Jeffrey Soffer’s Fontainebleau Miami Beach has exited special servicing on its $975 million commercial mortgage-backed security loan (CMBS). When issued in November 2019, the loan was the largest CMBS hotel loan in South Florida. The loan entered special servicing on March 30 amid the onset of the COVID-19 pandemic and following a modification request.
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Vladislav Doronin and Len Blavatnik Receive Approval For Aman Hotel & Residences In Miami Beach's Faena District
Vladislav Doronin and Len Blavatnik have received approval from Miami Beach City Commissioners to build Aman Hotel & Residences in Miami Beach’s Faena District. The developers will build a new 250’ tall tower adjacent to the historic Versailles Hotel located at 3425 Collins Avenue, in addition to restoring the Versailles Hotel back to its former splendor.
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Ness Realty Proposes The Gateway Mixed-Use Project In Aventura
An entity tied to Raphael Ammar and Ness Realty have proposed The Gateway, a mixed-use project that would feature office space, retail and a hotel. The developer has filed an Administrative Site Plan Review Application with Miami-Dade County for the 1.35-acre site located at 2630-2600 NE 203rd Street.
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ESJ Capital Partners Proposes 300-Room Hotel At Jungle Island Redevelopment On Watson Island
ESJ Capital Partners have proposed to bring a 300-room hotel designed by the Miami-based EoA Group to Watson Island as part of the redevelopment of Jungle Island. Voters approved the hotel development in August 2018 which will transform Jungle Island’s property including the parking garage and add an additional 12,000 square feet of meeting space while leaving the botanical gardens undisturbed.
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Reuben Brothers Acquires 25% Stake In The JW Marriott Miami Turnberry Resort & Spa
The British-based private equity and investment firm, Reuben Brothers, led by David and Simon Reuben, have acquired a 25% stake in the JW Marriott Miami Turnberry Resort & Spa from Jeffrey Soffer’s Fontainebleau Development.
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SHVO Wins Approval To Move Forward With The Development of The Raleigh Hotel Masterplan In South Beach
Real estate owner and developer Michael Shvo, chairman and CEO of the NYC-based real estate investment and development firm SHVO, has won approval from the Historic Preservation Board (HPB) of the City of Miami Beach to move forward with the three-acre master plan development of The Raleigh Hotel.
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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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Le Sirenuse Restaurant & Champagne Bar at The Surf Club The Latest Permanent Closure Due To COVID-19
COVID-19’s impact on the restaurant industry and commercial real estate is beginning to show its ugly face. Just several years after their well received March 2017 opening, Le Sirenuse Restaurant & Champagne Bar at The Surf Club has permanently closed its doors citing the fallout from the COVID-19 pandemic.
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CitizenM Coming To 1212 Lincoln After Acquiring Hotel Piece From Crescent Heights
CitizenM is coming to South Beach after the Dutch hotel group purchased the hotel portion of Crescent Height’s 1212 Lincoln at the junction of Lincoln Road and Alton Road in South Beach. CitizenM paid $9 million for the 50 room hotel which is a part of the 1212 Lincoln mixed-use project which also includes over 70,000 SF of retail and 400 parking spaces.
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RPC Plans $60M Health & Wellness Center At Legacy Hotel & Residences in Miami Worldcenter
Royal Palm Companies, led by Dan Kodsi, have announced that as part of Legacy Hotel & Residences at Miami Worldcenter they will develop a $60 million, 100,000 SF healthcare center. Named Health + Performance, the health and wellness facility will also feature a medical center with ventilators.
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