Property Markets Group, Greybrook Realty Partners and S2 Development have locked down a $33 million pre-construction loan which will be financed by the Miami-based BridgeInvest. The financing will be used to obtain final permits and approvals as well as market the property and launch sales of the residential luxury condominium component.
Vaster Capital, a Miami-based direct, private lender specializing in customizing bridge loan products for domestic and foreign real estate investors, has announced a new partnership with national real estate development firm The Related Group, led by Jorge Perez.
Shahab Karmely’s KAR Properties has locked down a $103 million construction loan for the now under construction 2000 Ocean in Hallandale Beach. The financing is being provided by Apollo Commercial Real Estate Finance, a New York-based real estate investment trust.
G&G Business Developments has locked down a $200 million construction loan for Aston Martin Residences, now under construction in Downtown Miami. The financing is being funded by Itaú BBA International plc, a London affiliate of the Brazilian bank, and was borrowed by Riverwalk East Development LLC, an affiliate of G&G Business Developments LLC.
The development team behind The Estates at Acqualina has closed on a $558 million construction loan on September 28, 2018 that will fund the vertical construction and completion of both residential towers at The Estates at Acqualina.
University Bridge GP, LLC, a partnership between between Miami-based Global City Development, RER Ventures and Toronto-based Podium Developments that is developing the off-campus 20-story student housing rental tower University Bridge Residences, has closed on a $231 million bond issuance.
The opportunity zone program is a little-known provision of the Tax Cuts and Jobs Act that could be a powerful economic development tool for designated low-income communities. The program provides tax incentives to developers who invest in these areas, including 427 tracts of land in Florida, 68 of which are in Miami-Dade County.
Two Roads Development has officially secured a $138 Million construction loan for Elysee, their luxury condominium tower rising in Edgewater. The financing was provided by JPMorgan Chase Bank, National Association as construction teams have already taken the tower vertical.
Moishe Mana has secured a $20.13 million construction loan to build Mana Wynwood Americas-Asia Trade Center & International Financial Center. The financing was provided by Centennial Bank to Malux Realty, Malka Realty and Mizrachi Holdings for properties at 2337 Northwest Fifth Avenue, 375 Northwest 23rd Street, 394 Northwest 24th Street and 382 Northwest 24th Street.
ROVR Development is pleased to announce it has closed on a $27 million loan for The Fairchild Coconut Grove, the new luxury waterfront condo development rising directly on Biscayne Bay in Coconut Grove. Ocean Bank provided the financing for the project which broke ground in April 2018.
Newgard Development Group has completed the Gale Residences Fort Lauderdale Beach, the 129-unit hotel-condo project which is located at 401 Bayshore Drive and part of the Gale Boutique Hotel & Residences project. Closings are expected to begin soon with a roughly $100 million sell-out.
Related Group has announced that they have paid off construction financing for the soon-to-open SLS LUX Brickell Hotel & Residences. The $166.1 million loan was issued by TPG Real Estate Finance Trust, the commercial real estate debt platform of TPG Real Estate, in September 2015.
Related Group and Block Capital Group have broken ground on The Bradley in Wynwood, one of Miami's first projects to feature micro-units. The project was designed by Arquitectonica and features interiors by Lenny Kravit's Kravitz Design.
The New York-based JDS Development Group has secured $137 million in construction financing for the Jean Nouvel-designed Monad Terrace, their new luxury condo overlooking Biscayne Bay in South Beach. The New York-based Madison Realty Capital funded the $137 million construction loan.
Related Group and Dezer Development has completed the sale the hotel portion of the newly completed Hyde Midtown Suites & Residences luxury condo-hotel project in Midtown for $21.8 million. The buyer was Midtown Hotel Investment LLC, which is led by Haim Yehezkel of Elysee Investments
The Soffer family is seeking a $5 million bond from Miami-Dade County’s Economic Development and Tourism Committee for expansion of Turnberry Airport Holdings at Opa-Locka Executive Airport.
NP International has locked down a $158.4 million construction loan and are gearing up to break ground on Gables Station, a transit-oriented mixed-use project with 120,000 SF of retail space, 500 residential units and 66 hotel units.
Miami Worldcenter Associates led by Art Falcone and Nitin Motwani have just closed on a $43 million construction loan for the retail component of the $2 billion Miami Worldcenter mixed-use mega-project in the Park West neighborhood of Downtown Miami.
MEC Development Associates and B Developments plan to break ground on Casa Grove in January. The developers who are developing the project as a joint venture recently locked down a $27 million construction loan for the approved luxury apartment tower from Israeli lender Bank Hapoalim (BHI).
Compass is certainly on a roll after locking in $100 million of additional financing via their new funding round, bringing their valuation to $1.8 billion having raised $325 million from investors to date (November 8, 2017). The latest round of funding was provided by Fidelity Investments, IVP and Welling Management.
Ability by Acierto just closed on a $14 million of construction loan for Bijou Bay Harbor, their new luxury condominium development on Bay Harbor Islands. The Miami-based LV Lending is providing the financing. Ability by Acierto is led by Juan Carlos Gonzalez and the developer broke ground on the 41-unit building located at 9521 East Bay Harbor Drive in December 2016.
Estate Investments Group (EIG), one of South Florida’s most prolific multifamily developers, announced today that it has secured $52 million in construction financing for a new rental community in the Blue Lagoon neighborhood of West Miami (November 6, 2017). The loan was underwritten by Florida Community Bank (FCB), and will fund the development of the 330-unit Soleste Blue Lagoon rental community
Plaza Celia, a new boutique mixed-use apartment building in Little Havana named after the late Cuban-born singer Celia Cruz, has officially broken ground. Plaza Celia will rise 4-stories and will feature 16 rental apartment rental units targeted at students and the local workforce with ground-floor retail.
HES Group has secured a $9.5 million loan for Triptych Hotel, in Midtown Miami, adjacent to Miami Design District. The loan was provided by a Panama-based lender 21 Brands S.A. Triptych Hotel was approved earlier this year, after HES Group sold JQ Group shares in the project for undisclosed terms.
JDS Development Group has secured a $62.5 million construction loan For Monad Terrace in South Beach. The developer has already broken-ground and is completing foundation work, they expect to go vertical in March 2018.
Art dealer Gary Nader has decided to sell $100 million of art from his private collection to fund the Nader Art Museum Latin America. Nader's journey to construct the full scale museum has not been without drama as we reported in March 2017 that Nader was still interested in bringing the Nader Art Museum Latin America to Downtown Miami
Two Roads Development has secured $16.5 million in initial construction draw from Mosaic Real Estate Credit, LLC. (MREC) for the development of Elysee Miami after announcing they would break ground this fall (2017).
Oleta Partners LLC, a partnership between real estate bigwigs LeFrak and Turnberry Associates, has secured a $101 million HUD-insured loan from Wells Fargo for their North Miami development SoLeMia. SoLeMia will ultimately be a 183-acre master-planned community around a 10-acre lagoon with beaches.