Cardone Capital, led by the “10X Rule” author and founder of the 10X Movement Grant Cardone, has acquired the Port Royale Apartments in Fort Lauderdale in one of the largest crowdfunding real estate deals to ever close in South Florida.
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Bar Invest Group Acquires Visions at Willow Pond Multifamily Community In West Palm Beach For $56.23 Million
The Miami-based private equity group Bar Invest Group, led by Jacques and Herve Barbera, have acquired the Visions at Willow Pond apartment community in West Palm Beach for $56.23 million. Visions at Willow Pond, which is located at 4860 Sandstone Lane, was built in 1987 and was fully renovated in 2013.
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The Estate Companies Secures $36M Construction Loan For Luxury Rentals in Miami's Health District
The Estate Companies, a leading developer of luxury multi-family developments throughout South Florida, has secured a $36 million construction loan from Bank OZK for Soleste Spring Gardens, an eight-story Class A, 240-unit luxury rental community at 1033 Spring Garden Rd. within the Miami’s historically designated Spring Garden district and Health District. The closing took place September 9th.
Soleste Spring Gardens will offer studios, one- and two-bedroom units ranging in size from 400 to 1,100 square feet. Like all projects within the Soleste Living brand portfolio, Soleste Spring Gardens will be a highly amenitized development with a vast collection of health and wellness offerings, social components and pet-friendly features, including a resort-style pool with spacious sun deck and private cabanas, outdoor kitchen and bar, dog park, pet spa, yoga lawn and electric car charging stations.
“Soleste Spring Gardens represents a major investment in the historic Spring Gardens District, an area we have been extremely bullish on for quite some time,” stated Jeffrey Ardizon, principal, The Estate Companies. “We have a strong track record of strengthening neighborhoods by offering luxury rentals at an attainable price point. I take my hat off to Bank OZK, along with all of our partners, for their continued commitment and confidence in our business plan. The entire team worked tirelessly to get this project financed in record time.”
Ardizon added, “The Miami Health District is home to the nation’s premier medical and research programs and a growing hub for the biotech industry. We look forward to delivering a Class A community to this quaint yet burgeoning area.”
Soleste Spring Gardens offers a bevy of conveniences for working professionals who will value its central location and access to public transportation. The site is just two blocks from the Culmer Metrorail Station, which provides a six-minute ride to the Brightline rail stop, and abuts on one of Miami’s main arteries, the Dolphin Expressway. Soleste Spring Gardens is also less than three miles from Brickell and the Downtown Miami office market, which represents the largest office market in South Florida, and is in close proximity to Downtown Miami’s Arts & Entertainment District, Midtown Miami, the Miami Design District and Wynwood.
Miami’s Health District is the second-largest medical district in the U.S. after Houston with approximately 30,000 employees and home to world-famous Jackson Memorial Hospital and the University of Miami Hospital.
The Estate Companies is also developing Miami’s second large-scale opportunity zone development, Soleste Grand Central in Downtown Miami, and recently acquired of a five-acre site occupied by a former Ramada Hotel in Hialeah with plans for redevelopment. In addition to Soleste Spring Gardens, the firm plans to break ground on two new projects this year in Dania Beach and North Miami Beach.
Andrew Kurnit of DWNTWN Realty Advisors Arranges $19 Million Construction Loan For Redwood National Properties Opa-Locka Project
Andrew Kurnit of DWNTWN Realty Advisors, the premier commercial real estate firm, arranged a $19 million construction loan from City National Bank of Florida for a townhome development in Opa-locka, Florida. Real estate investment firm Redwood National Properties, in a joint venture with David Burstyn of Winston Capital Partners, LLC, plans to build 112 four-bedroom, two-and-a-half-bathroom units on the 10-acre site.
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Aston Martin Residences Miami Reveals New Renderings And Financing Options
G&G Business Developments has revealed new renderings and introduced a unique way of financing their new property at Aston Martin Residences Miami. Created to simplify the buying process, clients can enjoy a special payment plan developed with mortgage broker, Regal Group International.
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The Estate Companies Acquires Former Ramada Hotel in Hialeah for $15.25 Million
The Estate Companies (EIG), a leading developer of luxury multi-family projects throughout South Florida, has announced the $15.25 million acquisition of a five-acre site occupied by a former Ramada Hotel at 1950 W. 49th St. in Hialeah. The closing took place August 7th with $11.5 million in financing arranged by LV Lending, a local private lender.
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Owner of Bâoli, Massa Investment Group, Acquires Miami Beach's Paris Theater For $13 Million
Massa Investment Group has acquired Miami Beach’s Paris Theater, located at 550 Washington Ave., for $13 million; $508 per square foot. The Art Deco building, which was first built in 1935, spans 25,589 SF. The building was designed by architect Henry Hohauser and has operated over time as a cinema, adult movie house, nightclub and film studio.
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Goddard Investment Group Moves To Evict WeWork From South of Fifth Location
WeWork’s landlord at 429 Lenox Avenue, Goddard Investment Group, has moved to evict WeWork from their South of Fifth location at 429 Lenox Avenue in South Beach. The 43,500 SF building is fully leased by WeWork who skipped out on rent payments for April, May and June.
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Governor Ron DeSantis Announces $250 Million In CARES Act Funding Allocated For Rental And Mortgage Assistance
Florida Governor Ron DeSantis has announced that the state will allocate $250 million in CARES Act funding to rental and mortgage assistance due to the COVID-19 pandemic shutdown. $120 million of the funds will be allocated to Florida Housing Finance Corp. which will provide rental assistance to households who live in affordable housing rentals within the Florida Housing Finance Corp. portfolio.
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Robert Barthelmess, Greg Laskody, Christian Johannsen and Kenneth Baboun of BGI Capital.
BGI Capital Announces Expansion to Palm Beach County and a New Managing Director, Gregory J. Laskody
BGI Capital will open a new Boca Raton office and expand its operation to Palm Beach County.
The Miami-based alternative lender and commercial real estate debt provider operates offices in Miami and New York, making this its third location. The new office will be located at 1900 Glades Road, Boca Raton, FL 33431.
Managing Partner Kenneth Baboun is leading BGI Capital’s expansion efforts into key markets, choosing to open a location in the county due to the demand the firm has experienced in the area and its strong network within the community.
In addition to the expansion, BGI Capital also welcomed Managing Director Gregory J.Laskody, CCIM to the firm. Gregory will serve as the firm’s primary Palm Beach County liaison spearheading its efforts to expand debt and capital solutions to a new client base.
With over 30 years of commercial real estate experience, Gregory has extensive expertise in investment sales, commercial real estate mortgage and investment banking, and valuation. Collectively, he has been involved in over $3 billion of commercial real estate transactions. Throughout his career, he has held production, leadership, and management positions with various companies in commercial real estate including Lee & Associates, Deloitte, Nomura Capital, Wells Fargo, Q10 Capital, Newmark Grubb Night Frank, and Colliers International.
“I believe that with my vertically-integrated experience in investment sales and CRE capital markets practice, combined with the firm’s network, will successfully meet our client’s investment objectives.” BGI was founded in Miami in 2013 and expanded into the Northeast in February of 2019 with the opening of its New York office, led by Managing Director Luis Tio. The firm’s presence in New York has led to securing multiple loans in Brooklyn, Astoria, the Bronx and Long Island City among others.In Miami, BGI Capital has played an integral role in the transformation of several Miami neighborhoods including Edgewater, Coral Gables, Brickell and Doral.