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).
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Ori Allon (Founder & Executive Chairman) and Robert Reffkin (Founder & CEO)
Compass Raises $100 Million In New Round of Funding Amid Questions By Skeptics
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.
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Ability by Acierto Closes on $14 Million Construction Loan For Bijou Bay Harbor
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.
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Estate Investments Group Secures $52 Million in Construction Financing For Soleste Blue Lagoon
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
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Construction Update: Metronomic's Crowdfunded Plaza Celia Breaks Ground in Little Havana
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.
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HES Group Secures Loan $9.5 Million Loan For Triptych Hotel in Midtown
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.
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JDS Development Group Secures $62.5 Million Construction Loan For Monad Terrace, To Go Vertical in Early 2018
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.
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Gary Nader to Sell $100 Million of Art to Fund The Nader Art Museum Latin America
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
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Two Roads Development Locks Down $16.5 Million in Financing for Elysee 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).
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Turnberry Associates & LeFrak Close on $101 Million in Financing for SoLeMia in North Miami
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.
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