Terra, a South Florida-based residential and commercial development firm, has closed on $91 million in financing for its newest multifamily community, Pines Garden at City Center in Pembroke Pines. The firm secured the loan through an affiliate of Mack Real Estate Group.Read More
Holliday Fenoglio Fowler, L.P. (HFF) has announced that it has arranged $550 million in financing for the expansion of the iconic Bal Harbour Shops, a 463,114 SF, open-air, fully leased global, luxury shopping destination anchored by Saks Fifth Avenue and Neiman Marcus along Miami Beach in Bal Harbour, Florida. The loan is one of the largest construction loans ever to close in Miami.Read More
The Aventura-based Rieber Developments has announced that they have closed on a $36 million construction loan for Ivory 214. The loan was provided by the Miami-based BridgeInvest and was formally granted to the property’s development LLC, Shalev Development Group.Read More
CIM Group and One Real Estate Investments has locked down construction financing for Wynwood Square as the project gears up to break ground. The loan is for $71.2 million and was provided by Sumitomo Mitsui Banking Corporation.Read More
Luma at Miami Worldcenter has locked down a $143 million construction loan as the developers gear up to break ground on the 43-story tower. The loan was provided by Moinian Capital Partners with a 60% equity piece valued at $23.7 million.Read More
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.Read More
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.Read More
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.Read More
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.Read More
West Coconut Grove, one of the hottest neighborhoods for development in Miami that has seen a massive transformation over the past 3 years, will be getting a massive new mixed-use project on the Grand Avenue corridor. Metronomic is under contract to purchase a 12 property assemblage at 3280-3461 Grand Avenue for $25 million with a closing date set in mid-February 2019. Metronomic, led by Ricky Trinidad, has proposed a $74 million, 297,000 SF mixed-use development that would feature luxury apartments, affordable housing, retail, office space, community parks, public parking and a 44-key hotel. Trinidad hopes receive FAA approval to build a rooftop helipad. The project is designed by Pablo Burgos of Burgos Lanza & Associates and Carl Levin of CLAD Architects.
The project would be built in multiple phases with the first being Metronomic Place, which will feature a boutique office building and the hotel component at 3280 Grand Avenue. Metronomic expects to break ground on Metronomic Place before the end of 2018 after locking down a $6.8 million construction loan financed by Fuse Funding. Metronomic Place will rise 5-stories and will feature the 44-key hotel, 5,000 SF of Class A Office Space, 3,200 SF of ground floor retail. Phase 2 would begin in March after the closing and would include the build-out of the rest of the project to be completed within 2 years. Phase 2 will include 38 furnished micro units, 82 luxury apartments rentals and 40 affordable housing units along with a public area for farmers markets and stage for live performances.