Miami's prestigious Waterford Business District (WBD) continues to solidify its position as a premier corporate destination with the recent signing of a significant lease by global business services company Assurant. The lease, encompassing an impressive 78,000 square feet, marks the largest office transaction in Miami so far this year, further enhancing the district's reputation as a hub for top-tier businesses.
Related Group and GTIS Partners have secured a $328 million construction loan to finance the development of Baccarat Residences Miami, an ultra-luxury condominium tower located at the gateway of Brickell Avenue. Bank OZK provided the floating-rate loan.
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 for the development. The loan, issued by an affiliate of MF1 Capital, will be used to pay off and refinance an existing $65 million construction loan, which was provided in 2021 by Bank OZK. Completed in Summer 2023, Natura Gardens includes 460 garden-style rental apartments across 23-acres in Miami’s West Hialeah neighborhood.
On Wednesday February 7, 2024 PROFILEmiami hosted its inaugural, sold-out South Florida Capital Markets Summit at the E11EVEN Residences Beyond sales gallery in Downtown Miami’s fast growing District 11 and Miami Worldcenter. The exclusive panel featured industry leading developers Dan Kodsi of Royal Palm Companies, Juan Pedro San Martin of Merrimac Ventures and financiers Raul Llanes of City National Bank, Michael May of Silverstein Capital and Justin Oates of Cain International; moderated by Matt Einheber of TitleEQ.
Miami-based developer Mast Capital has secured a construction loan of $600 million, setting a new record for the largest single-tower residential construction loan ever obtained in Florida for Cipriani Residences Miami. The loan comes from Mexico-based Banco Inbursa and Ascendant Capital Partners, contributing $350 million and $250 million, respectively.
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, following locking down a $95 million construction loan from Banco Inbursa.
CMG Group, led by Ugo Colombo, has locked down a $239 million construction loan for Vita at Grove Isle, an ultra-luxe boutique condominium under construction on the exclusive private island of Grove Isle situated just offshore of Miami’s Coconut Grove neighborhood. The financing was provided by Bank OZK to fund the ongoing development of the seven-story condominium.
International recognized real estate development firms, Sumaida + Khurana and Bizzi+Bilgili, a partnership between Bizzi & Partners with Serdar Bilgili, have locked down a $47.3 million construction loan for THE FIFTH MIAMI BEACH, a five-story Class A+ office building designed by renowned Spanish master architect Alberto Campo Baeza in Miami Beach’s South of Fifth neighborhood.
Related Group and partner Alta Developers have closed on $240 million in financing for the highly-anticipated residential tower, Casa Bella Residences by B&B Italia (Casa Bella), which broke ground earlier this month in Downtown Miami’s burgeoning Arts and Cultural District. The loan was provided by Cain International (Cain) — a privately held investment firm with over $16 billion in assets under management.
Miami-based BGI Capital has closed on a $95 million construction loan sourced in partnership with Wexcor Capital, a New York City-based real estate investment, management & advising firm, and financed by Kriss Capital, an New York City-based direct lender making construction and bridge loans on residential assets, to fund the completion of Alba Palm Beach.
Hospitality and real estate pioneers Rosso Development, Standard International and Midtown Development have closed on a $45,045,000 construction loan from Bank OZK for the highly anticipated The Standard Residences, Midtown Miami. A JLL Capital Markets Debt Advisory team, led by Managing Director Brian Gaswirth and Associate Jimmy Calvo, represented the developer.
Berkadia has secured a $31 million loan to refinance No.17 Residences Allapattah, a 192-unit attainable luxury apartment rental building in the Fruit Packing District of Allapattah. Berkadia South Florida secured the financing on behalf of Neology Life Development Group, a lifestyle-driven residential and commercial real estate firm, led by Lissette Calderon, that specializes in the transformation of overlooked and undervalued communities into vibrant urban neighborhoods. Fannie Mae originated the 10-year loan with five years of interest-only.
Aria Development Group, Largo and Place Projects have secured $77 million in construction financing for 2200 Brickell, a five-story luxury condominium development on Brickell’s lush Millionaire’s Row. The construction financing was provided by Bank OZK which was represented by King & Spalding. Hunton Andrews Kurth and The Aztec Group represented the developers. 2200 Brickell is slated to break ground in Q4 2023. Residences are priced from $1.2 million
FIRST ON PROFILE: The New York and South Florida-based Landau Properties has closed on a construction loan for Indian Creek Residences & Yacht Club on Miami’s Bay Harbor Islands, a boutique residential property, which will include condominium residences and a private marina. Construction on the development is now underway and sales will formally launch this fall. Miami-based private real estate lender BridgeInvest originated the $29 million loan.
SHVO, the ultra-luxury real estate development and investment firm led by Michael Shvo, has secured $190 million in new financing for The Raleigh Hotel & Residences, Miami Beach, a significant milestone in the next chapter of the iconic art-deco storied property. The loan, provided by BH3 Debt Opportunity Fund II, L.P. led by BH3 Management through its opportunistic credit platform, closed earlier this week. Construction is well underway and the property is on-track to open in 2026.
On Tuesday July 25, 2023 PROFILEmiami teamed-up with MG Developer to present ‘An Exploration into Capital Markets Coral Gables’, bringing an immersive panel and cocktail event exploring capital markets and real estate development in South Florida to the beautiful ‘Village at Coral Gables’ showroom. The relaxed and open setting featured cocktails courtesy of MG Developer and food from Coral Gables staple restaurant, Zucca, while attendees networked with industry leaders one of Miami’s hotbed neighborhoods for business and development.
Witkoff Group, a Miami-based development and investment firm, and Monroe Capital, a premier asset management firm, have closed on a $430 million construction loan for Shore Club Private Collection, which is on track to be one of the fastest-selling luxury developments in Miami Beach’s history. Financed by J.P. Morgan, the loan is believed to be the largest for a residential construction project in South Florida.
A joint venture between leading Miami-based developers Terra, led by David Martin, and Michael Simkins’ Lion Development Group, has closed on the $40 million purchase of a prime 1.6-acre piece of property located at 3501 NE 1st Avenue in Miami. Plans call for an iconic luxury condominium tower designed by Miami-based architect Arquitectonica and international design studio Yabu Pushelberg set to rise at the nexus of Miami’s most in-demand neighborhoods.
Miami-based real estate development and construction firm Cymbal DLT Companies has secured a $95 million loan from an undisclosed senior lender and from Related Fund Management for Oasis Pointe Residences, a multifamily complex in Dania Beach that they recently developed and will now continue to be part of the Cymbal DLT Collection of communities in South Florida.
The first project in collaboration between Miami-Dade Public Housing and Community Development (PHCD), Miami-Dade Parks, Recreation and Open Spaces (PROS), and Miami-Dade Transportation and Public Works (DTPW) with the private sector created to provide attainable housing solutions to seniors has been given the green light to begin construction. MV Real Estate Holdings, LLC is set to break ground on the highly anticipated Ludlam Trail Towers on March 14.
L&L Holding Company and Oak Row Equities today announced they have closed on $215 million in construction financing for The Wynwood Plaza, a one-million-square-foot campus that will bring class-AAA office, residential, retail and outdoor space to Miami’s famed Wynwood Arts District. L&L Holding, Oak Row Equities, alongside project partner Shorenstein and co-investor Claure Group, secured the loan from Bank OZK.
Berkadia has arranged a $113 million loan to refinance Gateway at Wynwood, a 220,000-square-foot, Class A office and retail project designed by Kobi Karp in Miami’s Wynwood District. Senior Managing Director Charles Foschini, Managing Director Christopher Apone and Associate Director Robert Iudice of Berkadia South Florida arranged the loan on behalf of New York-based R&B Realty, a family-owned real estate management, leasing and construction company.
Terra, in partnership with AB Asset Management, has secured a $43.2 million refinancing loan for Residences in the Grove, a 148-unit luxury condominium located at 2835 Tigertail Avenue in the heart of Miami’s Coconut Grove neighborhood. The financing, provided by City National Bank of Florida and KS Finance Corporation, will fund preliminary demolition and site-work in preparation for the project’s groundbreaking.
The Miami-based Clara Homes, led by James Curnin, has closed on a $26 million construction loan financed by Maxim Capital for Clara Bay Harbor. The three-building development, Miami’s most anticipated new ground-up luxury rental community, will feature 150 total residences with five-star service and a suite of thoughtful amenities. Clara Bay Harbor’s first building is slated to break ground this March.
L&L Holding Company, Oak Row Equities and Shorenstein have locked down $215 million in construction financing for Wynwood Plaza, a mega mixed-use development on a 2.85-acre site in Miami’s Wynwood Arts District. Managing Director Scott Wadler and Vice President Michael Basinski of Berkadia South Florida secured the financing on behalf of the developers.
Dan Kodsi’s Royal Palm Companies has locked down a $76.5 million construction loan for Elevate Apartments in Dania Beach. The 36-month financing was provided by the Miami-based 3650 REIT and replaced a previous $64 construction loan. The multifamily project, which is located at 600 East Dania Beach Blvd., is roughly halfway complete.
MG Developer and Baron Property Group, in partnership with Township Capital, have secured a $148 million construction loan from Post Road Group for Metro Parc, a 10-story, two-tower apartment rental property located at 955 East 25th Street and 980 East 26th Street in Hialeah, Florida. Metro Parc is a 2.5-acre residential mixed-use development that will rise 10-stories and deliver 559 rental apartments ranging from 500 to 800 square feet.
The Allen Morris Company, Xenel International U.S.A. and Principal Real Estate Investors have closed on a $57.2 million construction loan for The Maxwell at Xentury City, a 311-unit multifamily development located in Osceola County. The loan is being provided by Regions Bank. The Maxwell at Xentury City broke ground in September and has a completion date set for the second quarter of 2024.
Pulso Capital has acquired Stellar at Palm Aire, a new build-for-rent community consisting of 39 townhomes located in the center of the Palm Aire Country Club in Pompano Beach, Fl., for $21.5 million, or $551,282 per unit. The sale and financing were overseen by Berkadia. Effective rent in South Florida rose 25.2% year over year, according to Berkadia Research, driven by an influx of new residents and corporate migrations over the last 12 months.
Lissette Calderon’s Neology Life Development Group has locked down $57.5 million in construction financing for Fourteen Residences Allapattah, a two tower, 237-unit apartment community located in Miami, Florida. Senior Managing Director Charles Foschini, Managing Director Chris Apone and Senior Analyst Shannon Wilson of Berkadia Miami secured the financing on behalf of Neology Life Development Group.