The women’s fashion brand will maintain its headquarters at 1155 Broken Sound Parkway NW, a one-story building totaling 62,729 square feet…
Pebb Capital and Sabal Investment Holdings have announced the acquisition of “The Press,” a mixed-use property located at 2751 South Dixie Highway in West Palm Beach, Florida. The transaction, made in an off-market deal with Tricera Capital, includes plans for nearly $80 million in acquisition and repositioning efforts. These plans involve significant capital improvements…
Pebb, Sabal scoop up The Press office-retail complex in West Palm
Pebb Capital and Sabal Investment Holdings bought The Press, an office and retail complex in West Palm Beach. Miami-based Tricera Capital sold the complex at 2751 South Dixie Highway in an off-market deal to Boca Raton-based Pebb and Irvine, California-based Sabal, according to the buyers’ news release. Tricera and a spokesperson for Pebb and Sabal declined to disclose…
Witkoff, Blavatnik plan luxury hotel and private golf club at former Banyan Cay Resort in West Palm
West Palm Beach is getting a new private golf club and a luxury hotel after years of stalled progress at the Banyan Cay Resort site. Witkoff and Len Blavatnik’s Access Industries are splitting the former Banyan Cay Resort into two parts: Dutchman’s Pipe Golf Club, and the Belgrove, a 194-key hotel, the Palm Beach Post reported. The private club is expected to open this fall…
Vanderbilt wants to build a $520M West Palm Beach campus
Vanderbilt University pitched county leaders on a $520 million campus in downtown West Palm Beach. The Nashville-based “Southern Ivy” officially presented its vision for a graduate campus with artificial intelligence, data science and business programs during the Palm Beach County commissioners’ meeting Tuesday, following months of behind-the-scenes talks.
Vanderbilt Is Coming To West Palm Beach To Pitch A New Campus
Vanderbilt University officials will travel from Tennessee to West Palm Beach to meet with city and county officials. A new college campus could follow close behind. The West Palm Beach City Commission and Palm Beach County Commission will consider resolutions next week that will start to pave the way for a 300K SF campus in the heart of the city that could host up to 1,000 students…
CMBS Troubled Loan Tracker: Delinquency Rates Trending Higher Since the Spring, Likely Until 2025
Summary Delinquency rates notched up again in July for both conduit and large loan-single asset-single borrower (LLSASB) CMBS loans, with both segments now at 6.3%. This recent period of rising delinquencies began back in the spring, with conduit and LLSASB delinquency rates rising by 114 basis points (bps) and 166 bps, respectively. Some rise in troubled loans…
Video: KCnomics CEO KC Conway Provides U.S. Economic & Real Estate Outlook
The Discussion: Navigating Commercial Real Estate in a Shifting Economic Landscape The recent conversation between the host of America’s Commercial Real Estate Show and KC Conway, CEO of KCnomics, provided a deep dive into the current state of the commercial real estate market. Their discussion, which was national in scope and thus may apply less or not at all to Miami…
Finding an Attractive View: Bridge lending can help deals make sense in uncertain times
The first half of 2024 was marked by tumultuous shifts, creating challenges for conventional bank lenders. While agency lending from Freddie Mac and Fannie Mae never goes away, traditional sources of financing have thinned out. Traditional lenders have grown shy about the overall lending market. Who can blame them with interest rates so high, a mixed economy and the…
‘Extend and pretend’ remains the playbook for troubled lenders
A growing throng of banking and commercial real estate experts are sounding the alarm about the nation’s small and medium-sized banks, which may be on the cusp of another crisis. John Murray, Pacific Investment Management Company’s head of global private commercial real estate, told Bloomberg in June that he expected more regional bank failures in the U.S. because…
Podcast Transcript: FDIC’s Krishna Patel & Kathy Kalser Discuss Risks of Banking
The 2022 Risk Review provides a retrospective summary of conditions in the U.S. economy, financial markets and the banking sector. And continues to cover some of the core risks of areas of credit by which we mean loans, and market, which we mean interest rates, and financial market risks as of year-end in 2021, similar to our previous report.
Moody’s: Mid-Year Retail Property Performance Review
Highlights: As of the second quarter of 2024, our top 80 primary retail markets were evaluated based on their year-to-date (YTD) change in effective revenue/SF. Among our five regions, the Northeastern Region barely clinched the top spot, with effective revenue/SF increasing by 57-bps YTD – behind the Southwestern Region at 56-bps – while the Midwestern Region logged…
Housing and healthcare: An innovative combo
For people without stable housing who are living with challenges such as mental illnesses, chronic health conditions and substance use disorders, navigating a complex network of service providers across a city can be a major hurdle to getting help. At Hobson Place, a permanent supportive housing community in Seattle, help is literally next door. The project, completed…
Southeast Region Apartment Supply Volumes Could be Near a Peak
The Southeast region has been a key spot for investors recently, with annual supply volumes more than doubling over the past five years. However, the region could be approaching a peak for apartment completions. Annual deliveries in the Southeast went from around 20,000 units in the years leading up to the pandemic, to around 50,000 units in the year-ending 2nd quarter…