PMG Receives $668M Construction Loan for Waldorf Astoria Hotel & Residences Miami
PMG, a development and investment firm with offices in New York City and Miami, has received a $668 million construction loan for the Waldorf Astoria Hotel & Residences Miami. Located at 300 Biscayne Blvd, the building will rise more than 1,000 feet and will house 387 private residences and 205 hotel rooms and suites, as well as retail and restaurant space. The latter component…
PMG, partners score record $668M construction loan for Waldorf Astoria supertall
PMG and its partners secured $668 million in construction financing for the planned Waldorf Astoria Hotel & Residences in downtown Miami, marking the largest ever condo construction loan in Florida. Bank OZK, the most active construction lender in South Florida, and Related Fund Management provided the financing, according to a press release. The 1,049-foot tower…
PMG Secures Biggest Condo Loan in Florida’s History
Property developer PMG has secured a $668 million residential construction loan – the largest in Florida’s history – for its luxury Waldorf Astoria Residences project in Miami. Bank OZK and Related Fund Management are the lenders. The Financial Times, which reported on the transaction, noted that the closest sized deal in the state is a $600 million loan for the…
Miami’s Waldorf Astoria Set to Be Tallest Building in Florida
The Waldorf Astoria Hotel & Residences Miami, set to be the tallest building in Florida and potentially the tallest south of New York City, just broke another record. The developers of the planned 1,049-foot-tall building in downtown Miami recently received a Florida record $668 million condominium construction loan to help build the behemoth structure, which is slated to have…
Foundry, Clarion score $30M construction loan to build Opa-locka industrial project
Foundry Commercial and Clarion Partners are expanding an Opa-locka industrial complex after nabbing $30.1 million in construction financing for two new warehouses. Regions Bank provided the loan to the joint venture, which recently broke ground on two facilities spanning 374,000 square feet on 21.4 acres at Carrie Meek International Business Park, records show.
Terrazul Student Housing at FIU Receives Temporary Certificate of Occupancy
Temporary Certificate of Occupancy (TCO) has been approved for Terrazul, a new student housing development for Florida International University (FIU). Developed by AARE Sunbelt, an affiliate of Adam America Real Estate, and JW Capital Management, the project is located at 700 Southwest 107th Avenue in the University City district. Coastal Construction Group served…
‘The Wyn Mood C’ to Offer 72 Apartments at 107, 121, and 127 N.W. 31st Street in Miami
Miami’s Urban Development Review Board will review plans for a low-rise residential venture: The Wyn Mood C. If given the greenlight, the four-story building would comprise 53,401 square feet of new construction, offering 72 apartments. Twenty percent of the homes (about 14) would be reserved as workforce housing. According to the South Florida Business Journal…
48-story Midtown residential tower Midtown 1 wins OK
A developer is bringing a residential skyscraper to the north end of Midtown in Miami. Terra and Lion Development Group are proposing a 48-story mixed-use tower, Midtown 1, with 400 residential units, more than 26,000 square feet of commercial, and a parking podium for up to 500 vehicles, on a vacant site at 3501 NE First Ave. The city’s Urban Development Review Board…
Cargo master plan jets toward Miami International Airport
Conversations about bringing jet fuel and other alternative fuels to Miami International Airport (MIA) continue as part of a cargo master plan. As Miami Today reported in March, Commissioner Raquel Regalado asked the county to study either bringing aircraft fuel to the airport by train or constructing fuel facilities at the airport that would be accessible by rail. This direction…
Peter Kanavos: Leading efforts to revitalize the east end of Lincoln Road
Peter Kanavos started in import-export and shipping. Based in Athens, Rome and Africa, he worked on four continents before returning to the US and founding Flag Development with his brothers. The company built thousands of residential units on Florida’s West Coast, eventually focusing on luxury hotel and commercial development in Las Vegas, Orlando, Miami and New York.
Oak Row to Develop 500-Unit Miami Community
Oak Row Equities has paid $38.5 million for the development site of First & Fifth, a 500-unit, 45-story luxury community in Miami. The company also structured seller financing supported by in-place income. The previous owner of the 0.8-acre site was The Citadel Arena Corp., according to Yardi Matrix information. Colliers and Pastore & Associates brokered the deal…
Oak Row expands footprint into downtown Miami with planned multifamily project
Oak Row Equities is expanding its development pipeline with plans for a multifamily project in downtown Miami. The New York-and-Miami-based firm is proposing First & Fifth, a 700,000-square-foot building with 500 apartments at 49 Northwest Fifth Street and 50 Northwest 6th Street, according to a press release. In an off-market transaction, Oak Row paid $38.5 million…
Site Acquired for 45-Story Residential Tower ‘First & Fifth’ at 49 NW 5th Street in Downtown Miami
Oak Row Equities has acquired 49 Northwest 5th Street in Downtown Miami, where it plans to develop First & Fifth, a 45-story multifamily tower. The site was purchased off-market for $38.5 million with seller financing and is located across from MiamiCentral Station, the hub for South Florida’s major train systems. The 700,000-square-foot tower is being designed…
Oak Row Buys Downtown Miami Site For $39M With Plans For 500 Luxury Apartments
Oak Row Equities paid $38.5M for a Downtown Miami development site where it is planning a 500-unit, luxury transit-oriented development. The investment and development firm has dubbed its planned high-rise First & Fifth at 49 NW Fifth St., across from the MiamiCentral Brightline station and transit hub. Oak Row, which has offices in Miami and New York…
Flex Capital Group Proposes 22-Story Tower for 1401 N.E. 123rd Street in North Miami
Flex Capital Group hopes to get approval for a 20-story tower in North Miami. The venture would offer 76 apartments, spanning the building’s 14th to 20th floors. The South Florida Business Journal reports that plans also call for 139 hotel rooms, beginning on the eighth floor and ending on the 14th. Our sources indicate that the developer hasn’t yet selected a hotel brand…
Plans Filed for Denbora Bay II and III Multifamily Residential Projects in Miami Beach
The Miami Beach Design Review Board has received filings for two new multifamily residential projects, Denbora Bay II and Denbora Bay III. Both aim to enhance the housing options in the Biscayne Point and Normandy Isles districts, respectively. These projects are being developed by affiliates of Lake Worth-based JF Developers, led by Julian Mancinelli. MUVE Architecture…
New Renderings Revealed for 41st Street Corridor Revitalization Project in Miami Beach
New renderings for the 41st Street Corridor Revitalization Project in Miami Beach have been revealed via a filing with the Miami Beach Design Review Board. The board is scheduled to review the updated proposal on July 2. The plans, initially reviewed last year, have been revised following feedback from the Florida Department of Transportation (FDOT). The Office of Capital…
Sale of Miami Beach Property Paves Way for New Hotel Development on Washington Avenue
Keyah Real Estate Group, led by Xaver Kriechbaum and Gavin Crescenzo, has acquired a mixed-use property in Miami Beach for $20 million with plans to develop a seven-story, 238-key hotel on Washington Avenue. The project, designed by Miami-based Arquitectonica, involves demolishing the existing single-story retail building and a 13-unit apartment building…
FAA Permits Filed For Planned 55-Story Residential Tower ‘Edge House Miami’
Permits have been filed with the Federal Aviation Administration for Edge House Miami, a 55-story tower planned at 1825 Northeast 4th Avenue in Edgewater, Miami. The June 6 filing indicates the tower will rise 637 feet above ground, or 641 feet above sea level. This development, designed by Kobi Karp Architecture & Interior Design and developed by Peru-based Grupo T&C…
750-Foot Cranes Planned At Brickell Construction Site for St. Regis Residences
Plans were submitted to the FAA on June 3 for two cranes at a Brickell construction site. The cranes are to be installed at the St. Regis Residences property on Brickell Avenue. Two cranes are each planned to rise 741 feet above ground, or 750 feet above sea level, the filing states. Earlier this year, Miami’s Building Department issued a total demolition permit to clear a 17-story…
New 41st Street Design Submitted For Review In Miami Beach
New renderings have been filed for the 41st Street Corridor Revitalization Project in Miami Beach. The Miami Beach Design Review Board is set for a hearing on the proposal on July 2. The board reviewed plans for the project last year, but they have now been reviewed following comments from FDOT. Here’s a letter from the architect Brooks + Scarpa filed with the submission…
Wynwood Design Review Committee Votes To Recommend Against 48-Story Tower
A proposal for Wynwood’s tallest-ever tower did not receive a favorable recommendation from the Wynwood Design Review Committee at a June 4 meeting, according to The Real Deal. The vote is only a recommendation to city planners, who will ultimately make the final decision. The project will also be reviewed by Miami’s Urban Development Review Board. Member’s…
Edgewater Tower Submitted To FAA, With Plans To Rise 641 Feet
A filing with the Federal Aviation Administration last week shows that a new tower is planned to rise in Edgewater. It is the same site where a developer recently announced plans for Edge House, a condo building allowing short term rentals. According to the June 6 FAA filing, the new tower will rise 637 feet above ground, or 641 feet above sea level. According to an April press…
14th Street Tower Getting Taller, Submitted For Zoning Review
Plans have been formally filed for a tower near the Arsht Center, and it is now taller than initial renderings. According to the June 6 filing requesting zoning approval from Miami-Dade, the tower is now planned to rise 30 stories, or 353 feet. In an April filing by the developer as part of a pre-application meeting request, the tower height was listed at 27 stories, or 319 feet. The number…
Pinnacle scored a $49.9 million construction loan for a 120-unit affordable housing building near Cutler Bay, as financing for below-market rate rental projects continues to flow. Miami-based Pinnacle will develop the five-story building at 10455 Old Cutler Road in unincorporated Miami-Dade County, according to the developer’s news release. The project, called Old Cutler Village…
Berkadia Arranges $400M Construction Loan for Condo Development on Fisher Island
Berkadia has arranged a $400 million construction loan for the development of The Residences at Six Fisher Island, an ultra-luxury condominium property in Miami-Dade County. The 10-story development will feature 50 for-sale condos and high-end amenities on the northeastern shoreline of Fisher Island, a barrier island east of Miami. Scott Wadler, Michael Basinski…..
JV Secures $400M Construction Loan for Fisher Island Project
The Related Group and partners Teddy Sagi, BH Group and Wanxiang America RE Group have secured a $400 million construction loan from Madison Realty Capital. The debt will back the construction of Residences at Six Fisher Island, which is situated on the northeastern shoreline of Miami’s Fisher Island. The loan replaces an $85 million acquisition loan Madison Realty Capital…
Codina Partners Receives Site Plan Approval for 412-Unit Multifamily Development at Downtown Doral
Codina Partners has received site plan approval for Sevilla, a 412-unit mid-rise apartment community coming to Downtown Doral, a 250-acre mixed-use development in Miami-Dade County. The seven-story project will be situated on a 4.2-acre lot at the corner of N.W. 53rd Street and N.W. 52nd Terrace, a block from University of Miami Health Systems’ (UHealth) new Ambulatory…
Miami Vacation Rentals acquires portions of Coconut Grove’s Hotel Arya
A short-term rental firm and a German entrepreneur teamed up to acquire 19 condo-hotel units, a commercial space and 66 percent of the common areas at Hotel Arya in Miami’s Coconut Grove. Miami Vacation Rentals, led by founder Juan Uribe, and partner Florian Hagenbuch paid a combined $16.2 million in nine separate deals at the 22-story condo-hotel, which is also…
Shvo’s Multibillion-Dollar Plans For Opulence Start To Show Cracks
Michael Shvo has built his brand on exorbitant luxury. So much so that he is reportedly struggling to find people willing to pay his prices. After going on a $3B shopping spree, acquiring and rehabilitating some of the most acclaimed properties across the country, he is struggling to fill his buildings, and investors are turning away from the developer’s promises, The Wall Street…
A New York Developer Binged on Trophy Properties. His Wager Is Flailing.
New York real-estate developer Michael Shvo went on a multibillion-dollar shopping spree from 2018 to 2020, acquiring some of America’s most storied properties. He bought Miami Beach’s Raleigh Hotel and announced plans to modernize the art deco building and develop adjoining luxury condos. He reached a deal with Mandarin Oriental to develop high-end condos…
Tishman Speyer Makes $100M South Florida Industrial Debut
The Rock Lake Business Center totals 256,000 square feet across two buildings. Image courtesy of Tishman Speyer Tishman Speyer has entered South Florida with the acquisition of Rock Lake Business Center in Pompano Beach. IDI Logistics sold the 35-acre property for $100.2 million. The industrial campus currently includes two fully leased warehouses totaling 256,000 sf…
Citadel Takes More Space At 830 Brickell As Tower Gets Finishing Touches
Ken Griffin’s hedge fund is looking to spread out in Miami’s most anticipated office tower. Citadel signed on for two more floors at 830 Brickell, the under-construction tower in Miami’s financial district that was a magnet for pandemic-era corporate expansions. The hedge fund will be the largest tenant in the building, with 130K SF across eight floors. A Citadel spokesperson…
Lease roundup: Citadel expands at 830 Brickell; more…
Billionaire Ken Griffin’s Citadel expanded its office at the 830 Brickell tower that is expected to be completed this summer. Citadel leased the 13,100-square-foot 14th floor and the 14,400-square-foot 15th floor at the 55-story tower at 830 Brickell Plaza in Miami, said Brian Gale, who is part of the Cushman & Wakefield team leasing the tower. The deal gives Citadel a total…
A group that developed a Trader Joe’s-anchored mixed-use building in Miami Beach is accusing global architecture firm Stantec of shoddy design work, according to a recent lawsuit. The complaint, filed last week in Miami-Dade Circuit Court, alleges Stantec and four subcontractors are responsible for design flaws that led to $1.8 million in delays and cost overruns during…
What’s Inside The $2.7B Plan To Protect Miami Real Estate From Catastrophic Floods
Streets in Miami are flooding this week, as South Florida kicked off summer with a dayslong deluge that is set to drop up to 10 inches of rain through Friday. As the rain pours in and Floridians take advantage of a hurricane tax holiday, county officials and the Army Corps of Engineers are putting the final touches on a $2.7B plan to protect Miami from storm surge. The plan has been…
Joint Venture Receives $575M Refinancing for Diplomat Beach Resort in Hollywood
JLL’s Hotel & Hospitality group has arranged $575 in refinancing for the Diplomat Beach Resort, a 1,000-room beachfront resort located in Hollywood, roughly 10 miles south of Fort Lauderdale and 20 miles north of Miami. Kevin Davis and Mike Huth of JLL secured the financing on behalf of the borrower, a joint venture between funds managed by Trinity Investments…
‘One Hollywood Residences’ to Break Ground in 2025 at 1817 Taylor Street in Hollywood
A now-vacant parcel in Hollywood, Florida, will soon find new life as a 22-story residential venture. One Hollywood Residences will feature 248 units ranging from 517 to 1,425 square feet, with construction expected to start next summer. According to Condo Blackbook, floorplans range from studios to three bedrooms, offering 11 different layout plans. Future residents will…
Developer Completes 281-Unit Apartment Complex At 200 NE 1st Avenue In Pompano Beach
Cavache Properties has completed Old Town Square, a 281-unit apartment complex in the heart of Pompano Beach’s burgeoning Old Town neighborhood. Located at 200 Northeast 1st Avenue, Old Town Square, designed by Fort Lauderdale-based Adache Group Architects, is the first significant project in this historic downtown area where city officials actively…
Construction Tops Off On Selene Oceanfront Residences In Fort Lauderdale Beach
Construction has topped off on Selene Oceanfront Residences, a 26-story dual-tower condominium at 151 North Seabreeze Boulevard in Fort Lauderdale Beach. Designed by Kobi Karp Architects, with interiors by ID & Design International and developed by Kolter Urban, the 194-unit condominium development will offer panoramic views of the Atlantic Ocean, Intracoastal…
Developer plans 20-story Fort Lauderdale condo tower, amid surge in South Florida proposed projects
A developer proposes a 20-story boutique condo tower near Fort Lauderdale’s waterfront, amid a surge in South Florida planned projects. New York-based Moore Group, led by Gareth and John Moore, wants to build the 38-unit Amalfi on a 0.8-acre site at 2317-2237 North Ocean Boulevard, according to an application filed to the city last month. Designed by Kobi Karp, condo units…
13th Floor to build 124 condos in Coconut Creek
13th Floor Homes and its partners won site plan approval to build a 124-unit condominium complex in Coconut Creek’s master-planned, mixed-use MainStreet area. The Coconut Creek City Commission on Thursday unanimously approved a site plan for six four-story condominium buildings with 16 to 24 units each on 4.8 acres at the southeast corner of Collum and Banks…
‘Boulevard Gardens’ to Offer 92 Affordable Housing Units in Unincorporated Broward County
Broward County’s getting a new affordable housing development for seniors. Boulevard Gardens will comprise a six-story and three-story building, offering a total of 92 residences. According to the South Florida Business Journal, 90 percent of the units (82.8) will be reserved for those earning 60 percent of the area median income (AMI). The remaining 18 would be for those earning…
Foundry, Wheelock land $52M construction loan for Boynton Beach industrial complex
Foundry Commercial and Wheelock Street Capital scored a $52.3M construction loan to build an industrial complex in Boynton Beach. First Citizens Bank provided the financing for Egret Point Logistics Center, which will consist of two warehouses at 3800 South Congress Avenue, a press release states. A JLL team led by Steven Klein and Melissa Rose represented…
Bark Management expands Boca Raton commercial portfolio with $16M purchase
Boca Raton-based Bark Management expanded its commercial portfolio in its home city after acquiring an office campus for $15.7 million. An affiliate of Bark acquired The Greenhouse, a pair of office buildings spanning 93,000 square feet at 5255 and 5301 North Federal Highway, a press release states. Douglas Mandel and Zach Levine with Marcus & Millichap…
Place Projects, NDT score $84M construction loan for Nora, amid Bank OZK lending bonanza
The developers of the mixed-use Nora District in downtown West Palm Beach landed $84 million in construction financing, marking Bank OZK’s continued lending spree in South Florida. The 40-acre Nora District is a multi–phase project being developed by Miami-based Place Projects, West Palm Beach-based NDT Development and Greenwich, Connecticut-based Wheelock…
Two Good Inflation Reports and Another Steady Fed Meeting
Highlights: May’s Consumer Price Index signaled a continuation of disinflationary progress after largely stalling out in the first quarter.As expected, the Federal Reserve unanimously voted to keep its policy rate unchanged at a 23-year high between 5.25% to 5.50% for the seventh consecutive meeting.June’s summary of economic projections implied one, 25 basis point (bps) cut…
The Impact of Work from Home on Interstate Migration in the U.S.
The annual share of people moving from one U.S. state to another has declined substantially over the past several decades. According to our analysis of data from the American Community Survey (ACS), annual interstate migration among working-age adults (ages 18-64) fell from 2.74% in 2005 to 2.40% in 2019, a decrease of 13%. (See the figure below.) A frequently raised concern…
After shrinking for years, average size of new apartments bounces back
More two- and three-bedroom apartments were added to the market last year, pushing the average size of a new apartment to 916 square feet. That’s up by 27 square feet from one year prior, according to RentCafe. The sharp annual increase bears a stark contrast to the longstanding trend of shrinking apartment size over the past several years. From 2018 to 2022, average…
Multifamily sector nationally ‘a mixed bag’ as rent gains persist, but remain tepid
Yardi Matrix’s Multifamily National Report for May succinctly called the month’s performance “a mixed bag,” with the fourth consecutive month of rent gains, albeit slim. The average multifamily asking rent nationwide grew to $1,733 in May, up $6 month over month and a tepid 0.6% year over year. Rents continue to increase in a normal seasonal pattern as demand remains…
Moving Closer to Consistency with a National Definition of Zero Emissions Buildings
Overview: Defining Zero Emissions Buildings Last week, the US Department of Energy (DoE) released a federal definition of a zero emissions building. By providing a standardized definition with accompanying metrics, the administration aims to help propel the shift to zero emissions buildings in the US. It created the definition and accompanying implementation guidance…
Regulatory Developments Related to Managing the Financial Risks of Climate Change – Q2 2024
Introduction Financial regulators have continued on their journey to address the financial risks of climate change, with US agencies making progress on the Financial Stability Oversight Council’s (FSOC) four step recommendations to build regulatory capacity; fill data gaps; improve disclosure requirements; and finally, assess and mitigate climate-related financial risks.
The Fed: Commercial Real Estate in Focus
Commercial real estate (CRE) is navigating several challenges, ranging from a looming maturity wall requiring much of the sector to refinance at higher interest rates (commonly referred to as “repricing risk”) to a deterioration in overall market fundamentals, including moderating net operating income (NOI), rising vacancies and declining valuations. This is particularly true…
Video: MSCI Executive Director Jim Costello Discusses Industrial Real Estate Insights and Updates
The Discussion: The Evolution and Outlook of the Industrial Real Estate Market Introduction In a recent episode of America’s Commercial Real Estate Show the spotlight was cast on the industrial real estate sector—a segment that has experienced a dynamic shift from being the “dirty shoe” to a coveted asset class. This transformation, largely fueled by the pandemic…
The Fed on the Broad, Continuing Rise in U.S. Credit Card Debt Delinquency
In August 2023, a Regional Economist article described a recent rise in credit card debt delinquencies. In this blog post, we highlight that the increase in U.S. credit card delinquencies has continued. While the incidence varies, rising delinquency is pervasive across geographies and different metrics. We base our analysis on quarterly data from the Federal Reserve Bank…
JP Morgan: Understanding the real estate capital stack
The capital stack is a useful way to represent a commercial real estate deal’s financial structure and the balance between different types of capital used to finance a property. A commercial real estate property’s capital stack can be critical in determining the investor’s returns and the degree of risk they could take on. What is the capital stack in real estate? The types of capital…
Most U.S. Apartment Markets Recording Occupancy Improvement
A sum of April and May’s month-over-month apartment occupancy increases shows that most markets across the country are seeing signs of improvement in local readings. The nation overall saw April and May combine for a 0.1% increase in occupancy, according to data from RealPage Market Analytics. The same time last year, occupancy rates ticked down by a rounding…
Gov. Ron DeSantis signs bill tied to controversial balance of power at condo-hotels
Gov. Ron DeSantis approved a law that addresses the delicate balance of power between residents and investors at condo-hotel complexes. House Bill 1021 mainly deals with the issue of fraud, election meddling, withholding of records and other mismanagement by boards of directors and property managers at condo associations. Yet, the Florida Legislature this session approved…