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.
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.Read More
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.Read More
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.Read More