3600 Biscayne Gets FAA, UDRB Approval
A proposal to build a multi-family tower at 3600 Biscayne Boulevard has received approval from the UDRB and FAA. According to an FAA letter sent to developer Pacific Star Capital on January 30, the tower is permitted to rise 231 feet above ground, or 242 feet above sea level. The UDRB conditions for recommending approval at its December meeting were…
ABH buys Bay Harbor Islands waterfront condo dev site
A waterfront condo development site in Bay Harbor Islands traded for $7.5 million to the contractor’s son’s company, after the seller spent about two years working on the planned project and securing permits. A company managed by Indeco Capital Group, led by Enrique Feldman and Alexander Feldman, sold the quarter-acre lot at 9700 West Bay Harbor Drive to ABH Developer…
Groupe City sells Edgewater dev site for $19M
Groupe City is retreating from Florida, after offloading a development site in Miami’s Edgewater for $19.2 million. The French firm previously planned to build its first project in the U.S. on the 0.8-acre assemblage. PR Group Florida… subsidiary… sold the three lots at 423 Northeast 27th Street, 426 Northeast 28th Street and 434 Northeast 28th Street to William Ticona, a Lima…
In South Florida’s real estate boom, not even holy ground is off-limits for redevelopment. Across the tri-county region, developers are seizing on church sites as buildable opportunities. Since 2020, real estate firms have proposed or started 12 projects that would add over 2,021 apartments, condos and single-family homes, as well as 338,300 square feet of commercial space, according…
Construction Halted At North Bay Village Condo Project After Contractors Push For Payment
Stalled construction of North Bay Village’s first new condo tower in a decade has left a concrete shell looming over the island enclave. Construction of the 21-story, 54-unit building at 7918 West Drive has been halted since December, The Real Deal reports. More than a dozen liens have been placed against the developer, Pacific & Orient Properties, including one for nearly $7M…
Construction halted at Malaysian developer’s North Bay Village condo tower
Construction of North Bay Village’s first new condo tower in a decade has halted, more than 14 floors up. Workers have been absent from the job site since December, and more than a dozen liens have been placed against the developer, Pacific & Orient Properties, The Real Deal has learned. The 21-story, 54-unit building, named after its address at 7918 West Drive, was expected…
After Ken Griffin, Local Officials Balk, Bill To Bring Casino To Miami Beach Pulled
South Florida business leaders and local officials successfully beat back legislation at the Florida Legislature that could have brought casino gaming to Miami Beach. The Florida Senate Regulated Industries Committee was set to consider a bill Monday that would have allowed a gaming license to be transferred to the Fontainebleau Miami Beach. But the agenda item was yanked…
“Bad bet for Florida”: Ken Griffin opposes bills that could allow for Miami Beach casino
Billionaire hedge funder Ken Griffin opposes Florida bills that could allow a casino to open at Jeff Soffer’s Fontainebleau Miami Beach resort. In a Miami Herald letter to the editor titled “Casinos are a bad bet for Florida,” Griffin cautioned that gambling expansion would threaten “our shared prosperity” in the state, writing that “measurable research proves” that casinos lead to…
Florida Governor DeSantis In Favor Of Casino At Fontainebleau
Florida Governor Ron DeSantis has issued a public statement endorsing a casino at the Fontainebleau Resort in Miami Beach, according to Politico. Despite the governor’s endorsement, legislation that would have enabled the Fontainebleau casino fell apart during this year’s legislative session. The proposed bill would have permitted the Fontainebleau’s owner to move a gambling permit…
Miami-Dade among biggest pipelines in U.S. for new offices, report says
Miami-Dade County has one of the largest pipelines of future office space, a recently released report states. According to a report from CommercialCafe, a real estate listing website for commercial properties, Miami-Dade County has more than 2.8 million square feet of office space under construction. Trending: Macy’s sells Fort Lauderdale store to local nonprofit foundation…
Eichner lands $90M construction loan for fully booked Bay Harbor condos
Ian Bruce Eichner’s Continuum Company had nothing to worry about when they were seeking a $90 million construction loan for the La Baia South condos in Bay Harbor Islands. “You don’t have to pitch 100 percent sold,” he said. “There’s nothing to discuss when you’ve sold all the units.” An undisclosed New York-based lender is providing the financing for the sold-out waterfront…
Deal For Miami Wilds Water Park Is Dead In The Water
Water slides won’t be coming to the parking lots surrounding Zoo Miami in southwest Miami-Dade County. The office of county Mayor Daniella Levine Cava sent official notice to the developers of the planned Miami Wilds water park that the county was rescinding the lease agreement to build the park on county-owned land. The letter provides a coda to a years-long battle over the project…
Bal Harbour Blindsided by Shops Plan
The owners of Bal Harbour Shops submitted plans last month for a mixed-use development under the state’s Live Local Act, sending the village into a scramble. Whitman Family Development, which owns the luxury shopping mall, wants to build a 70-room hotel, 528 residential units and an additional 46,000 square feet of retail space on the 18-acre property. The company’s…
Developers Envision Pedestrian Paradise From Wynwood To The Design District
As the warehouses of Wynwood give way to high-end apartments, developers are spreading their tendrils beyond the dense retail core and into neighborhoods that were all but ignored less than a decade ago. “It’s almost like there was a memo that went out to all developers across the country: Spend a lot of money in Wynwood and Midtown,” said Ryan Shear, managing partner…
Apartment Market Comparison: The South Florida Trio
Miami is a coastal metropolis and the second-most populous city in Florida. West Palm Beach is known for its natural beauty and palm trees, while Fort Lauderdale boasts affordable beach vacations and boating canals. These neighboring apartment markets combine to make up the South Florida region. While very similar in demographic makeup and economic strength, there are…
Short-Term Rentals Outpace Traditional Condo Development In The Heart Of Miami
Short-term rental projects are proliferating across Miami, with more rental condos than traditional units planned in the urban core and Miami Beach. Across Downtown Miami, Brickell, Edgewater and Miami Beach, 8,467 short-term rental condos are planned across 26 projects, 55.6% of the total 15,216-unit development pipeline in the area, according to a report from the South…
$10.9M Sale of Casa Linda Apartment Building in Coconut Grove Arranged
Colliers has arranges the $10.9 million sale of Casa Linda, a six-story apartment building located at 3300 S. Dixie Highway in Miami’s Coconut Grove neighborhood, roughly four miles outside of downtown. Situated on a 32,000-square-foot site, Casa Linda comprises 45 units in one- and two-bedroom layouts. Private investor Philip Rahimzadeh acquired the asset from an entity…
Shvo scores approval for office project in Miami Beach
Michael Shvo’s vision to develop offices in Miami Beach is coming closer to reality. On Tuesday, the city planning board greenlit his proposal for a 62,500-square-foot building at 1665 and 1667 Washington Avenue. The vote marked the second of Shvo’s proposed office projects in Miami Beach to score final approval in the past two months. Called One Soundscape Park in a nod…
Barrington Brothers Lands $61M Refi for 282-Unit Miami Project The Kavista
The eight-story community is expected to come online next month. Image courtesy of JLL Capital Markets The eight-story community is expected to come online next month. Image courtesy of JLL Capital Markets The eight-story community is expected to come online next month. Image courtesy of JLL Capital Markets Barrington Brothers has obtained $60.9 million in construction…
The MiMo Biscayne Boulevard Historic District, home to a string of charming and colorful 1950s-style motels, is the heart of Miami’s Upper East Side. It’s where residents of surrounding neighborhoods, from Belle Meade to Palm Grove to Morningside, can come together to enjoy a cup of coffee or grab a bite outdoors on a breezy day. There are few things that can spoil a scene as…
Mast Capital Receives $600M Construction Loan for 80-Story Cipriani Residences Miami Condo Tower
Developer Mast Capital has received a $600 million construction loan for Cipriani Residences Miami, an 80-story condominium tower in the city’s Brickell neighborhood. The 397-unit project will offer views of Biscayne Bay, the Brickell skyline and Coconut Grove. Mexico-based Banco Inbursa and Ascendant Capital Partners provided the financing, contributing $350 million and…
Mast Capital scores record $600M construction loan for Cipriani condo tower in Brickell
Mast Capital secured roughly $600 million in construction financing for its planned Cipriani Residences condo tower in Miami’s Brickell Financial District, The Real Deal has learned. It marks the largest-known condo construction loan ever to close in South Florida. The previous record was the Trump Group’s $558 million construction loan for the two-tower Estates at Acqualina…
80-Story Cipriani Tower Is Breaking Ground Today, Brickell’s Tallest Ever at 940 ft.
A groundbreaking ceremony is planned today for the 80-Story Cipriani Residences in Brickell, developer Mast Capital announced. It becomes the tallest tower to ever break ground in Brickell. The developer said that it has secured a $600m construction loan allowing work to begin, setting a record as the largest single-tower residential construction loan ever obtained in Florida.
Mast Capital Secures Record $600M Loan To Build Brickell Condo Tower
Mast Capital secured $600M from two lenders to build the Cipriani Residences condo project in Brickell, the largest loan ever provided for a single tower in Florida, according to a release. The 80-story Cipriani Residences is slated to include 397 units at 1420 S. Miami Ave. in the southern portion of Brickell. Mexico City-based Banco Inbursa provided $350M in financing to the project…
Joined Development pays $22M for Liberty City Section 8 multifamily complex
Joined Development Partners bought a Section 8 multifamily… Miami’s Liberty City, where the previous owner faced slumlord allegations last year. An affiliate of the Clifton… paid $21.9 million for Lincoln Fields Apartments, a 32-building community at 2050 Northwest 64th Street, 2051 Northwest 66th Street, 2030 Northwest 68th Street, and 6221 Northwest 21st Avenue, records and…
462-Unit Trinity Cathedral Apartment Tower Submitted For Zoning Review: New Renderings
A 42-story tower at the historic Trinity Cathedral property has been formally submitted to Miami-Dade planners for zoning review, with new renderings and details. In a letter, the developer said it is voluntarily proffering to contribute $250,000 towards repairs and upgrades to the Adrienne Arsht Metromover Station, since its new residents will be using the trains. The funds will be paid…
Photos Show Downtown Miami’s New Tri-Rail Station, Where Service Was Just Expanded
Photos by Phillip Pessar show the new Tri-Rail station at MiamiCentral. Tri-Rail began operating train service to MiamiCentral in mid-January. On January 27, TriRail expanded operations and began operating its full Downtown Miami Link service, with 13 daily trains on weekdays, and 11 on weekends. Downtown Miami passengers are required to transfer to another train in Hialeah…
28-story companion tower to River Landing gets a thumb’s-up
The next phase of a major mixed-use residential and commercial development on the Miami River is back for city approval. The developer of River Landing Shops and Residences returned to the city’s Urban Development Review Board with a modified design plan that addressed issues brought up by the board. The board then approved a motion recommending approval of the project.
18-story residential tower seen as Design District gateway
A developer has plans to construct a multi-family residential tower with enough commercial space to accommodate a grocery store at 3600 Biscayne Blvd. The developer is 3600 Biscayne JV OZNF LLC, the owner of the properties at 3600 Biscayne Blvd. and 221 NE 36th St. The owner is an affiliate of Pacific Star Capital LLC. The project is planned for a busy area where Edgewater…
Foundation developing affordable Little River housing tower
With the goal of meeting some of Miami’s housing needs, a developer has plans for an affordable apartment development in the Little River/Little Haiti neighborhood. Aids Healthcare Foundation Inc. is the owner-developer of about 0.97-acre property at 279 NE 79th St. The project, Little River Plaza, will be 12 stories and home to 250 affordable multi-family units and about 2,888 sf…
Water and Sewer team makes sure it’s ready before future Miami-Dade growth
In a massive version of “look before you leap,” the Miami-Dade Water and Sewer Department is undertaking a study to “look at what county growth is expected and project out our needs,” department Director Roy Coley told Miami Today last week. The study began last year, undertaken by the New York-based water system consultant Hazen and Sawyer. The 72-year-old company has…
A final call to give South Miami-Dade real rapid transit as pledged
The trust created to add mass transit isn’t giving up on faster trips from Homestead to Dadeland as the public was promised, but it doesn’t seem to be getting any help. Last week, the Citizens’ Independent Transportation Trust unanimously called for the minimum we were promised: Bus Rapid Transit all the time. That’s a gutsy call to restore a plan that was cut down to just three hours…
A joint venture between South Florida-based developers Merrimac Ventures and Aria Development Group is preparing to break ground on 600 Miami Worldcenter, a 32-story condominium tower set within Downtown Miami’s Miami Worldcenter 27-acre mixed-use development, which will deliver 606 fully furnished units with no restrictions on short-term rentals.
Developers Propose the 305 Athletic Club at 11575 NW 7th Avenue in Miami
Miami-based BEA Architects, through affiliate OZ-MIA 11575 NW 7 Avenue LLC, hopes to move forward with a mixed-use venture. The 305 Athletic Club would measure eight stories above grade, requiring 200,000 square feet of new construction. It would offer 40 two-bedroom apartments. Per the South Florida Business Journal, the 305 Athletic Club would host a ground-floor lobby…
JLL Arranges $60.9M Refinancing for Multifamily Development in Miami’s El Portal Village
JLL has arranged $60.9 million in construction takeout refinancing for a new multifamily development underway in Miami’s Village of El Portal neighborhood. The eight-story, 282-unit property, called The Kavista, is set to open later this month. Melissa Rose, Michael DiCosimo and Maddy McMillen of JLL arranged the two-year, floating-rate loan through Varde Partners on…
Miami Worldcenter Tower With 606 Condo Units Sells Out, Gets Construction Loan
Developers of a 32-story tower at Miami Worldcenter are preparing to break ground after preselling all units and obtaining a construction loan. Merrimac Ventures and Aria Development Group obtained a a $95 million construction loan from Banco Inbursa to build the new tower, known as 600 Miami Worldcenter. Groundbreaking is upcoming, with completion expected in 2026.
Construction Permit Now In Review For 25,000 Seat Stadium at Miami Freedom Park
A construction permit is in review for a stadium at Miami Freedom Park. The construction permit application was filed on December 21, with the full plans filed December 27. The new facility will have a 25,000 person occupancy, the permit states. Total hard construction cost is estimated on the permit at $225m. There are also separate filings for phased vertical permits at the site.
UM Gets FAA Approval For 310-Foot Health District Tower
The Federal Aviation Administration has approved the height of an upcoming tower planned by the University of Miami. The new tower is approved at a height of 306 feet above ground, or 310 feet above sea level, according to the February 1 approval letter. The project site is listed as 1099 NW 14th Street. UM is planning to build Project Ignite on the site, which will allow the Miller…
Related Breaks Ground on Miami Mixed-Income Project Gallery at Marti Park
Gallery at Marti Park will include residences for low-income seniors. Rendering courtesy of Related Group Gallery at Marti Park will include residences for low-income seniors. Rendering courtesy of Related Group Gallery at Marti Park will include residences for low-income seniors. Rendering courtesy of Related Group Related Group has broken ground on Gallery at Marti Park…
Developers Wrangle $127M Refi for Miami Community
The 460-unit market-rate rental community is in northwestern Miami-Dade County. Image courtesy of Terra and New Valley Terra and development partner New Valley have landed a major refinancing for their market-rate community in northwestern Miami-Dade County, Fla. The duo secured a $127 million permanent financing for their Natura Gardens development.
Terra and New Valley, the development partners behind Natura Gardens, a new multifamily community in Northwest Miami-Dade County, have secured $127 million in permanent financing. The loan, issued by an affiliate of MF1 Capital, will be used to pay off and refinance an existing $65 million construction loan provided in 2021 by Bank OZK. Completed in the Summer…
Jackson Health System Plans $300M Renovation, Expansion at Miami Hospital Campus
Regional healthcare provider Jackson Health System has announced plans for a $300 million renovation and expansion project at its Miami hospital campus. According to the project team, the facility is the busiest emergency department within Miami-Dade County, receiving an average of 120,000 visits per year. The project will expand the campus’ existing emergency…
Nichols Architects-designed Modera Riverside has topped off in downtown Miami. As of Friday, January 26th, the 410-foot-tall structure reached its final height of 36 stories, positioning itself at the intersection of Brickell, Downtown Miami, and the burgeoning Miami River District. The residential tower boasts 428 apartments, offering a diverse range of living spaces from cozy studios…
The Calta Group… announced it has completed the acquisition of an assemblage of seven parcels in Allapattah from Enis Realty and Grupo Park for $17.2 million. The firm purchased six lots at 1415, 1433, 1435, 1453 Northwest 13th Terrace, and 1410 Northwest 14th Street in December, with the seventh and final 15,000-square-foot parcel at 1469 Northwest 13th Terrace closing…
A mixed-use, transit-oriented project has just been announced in Allapattah. Developer The Calta Group said it paid $17.2m for an assemblage where it plans the new development. It closed on the final parcel this week. The property is a block from River Landing, and across from the site where another 28-story tower called MidRiverVu is planned with 475 apartments.
Aby Rosen’s Lincoln Road retail building hit with foreclosure lawsuit
Aby Rosen could lose a Lincoln Road retail building to foreclosure — if he doesn’t sell it first. On Jan. 30, Wilmington Trust sued an entity managed by Rosen, principal of New York-based RFR Realty, for allegeding defaulting on a $15.1 million mortgage debt collateralized by the single-story building at 318-334 Lincoln Road. The complaint was filed in Miami-Dade Circuit Court.
Metromover Could Be Expanded West To FIU Under New Proposal
An expansion of Metromover westward to FIU has become a possibility, according to Miami Today. A vote by Miami-Dade’s Transportation Planning Organization last week could eventually lead to the new people mover route. The potential east-west Metromover extension would run along Flagler Street. It would take about 35-40 minutes to get to FIU, compared…
Terra, New Valley Obtain $127M Refinancing for Natura Gardens Multifamily Community in West Hialeah
Terra and New Valley have obtained a $127 million loan for the refinancing of Natura Gardens, a newly built multifamily community located in Miami’s West Hialeah neighborhood. The co-developers are using the loan, which was provided by an affiliate of MF1 Capital, to pay off and refinance a $65 million construction loan that Bank OZK provided in 2021. Keith Kurland…
Developer Who Amassed $10B Condo Portfolio Arrested In Multimillion-Dollar Fraud Scheme
New York developer Nir Meir, who fled to Miami after his company collapsed, was arrested in South Beach Monday on an out-of-state warrant. Meir, a former executive at HFZ Capital Group, was arrested at the 1 Hotel South Beach and faces extradition to New York, where he is expected to be charged in connection to a multimillion-dollar fraud scheme, sources told…
Law firm Rottenstreich Farley Bronstein Fisher Potter Hodas opened a downtown Miami office. The firm, founded and led by Richard I. Segal and Zachary Potter, leased 6,900 square feet at Citigroup Center at 201 South Biscayne Boulevard, according to the tenant’s news release. Ryan Rosalsky of Newmark represented the tenant. Steven Hurwitz and Madeline Fine of…
Three Towers Approved in North Miami Beach
The North Miami Beach city commission voted 5-2 last month to approve a large-scale housing development that just weeks prior seemed to have little support. Developer May NMB LLC – a collaboration between New Jersey-based Accurate Builders and Kastel Development – brought forth a series of compromises in response to outcries from both commissioners and residents in December…
In a chilling unsolved mystery that has haunted North Miami Beach for 37 years, the murder of Shirley Brant, a successful commercial real estate developer, remains a painful chapter in the community’s history. However, there’s newfound hope as police reopen the case, counting on advancements in DNA technology to potentially bring justice to a grieving family and a perplexed…
Apollo, Liberty Base score $56M construction loan for Dania Beach multifamily project
Apollo Companies and Liberty Base Investments secured $55.6 million in construction financing for the first phase of their 101 Dania Beach mixed-use project. Israel Discount Bank provided the loan to the joint venture, records show. 101 Dania Beach’s first phase is a planned 12-story building with 278 apartments, a cafe and 449 parking spaces. In May of last year, Apollo…
High-Rise Olakino House to Offer 83 Condos at 551 Bayshore Drive in Fort Lauderdale
In March 2023, Florida YIMBY reported on the EDITION Residences in Fort Lauderdale, a residential venture that aimed to offer 65 condos between two 11-story towers. Yet, amid various legal battles, the project never came to fruition. Now, 551 Bayshore SPE LLC owns the 1.58-acre site, and it aims to move forward with a project even larger in scope. Meet Olakino House.
Newgard Development Group Unveils Plans For 40-Story, 384-Unit Natiivo Fort Lauderdale
Miami-based Newgard Development Group has unveiled plans for Natiivo Fort Lauderdale, a 40-story resort condominium at 200 West Broward Boulevard. Occupying a prime 1.08-acre site in downtown Fort Lauderdale, the project is designed by the renowned Arquitectonica, with interiors by ID & Design International. It will feature 384 fully finished and furnished residences…
Developer Unveils Plans To Build 40-Story Natiivo Fort Lauderdale
Newgard Development Group has unveiled plans to build a 40-story tower called Natiivo Fort Lauderdale. The developer says it is the first turnkey resort condominium property in Fort Lauderdale purposely designed, built, and licensed for short-term rentals. Natiivo Fort Lauderdale is planned to include 384 condo units which will be delivered fully finished and furnished. Unit sizes…
10-Story Condominium ‘Glass House Boca Raton’ Slated To Break Ground In Q1 Of 2025
Slated to break ground in the first quarter of 2025, Glass House Boca Raton marks a significant addition to downtown Boca Raton’s architectural landscape. This venture, led by 280 E Palmetto Park Road, LLC, with Brandon Chasen and Paul Davis of the Baltimore-based Chasen Companies and Adam Gottbetter of Boca Raton-based ASG Development, will introduce the first…
Glass House Slated for 2025 Groundbreaking at 280 East Palmetto Park Road in Boca Raton
Sales have launched for Glass House, a boutique luxury condo development in Boca Raton. The 10-story building will offer 28 units, measuring 2,550 square feet to 3,900 square feet each. Per the South Florida Business Journal, buyers can have units that span an entire floor or half a floor. In-unit offerings include private terraces with built-in grills, along with various high-end…
Christ Fellowship Church pays $24M for Boca Raton Macy’s store
Christ Fellowship Church acquired a Macy’s Furniture and Mattress Gallery in Boca Raton for $23.5 million. An affiliate of the Palm Beach Gardens-based church acquired the 50,000-square-foot retail store at 9339 Glades Road, records and Vizzda show. The deal expands Christ Fellowship’s real estate portfolio in Palm Beach County, where the church purchased a Jupiter…
Developer Proposes 323-Unit Oasis Tower at 1415 Centrepark Boulevard in West Palm Beach
Index Investment has plans for a 2.2-acre parcel in West Palm Beach. Oasis Tower would measure 12 stories above grade and comprise 323 apartments, with 64 homes designated as workforce housing. Layout plans would span from studios to three-bedroom units. Communal amenities would include a swimming pool, fitness center, work-from-home space, and rooftop terrace…
NYU pays $33M for Langone medical office dev site in downtown West Palm Beach
New York University dropped $33 million for a medical office development site in downtown West Palm Beach, with plans to move its Langone Health to the new building. NYU bought the 0.6-acre property at 324 Datura Street from an affiliate of Boca Raton-based Morning Calm Management, according to records and real estate database Vizzda. The site now houses a four-story…
The Discussion: Navigating the Landscape of Commercial Real Estate. In a recent episode of “America’s Commercial Real Estate Show,” the show welcomed Itay Goren, founder and CEO of Beluga Capital, a public company based in Israel with investments in various property types across the United States. The conversation delved into the current market conditions, investor…
Video: CoStar Director of Office Analytics Phil Mobley Discusses Office Sector Outlook
The Conversation: Deciphering the Complexities of the 2024 Office Real Estate Market In a comprehensive conversation with Phil Mobley, Director of Office Analytics at CoStar, the world leader in commercial real estate information, invaluable insights into the intricate dynamics shaping the 2024 office real estate market were gained. As we delve into the multifaceted…
Adam Neumann is trying to buy WeWork, but Third Point says financing not committed
Billionaire Adam Neumann is trying to buy back bankrupt real estate company WeWork, which he founded in 2010 and was ousted from in 2019. Neumann’s counsel said it had the support of Dan Loeb’s Third Point, but the hedge fund told CNBC that it had not committed financing and discussions were only “preliminary.” Neumann’s letter, first obtained by DealBook, suggests months…
Adam Neumann Seeks To Buy WeWork, Partners With Hedge Fund Manager Daniel Loeb
WeWork co-founder Adam Neumann is reportedly trying to take back control of the coworking giant. Neumann’s real estate company, Flow Global, and hedge fund manager Daniel Loeb have been pushing for months to buy WeWork out of bankruptcy, The New York Times reports, citing a letter Neumann’s lawyers sent to WeWork on Monday. “We write to express our dismay with…”
JP Morgan on the role of cap rates in real estate
It’s critical to analyze like-kind comparables, such as property type, location, income/expense, quality/condition, durability, when looking at cap rates. Factors such as actual or projected income and expenses can also make a big difference. While they aren’t considered a primary driver of cap rates, interest rate changes can influence cap rates as the cost of borrowing will impact…
Investors Seek To Shut Down CrowdStreet After Nightingale Fiasco
A group of investors who lost their money in Nightingale Properties’ now-infamous offerings on CrowdStreet are looking for payback and focusing their attention on the real estate crowdfunding platform they say let it happen. Attorneys acting on behalf of a dozen investors who collectively had more than $1.5M misappropriated from Nightingale’s failed bid to acquire the Atlanta…
Federal Court Partially Blocks Florida’s Ban On Chinese Landownership
A controversial Florida law that bans Chinese nationals from buying certain land in the state was dealt a significant blow last week, with a federal court signaling it is unlikely to survive legal challenges. The 11th U.S. Circuit Court of Appeals in Atlanta on Thursday blocked the law from being enforced against two Chinese nationals who were in the process of purchasing property, ruling…
Federal appeals court halts enforcement of Florida law targeting Chinese real estate buyers
A federal appeals court has halted the enforcement of a controversial Florida law that restricts Chinese citizens from buying land, siding with two Chinese immigrant plaintiffs represented by the American Civil Liberties Union. The 11th Circuit Court of Appeals in Atlanta ruled that the plaintiffs demonstrated a “substantial likelihood of success” in proving that the law, championed…
International Monetary Fund Sounds Warning Over US Commercial Real Estate Market
If you want a barometer for how dark the storm clouds gathering over America’s commercial real estate market are, look no further than a recent warning by the International Monetary Fund (IMF). In late January, the IMF posted an article on monetary policy expressing deep concern over the impact of two specific threats to commercial real estate: rapidly rising and maturing debt paired…