08/02/2012 08:12 AM

Vortex International Realty Makes Its Home In Miami Market

– Miami Agent Magazine



07/26/2012 07:53 AM

Vortex International Realty Launches Boutique Luxury Real Estate Company to the Miami Market

– The Miami Herald



07/26/2012 12:45 PM

Vortex launches brokerage in South Florida

– The Real Deal


The Real Deal Miami

The Real Deal Miami

03/18/2018 09:05 PM
PGA of America may move its headquarters from Palm Beach Gardens
An economic development official in Palm Beach County said PGA of America hasn’t decided whether to move its headquarters from Palm Beach Gardens, despite a report to the contrary. In a report on March 7, Golf.com reported March 7 that PGA of America had decided to move its headquarters to Frisco, Texas, which is about 27 miles north of Dallas. Golf.com quoted unnamed PGA officials who called the organization’s Palm Beach headquarters “outdated and out ... [more]
03/18/2018 08:00 PM
Bank sells 1,031 apartments in Florida’s Panhandle for $35.68M
A joint venture acquired 1,031 apartments in the Panhandle region of Florida from a bank for $35.68 million, or about $34,600 per unit. The joint venture bought the apartments in Escambia, Okaloosa and Santa Rosa counties from Bank of Oklahoma. “The plan is to rehabilitate the assets, improve operations and position them for sale,” David Lynd, chief executive officer of Lynd Opportunity Partners, said in a prepared statement. San Antonio-based Lynd Opportunity Partners acquired the ... [more]
03/18/2018 07:05 PM
Delray firm arranges $33 million of loans for acquisition of Orlando shopping center
Concorde Group Holdings LLC borrowed $33 million to acquire a retail center in Orlando. The property, Dellagio Town Center, is an upscale shopping and dining destination spanning 109,890 square feet. It is adjacent to Residences at Dellagio, an 83-unit residential development. Dellagio Town Center is 96 percent leased, and its tenants include such restaurants as Big Fin Seafood, Bravo, Dragonfly, Flemings and Urbain 40. Concorde got financing for its acquisition of Dellagio Town Center in ... [more]
03/18/2018 06:20 PM
Pembroke Pines retail center hits the market with a $20.65 price tag
A shopping center in Pembroke Pines with a 96 percent occupancy rate is listed for sale with an asking price of $20.65 million. The 77,621-square-foot Palm Square shopping center includes such in-line tenants as Batteries Plus Bulbs, Fastsigns and Sherwin-Williams and two tenants in freestanding restaurants, Dunkin’ Donuts and KFC. Palm Square was built in 1987 on an eight-acre site with 600 feet of frontage on Pines Boulevard. The shopping center’s location is within 1,000 ... [more]
03/18/2018 05:10 PM
Former Miami Dolphin lists mansion for sale for $7.29M
The highest-paid defensive player in the National Football League listed his waterfront mansion in Fort Lauderdale for sale with an asking price of $7.29 million. Defensive lineman Ndamukong Suh listed the residence on Feb. 5, about five weeks before the Miami Dolphins released him. Suh bought the 16,000-square-foot mansion in Fort Lauderdale’s Coral Ridge neighborhood for $6.5 million in 2015. He bought the property after departing the Detroit Lions and signing a six-year contract with ... [more]
03/18/2018 03:30 PM
The push for Trump’s infrastructure plan begins with Ivanka
The White House has begun its “big push” on President Donald Trump’s infrastructure plan and center stage will be Trump’s adviser and daughter, Ivanka Trump. An official told the Wall Street Journal, the younger Trump will be reprising her role from last fall when she went on a cross-country series of speeches and appearances to promote the tax overhaul. This time, she’ll be trying to convince the nation to support her father’s $200 billion spending plan ... [more]
03/18/2018 02:30 PM
Doral office building attracts $48M loan
Guardian Life Insurance Company made a $48 million loan secured by One Park Square, an 11-story office building in Doral. Commercial real estate brokerage firm CBRE arranged the financing on the 281,786-square-foot building at 3470 Northwest 82nd Avenue. CBRE said in a press release that its South Florida capital markets team arranged the loan for “a Boston-based institutional advisor,” an apparent reference to Boston-based TA Realty, which acquired One Park Square in September for $96 ... [more]
03/18/2018 01:36 PM
Wave goodbye? Fort Lauderdale may be closer to canceling its streetcar project
After Fort Lauderdale’s newly elected mayor and city commissioners officially take office on Tuesday, they may end the city’s controversial effort to develop a streetcar system called the Wave. Voters last week elected Dean Trantalis as mayor and Steve Glassman and Ben Sorenson as city commissioners. All three of them signed a campaign pledge to cancel the Wave streetcar project on the day they take office after a swearing-in ceremony. Glassman, Sorenson and Trantalis signed ... [more]
03/17/2018 08:40 PM
Meet the Uber of Brazilian real estate
A real estate startup is giving brokers in Rio de Janeiro a run for their money. Quinto Andar, founded in 2012 by two Stanford MBAs, is a ready-made brokerage, property manager and insurer  offering would-be tenants and buyers an easy way to save money and find a new home — and, the best part for many? They get to avoid Rio’s current brokers as Bloomberg reports. Quinto Andar was born out of a pervasive frustration ... [more]
03/17/2018 07:45 PM
Parent company to close 7 Winn-Dixie supermarkets in South Florida
The parent company of Winn-Dixie will close 30 of the supermarket operator’s stores in Florida, including seven in Broward and Palm Beach counties. Southeastern Grocers, which is preparing to file for Chapter 11 bankruptcy this month, announced Thursday that it will “voluntarily implement a court-supervised, prepackaged restructuring agreement.” The restructuring will involve the shutdown of 94 grocery stores throughout the Southeast, or 16 percent of the stores that Southeastern Grocers owns. The company said 582 stores ... [more]
03/17/2018 06:55 PM
Jupiter company buys 900-unit apartment complex in Bradenton for $110.5M
A Jupiter-based company bought a waterfront apartment complex in Bradenton for $110.5 million. Jupiter-based real estate development and management company FLF Holdings paid $122,777 per apartment for the Carlton Arms of Bradenton, a 900-unit, garden-style apartment complex built 38 years ago. After the closing, FLF Holdings obtained a $76 million loan with a 10-year term through a Freddie Mac program called Capital Markets Execution. Carlton Arms has a 99.7 percent occupancy rate, according to Holliday ... [more]
03/17/2018 05:50 PM
Miami company wins $23M contract to build a hospital in Peru
Miami-based IBT won a $23 million contract to build a hospital in Peru. IBT expects to finish construction of the 97,400-square-foot hospital and open it in 18 months. The Miami-based company will build the hospital in Pacasmayo, a seaside city in Peru. Pacasmayo is located in Peru’s La Libertad region, which has a population of 48,000. The Pacasmayo Hospital will be built with steel-reinforced concrete and other earthquake-resistant materials. Services available at the hospital will include ... [more]
03/17/2018 04:50 PM
Miami developer lands $27.15M loan to build West Palm Beach apartments
Miami-based AHS Development Group started building an apartment complex in West Palm Beach after landing a $27.1 million construction loan. AHS broke ground for a 240-unit apartment complex called Village at Mangonia Lake with construction financing from Bank of America. The Miami-based developer paid $4.5 million in March 2017 for the 7.56-acre development site at 2101 North Australian Avenue, just west of downtown West Palm Beach along Mangonia Lake. According to its website, AHS expects ... [more]
03/17/2018 03:45 PM
Owner set to sell 4.46-acre property on Fort Lauderdale’s beach for redevelopment
The owners of 4.46 acres of property in Fort Lauderdale’s beachfront area, including the landmark Elbo Room bar, have offered the property for sale without an asking price. Aiton “AJ” Yaari assembled the property with 500 feet of frontage along the beach over approximately 30 years. The 4.46-acre assemblage extends north from the Elbo Room north to Poinsettia Street and west from A1A to Seabreeze Boulevard. Yaari and his business partner Lior Avidor put the ... [more]
03/17/2018 02:35 PM
February sales of Naples-area homes increase 10%
February sales of houses and condos in the Naples area increased 10 percent from last year’s volume, the Naples Area Board of Realtors reported. The total number of closings in February increased to 672 from 613 in February 2017. The median price of house and condo sales in February increased 9 percent to $364,000 from $333,000 last year. Pending sales of Naples-area houses and condos slipped 3 percent to 1,056 in February from 1,092 in ... [more]
03/17/2018 01:30 PM
Crack in FIU pedestrian bridge didn’t raise red flags before it collapsed
An engineer involved in the design of the pedestrian bridge that collapsed Thursday at Florida International University left a voice-mail message on Tuesday warning a state transportation official of “some cracking” in the bridge. The engineer, Denney Pate of FIGG Bridge Engineers Inc., said in the message that he did not regard the cracking as a safety issue. At least six people were killed when the 174-foot, 960-ton bridge collapsed. More victims may be buried ... [more]
03/16/2018 10:20 PM
Tightening of loose cables preceded FIU bridge collapse that killed at least 6: Sen. Rubio
The pedestrian bridge that collapsed at Florida International University on Thursday killed at least six people, and the tightening of loose cables may have contributed to the fatal accident. The 174-foot, 950-ton section of the bridge collapsed on Southwest Eighth Street and Southwest 109th Avenue early Thursday afternoon, crushing at least eight cars beneath the rubble. The $14.2 million bridge was being built by Munilla Construction Management and was designed by FIGG Bridge Engineers. A ... [more]
03/16/2018 10:00 PM
A condo project may be headed for single-family neighborhood in North Miami
The North Miami Planning Commission gave its nod to the development of a 67-unit, six-story condominium at its Wednesday meeting, paving the way for multifamily projects in a single-family neighborhood on Northeast 130th Street near West Dixie Highway. Turkish developer OZ and BF, LLC, led by Ozkan Ozcelik and Serhat Karakaya, will be developing the condominium at 840 Northeast 130th Street as its first project in South Florida, according to Cemil Akbas, owner of PSN ... [more]
03/16/2018 09:35 PM
Islamorada’s Cheeca Lodge, damaged by Hurricane Irma, to reopen by end of March
Islamorada’s Cheeca Lodge & Spa will reopen on March 30 after completing $25 million in renovations and repairs spawned by Hurricane Irma. Upon reopening, the hotel, located at mile market 81.8 on Islamorada’s Old Highway, will sport a renovated lobby and spa, renovated guestrooms, and a new restaurant. Cheeca also plans to open a new pool to augment its two refurbished pools. Cheeca General Manager Bob LaCasse said the resort will also offer more programming ... [more]
03/16/2018 08:30 PM
US housing starts dropped in February
February was not a great month for housing starts in the U.S. They fell 7 percent compared to January thanks to weaknesses in multifamily construction, hitting an annual rate of about 1.2 million, according to the Wall Street Journal. Permits for residential buildings also fell 5.7 percent to an annual pace of about 1.3 million, while multifamily construction dropped by 26.1 percent. In January, housing starts were at an annual pace of about 1.3 million, ... [more]
03/16/2018 07:35 PM
Waterfront condo project proposed for Jupiter
Fisherman’s Wharf, a 39-unit waterfront condominium project with a few units designated for workforce housing, is proposed for Jupiter. The developer is a company led by Mark Emalfarb, who heads the local biotech firm Dyadic International. The town council will consider the development on Tuesday. The site lies just west of the Intracoastal Waterway, on the northeast corner of Indiantown Road and Fisherman’s Way. Emalfarb has owned the 5.2 acre site for 25 years and ... [more]
03/16/2018 06:30 PM
New York-based Carpe Real Estate Partners pays $14M for Wynwood site
New York-based Carpe Real Estate Partners just paid $14 million for a development site in Wynwood. David Weitz and Erik Rutter of Carpe bought the 1.65-acre site at 2335 North Miami Avenue from Goltens Miami, a marine engine repair company. It hit the market unpriced in November. Land away from Second Avenue was trading for $225 per square foot to $275 per square foot, which would equate to at least $16 million for the Goltens site. ... [more]
03/16/2018 05:30 PM
Can Richard Meier’s projects be separated from the man?
When an actor is accused of groping, an audience can boycott his movies. When a politician engages in lewd behavior, he can be voted out of office. A famous architect, however, has his presence stamped all over the skyline, and turning away isn’t so easy. This week, Richard Meier was the subject of a front-page story in the New York Times in which five women accused the Pritzker Prize-winning architect of a longstanding pattern of ... [more]
03/16/2018 04:40 PM
EB-5 fraud scheme in Palm Beach lands development team in jail
Palm Beach developer Robert Matthews and real estate attorney Leslie R. Evans have been charged with fraud for their involvement in a real estate scam that swindled $50 million from about 50 Chinese and Iranian investors in recent years. The scam redirected EB-5 funds intended for a Palm Beach condo-hotel project at 160 Royal Palm Way, according to the Palm Beach Daily News. Each investor provided $500,000, the minimum amount required to be eligible for ... [more]
03/16/2018 03:30 PM
Brown Harris Stevens promotes Phil Gutman to president of Miami brokerage
Brown Harris Stevens promoted Phil Gutman to president of the Miami brokerage. Gutman will now oversee the company’s six offices in Miami-Dade as it looks to expand its footprint north. He joined Brown Harris Stevens as executive vice president and managing director in May of last year, presiding over the Miami Beach and Key Biscayne offices. Now, he’s looking to poach top talent from other firms and to acquire brokerages, likely in the Aventura/Sunny Isles ... [more]
03/16/2018 02:30 PM
National Cheat Sheet: The West Coast dominates US crane count, Zillow’s market cap passes $10B … & more
Seattle leads US crane count, as Western states dominate construction activity, survey says There were a record number of construction cranes working in America in January, according to Rider Levett Bucknall’s biennial “Crane Index.” With 45 cranes in action, Seattle had the most activity, followed by Los Angeles, Chicago and Denver, with each having 36 cranes working. The survey found 53 total cranes working on the East Coast, with 27 active in Washington, D.C. and ... [more]
03/16/2018 01:45 PM
Cutbacks in high debt ratio loans could hurt buyers
A key policy change by mortgage giant Fannie Mae that offered homeownership to thousands of new buyers — many of them minorities — could face significant cutbacks. The reason: Private mortgage insurers are re-thinking their decisions to participate. The change, which took effect last July, allowed borrowers with debt-to-income (DTI) ratios as high as 50 percent to obtain low down payment mortgages. Homeownership advocates generally welcomed the move, arguing that it could open the marketplace ... [more]
03/16/2018 12:45 PM
Mueller subpoenaed Trump Organization documents: report
Special Counsel Robert Mueller subpoenaed documents from the Trump Organization, in a sign that his investigation is looking into President Trump’s business interests. The New York Times reported that it wasn’t clear how many documents Mueller subpoenaed, although some are related to Russia. The report cites two sources briefed on the subpoena. Mueller is investigating Russian interference in the 2016 U.S. presidential election. In recent months, he has looked into the role of foreign money, ... [more]
03/15/2018 10:15 PM
Here’s what we know about MCM, the builder of the FIU bridge that collapsed
A prominent Cuban-American, family owned construction business headed by an FIU graduate built the ill-fated pedestrian bridge that collapsed in Miami on Thursday, killing several people. Munilla Construction Management, founded more than three decades ago in Miami, had the contract for the $14.2 million bridge at Southwest 109th Avenue and Southwest Eighth Street. It collapsed just five days after crews lowered the 174-foot, 950-ton section of bridge into position. Reports show at least eight cars ... [more]
03/15/2018 09:30 PM
Not playing around: Toys R Us to shutter all 735 US stores
The death of the once ubiquitous toy retailer Toys R Us is near, after the company announced it planned to close all of its 735 nationwide stores, ending months of efforts to salvage the iconic brand. The closures include its Babies R Us brand and come six months after filing for bankruptcy in September.  Its December effort to pull itself out of bankruptcy by closing 180 stores apparently failed to help save the company, which ... [more]
03/15/2018 08:30 PM
Freshwater Group buys multifamily complex in North Miami Beach
New York investment firm Freshwater Group is set to close Thursday on a $5.9 million purchase of 51-unit apartment complex in North Miami Beach, The Real Deal has learned. The deal for the Carmel Apartments at 16700 and 16701 Northeast 21st Avenue breaks down to about $115,700 per unit. Records show the current owner, Dynamic GM LLC, paid $4.7 million for the property, or about $92,160 per apartment, in 2015. One Sotheby’s International Realty’s Zalmy ... [more]
03/15/2018 07:14 PM
FIU pedestrian bridge collapses, killing several
UPDATED, 3:47 p.m., March 15: The Florida International University pedestrian bridge under construction on Southwest Eighth Street collapsed on Thursday afternoon, crushing cars and killing several people. This is the scene at @FIU after bridge collapses. Police moving the media away “just in case the rest falls down.” pic.twitter.com/Vw2wZKraj1 — Monique O. Madan (@MoniqueOMadan) March 15, 2018 The collapse occurred at Southwest 109th Avenue and Eighth Street, according to multiple news reports. The Florida Highway ... [more]
03/15/2018 06:33 PM
Sonny Kahn buys neighboring Golden Beach oceanfront property for a big markdown
Billionaire developer Sonny Kahn just paid $14 million for an oceanfront teardown next to his home in Golden Beach. The 42,750-square-foot property at 115 Ocean Boulevard was originally listed for $24.9 million, which means it sold for a 44 percent discount off the asking price. It was later reduced to $19.9 million. Lucrecia Lindemann and Melissa Barragan of Dezer Platinum Realty represented the seller, and Alexander Goldstein of Miles Goldstein Real Estate represented the buyer. ... [more]
03/15/2018 05:36 PM
A cannabis-only coworking space is coming to California
You could call it a green space. A company that wants to use the blockchain to legalize cannabis worldwide is creating a coworking space in Hollywood strictly for small companies and freelancers working in the legal pot industry. Paragon is aptly calling its new space the Paragon Space, which will be located at 1459 Tamarind Avenue near Sunset Boulevard. The space will only be accessible to companies and individuals that own Paragon’s cryptocurrency, PRG Coin, ... [more]
03/15/2018 04:30 PM
Developer Andy Ansin, son of billionaire, sells Coral Gables spec mansion
Developer Andy Ansin, son of media billionaire Edmund Ansin, just sold a spec home he co-developed with Jomed Construction for $7.9 million. Property records show Hammock Lake LLC, led by Andy Ansin and Jomed, sold the seven-bedroom, roughly 11,000-square-foot mansion at 4995 Hammock Lake Drive to a trust controlled by attorney Scott J Perdigon. The 4995 Hammock Lake Drive Trust financed the deal with a $5 million mortgage from Iberiabank. Dennis Carvajal of One Sotheby’s ... [more]
03/15/2018 03:30 PM
Rising construction costs challenge multifamily developers: panel
Rising construction costs are challenging the feasibility and affordability of some multifamily developments in South Florida, a panel of real estate professionals said Wednesday. “Even on jobs where we bought the land 10 years ago – which is almost free compared to what prices are now – we are having a hard time getting the numbers to work,” said Patrick Campbell, a vice president of Miami-based Related Group, citing a scarcity of labor. The cost ... [more]
03/15/2018 02:30 PM
Ben Carson picked the $31K table he claimed not to know about, emails show
When news broke last month that the Department of Housing and Urban Development had ordered a $31,000 dining set for Secretary Ben Carson’s office, his defense was that he didn’t know about the purchase. But newly uncovered emails show that’s not true. One August email from a HUD staffer to Carson’s assistants refers to “printouts of the furniture the Secretary and Mrs. Carson picked out.” The emails were obtained by American Oversight, a left-leaning watchdog, ... [more]
03/15/2018 01:45 PM
Zillow is worth more than $10B now: report
Zillow Group’s market cap crossed the $10 billion threshold for the first time amid strong profits. The Seattle-based firm, which runs several real estate listing sites, including StreetEasy, made $1 billion in revenue last year. Since March 1, its stock was up by 10 percent. “They’re showing that the business model can be profitable,” real estate technology consultant Mike DelPrete told Inman. As of Tuesday, Zillow’s shares traded at $57 each — a combined $10.5 ... [more]
03/15/2018 12:45 PM
Palm Beach investor buys office building on Bankers Row
Crocker Partners just sold an office building on Palm Beach’s Bankers Row to a local investor for $14.75 million, property records show. Kinsale Partners LLC, led by Palm Beach investor Thomas C. Quick, paid about $520 per square foot for the four-story, 28,550-square-foot office building at 400 Royal Palm Way. The tony strip of land along Royal Palm Way is home to a number of major banks and financial institutions. At 400 Royal Palm Way, ... [more]
03/14/2018 10:00 PM
Colombian interest in Miami real estate holds steady into 2018
Colombians continued searching for Miami homes in January, according to a new report from the Miami Association of Realtors. Potential buyers from Colombia again led a ranking of foreign nationals searching for South Florida homes using the association’s website, with 12.6 percent of the total, up from 10.5 percent the previous month. The list also includes Venezuela with 9.5 percent and Canada with 7 percent. Foreign investment in residential real estate in South Florida totaled ... [more]
03/14/2018 09:30 PM
Miami investment firm acquires Chicago brick-and-beam office building
South Miami-based Market Street Real Estate Partners is buying a 143,000-square-foot office building in downtown Chicago, entering a new market as it continues to expand its nationwide portfolio. Market Street, an investment and management company, is expected to acquire the vintage brick-and-beam building for about $24 million, according to Crain’s Chicago Business. The seller, Michigan-based Farbman Group, had acquired the property in 2011 for $13.1 million. It is located at 209 West Jackson Boulevard. The ... [more]
03/14/2018 08:30 PM
Save the date: The Real Deal’s annual Miami Showcase and Forum on October 25
The Real Deal’s fourth annual South Florida Real Estate Showcase and Forum is shaping up to once again be the biggest industry event in the region. Mark your calendars for Thursday, October 25 and join us at our new location at Mana Wynwood for a full day of programming, networking and viewing the latest real estate projects and products. Our 2017 event featured a roster of key players in the South Florida real estate market ... [more]
03/14/2018 07:35 PM
Sherry Frontenac in North Beach scores historic preservation board approval
The Sherry Frontenac, a post-war modern hotel in Miami Beach, is getting a poolside makeover. On Monday, the Miami Beach Historic Preservation Board approved a request allowing the hotel owner to build a new deck with a concrete canopy, underground parking and a rooftop dining area for the property at 6565 Collins Avenue in North Beach. S.F. Land LLC can now demolish the existing pool deck and cabanas, as well as tear down parts of ... [more]
03/14/2018 06:32 PM
Waterfront Venetian Islands home sells for $17M
A newly built Venetian Islands home just sold for $17 million, marking the second-highest sale on the chain of man-made islands. Still, it represented a near 25 percent drop from the asking. A company led by Ken and Lisa Rosen sold the 7,100-square-foot waterfront house at 8 West Rivo Alto Drive to an undisclosed buyer, said Brown Harris Stevens Miami’s Jeff Miller. Ken Rosen is founder and CEO of Infinity Sales Group, a telecommunications and ... [more]
03/14/2018 05:30 PM
Diamond in the rough? Diamond mogul lands sweet deal on Venetian Islands home
Call it a diamond in the rough. A company controlled by the founder of the Evergreen Life Insurance Group, Allan Rosenzweig, just sold a waterfront home on the Venetian Islands in Miami Beach for a $2.15 million loss. The buyer of the $7.85 million property was View 28 LLC, led by diamond mogul Fabrice Finkelstein of the Belgian diamond family, property records show. The home at 28 West Dilido Drive spans about 3,700 square feet ... [more]
03/14/2018 04:30 PM
Can real estate brokers cash in on this tax deduction? No one knows
The new GOP tax law is widely considered a win for high-earners, but it’s not clear if real estate brokers and their firms will also benefit from a hefty deduction granted to pass-through businesses. The so-called pass-through deduction has been billed as a boon to independent contractors, including Uber drivers and freelancers, but its application to real estate agents remains murky. If a broker makes less than $157,500 a year (or $315,000 if filing as ... [more]
03/14/2018 03:30 PM
TA Realty’s Plantation office portfolio hits the market
A portfolio of three office buildings in Plantation just hit the market. Brokers David Duckworth, John Crotty and Michael Fay of Avison Young are listing the property unpriced. But the $43 million sale of a nearly 240,000-square-foot office park in February could provide insight into the price. That property sold for $180 per square foot. At that price per square foot, the TA Realty buildings could sell for about $46.3 million. They could also sell ... [more]
03/14/2018 02:30 PM
Movers & Shakers: Colliers expands hotel division & more
Colliers International South Florida brought on John Wijtenburg to focus on hotel and resort investment sales in Florida. Wijtenburg, a vice president, is joining the team of Colliers’ executive vice president Rich Lillis. He was previously with InSite Group as ‎director of business intelligence and analytics. Diana Ibarria was promoted to senior vice president of sales at CC Homes. Her experience includes positions at Westbrooke Homes and Standard Pacific Homes. She was previously senior vice ... [more]
03/14/2018 01:45 PM
Here’s how much money Howard Lorber made in 2017
Douglas Elliman chief Howard Lorber earned $10.6 million last year — a modest drop following a year in which the residential brokerage struggled with profitability. Lorber’s haul included a base salary of $3.198 million, plus a $3.157 million bonus. His total compensation dropped $425,000 from 2016, when he pocketed $11.059 million, according to a proxy statement filed Monday by Elliman’s parent company, Vector Group. The Elliman chairman is among real estate’s highest-paid executives. General Growth ... [more]
03/14/2018 12:45 PM
Dallas developer buys PH at 1 Hotel & Homes
Dallas developer Joe Beard just closed on a new penthouse at 1 Hotel & Homes South Beach, about a month after selling his penthouse at the W South Beach. Beard’s Westdale LLC paid $5.6 million for unit PH-1617, according to a spokesperson for the development. The developer, a joint venture between LeFrak and Starwood Capital Group, sold the three-bedroom, 2,781-square-foot unit. The condo also features a 255-square-foot terrace, a den and three-and-a-half bathrooms. Brazilian designer ... [more]
03/13/2018 10:00 PM
Blackstone buys stake in Rockpoint
An investment fund controlled by Blackstone Group bought a passive, minority stake in Rockpoint Group, the company announced Tuesday. Terms of the deal weren’t publicized. The vehicle that made the investment, Blackstone’s Strategic Capital Holdings Fund, falls under the private equity firm’s hedge fund business. The Boston-based real estate investment firm Rockpoint quietly emerged as one of New York’s most active real estate investors over the past few years.  In recent months, the fund manager ... [more]
03/13/2018 09:30 PM
Tiger Woods’ ex-wife lists North Palm Beach manse for $49.5M
Elin Nordegren, the Swedish model once married to golfer Tiger Woods, has listed her mansion in North Palm Beach for $49.5 million. Nordegren built the 23,000-square-foot home at 12520 Seminole Beach Road after paying $12.25 million for the property in 2011 and tearing down its nearly 18,000-square-foot home. She purchased the property following her much-publicized $100 million divorce from the golfer. A spokesperson told the Wall Street Journal that Nordegren was selling in order to ... [more]
03/13/2018 08:30 PM
Apartment building that can convert to short-term rentals sells in Miami Beach’s South-of-Fifth
UPDATED March 13, 6:45 p.m.: Fresh from undergoing a multi-year renovation, a 27-unit apartment building in Miami Beach’s South-of-Fifth neighborhood just sold for $14.6 million, property records show. The developer, TwoFifty Collins LLC, managed by Alessandro Renzetti, listed the property at 250 Collins Avenue for $22 million with Gary Hennes Realtors in 2016 – meaning the building sold at about a 33 percent discount off its original asking price. Records show 250 Collins Propco LLC, ... [more]
03/13/2018 07:30 PM
5 women accuse starchitect Richard Meier of sexual harassment
Five women say architect Richard Meier sexually harassed them, marking him as one of the first famous architects to be accused of such misconduct in the wake of the Harvey Weinstein scandal. Four women who worked for Meier — who won the Pritzker Prize in 1984 — and another who met him while he was working on the Getty Center in Los Angeles accused him of inappropriate behavior, the New York Times reported. The accusations ... [more]
03/13/2018 06:30 PM
Jugofresh past its expiration date
Jugofresh is no more. Owner Matthew Sherman announced the cold-pressed juice company shut down on Tuesday, closing all of its stores and ending its partnership with Whole Foods Market. Sherman wrote in an email blast that his “lack of experience and rapid expansion are what ultimately led us to close.” The company grew quickly in its six years,  with up to eight locations in South Florida and shops at Whole Foods Markets in downtown Miami, ... [more]
03/13/2018 05:30 PM
Soffers, Simon Property want $2B to refinance Aventura Mall
The Soffers and Simon Property Group are seeking $2 billion to refinance Aventura Mall. The loan, if granted, will be used to pay off a $1.2 billion commercial mortgage-backed securities loan that the joint venture between Turnberry Associates and Simon Property secured in 2013. An additional $167.4 million in financing was used to fund the construction of a newly-built 175,000 square-foot wing, according to Trepp. The 2.9 million-square-foot mall at 19501 Biscayne Boulevard is anchored ... [more]
03/13/2018 04:30 PM
Historic preservation board approves land use attorney’s luxe home in Miami Beach
UPDATED March 13, 2:15 p.m.: Despite objections from a prominent historic preservation group, a Miami land use attorney and his wife will be allowed to tear down a 1920s three-bedroom house and replace it with a three-story modern mansion in Miami Beach’s South-of-Fifth neighborhood. The Miami Beach Historic Preservation Board on Monday voted unanimously to authorize the demolition of the existing property at 819 Second Street, which was condemned by the city’s building official in ... [more]
03/13/2018 03:30 PM
The week in luxury: A map of Miami-Dade’s priciest condo sales
As quickly as condo sales rose, they fell. Miami-Dade recorded a big drop in condo sales volume last week. Only 106 units sold for a total of $37 million, a dramatic decline from the previous week’s $146 million sales volume for 193 units. Condos last week sold for an average price of about $350,000 or $275 per square foot. The most expensive sale was at Apogee in Miami Beach. Unit 1203 traded hands for $7 ... [more]
03/13/2018 02:30 PM
Former American Bar Association president buys waterfront Miami Beach manse
A prominent attorney just closed on a waterfront mansion in Miami Beach. Property records show civil trial lawyer Stephen N. Zack of Boies Schiller Flexner LLP paid $8.55 million for the six-bedroom, 8,100-square-foot home at 5310 North Bay Road. Unique Melo Holdings Inc., led by Priscilla Nogueira Alves Melo, sold the property. Zack was the youngest person and first Hispanic lawyer to lead the American Bar Association as president, according to his company bio. His ... [more]
03/13/2018 01:45 PM
Cushman & Wakefield fired veteran broker after argument with regional CEO: sources
Cushman & Wakefield fired former executive Peter Hennessy two weeks ago after the veteran broker penned an angry email directed at a high-ranking company officer over a new belt-tightening policy, multiple sources told The Real Deal. In an email chain on which 20 to 30 of the firm’s top brokers were discussing a new policy that severely limits travel expenses, Hennessy took aim at Shawn Mobley, Cushman’s newly-minted CEO for the Americas. It’s not clear ... [more]
03/13/2018 12:45 PM
Bainbridge sells Coral Springs rental complex for $71.7M
Bainbridge Companies is cashing out on its recently completed 250-unit multifamily complex in Coral Springs. Property records show an affiliate of the Wellington-based developer sold Bainbridge Coral Springs for $71.7 million to Morris Coral Springs Associates LLC, an entity of Morris Companies, based in New Jersey. The complex at 10820 and 10890 West Sample Road traded hands for about $287,000 per unit. Records show Bainbridge paid $8.5 million for the 9.6-acre property in 2015, and ... [more]
03/12/2018 10:00 PM
Eden and partner close on Las Olas site of planned apartment tower
A joint venture between Eden Multifamily and Cypress Equity Investments paid $12 million for the development site of a planned apartment tower in downtown Fort Lauderdale. Property records show SE 2nd Street Owner LLC sold the 1.55-acre property at 419 Southeast Second Street to Edengate Las Olas LLC, an affiliate of CE Development Partners. The partnership is planning a 32-story, 347-unit rental building with ground floor retail space and an adjacent parking garage, according to ... [more]
03/12/2018 09:40 PM
Privé developers to collect $21.6M settlement, ending legal battle
Developers of the completed Privé at Island Estates have agreed to collect a $21.6 million settlement from the Williams Island Property Owners Association, ending years of litigation over the construction of the luxury two-tower condo complex in Aventura. Williams Island Property Owners Association had filed suit in 2013, seeking to stop the development. A jury in Miami-Dade Circuit Court on Jan. 30 awarded Gary Cohen and BH3 $26 million. He ruled that the association breached a ... [more]
03/12/2018 08:30 PM
Wynn Resorts secures $800M line of credit to help pay $2.6B settlement
Wynn Resorts has secured an $800 million line to credit to pay for a multibillion-dollar settlement regarding one of its founders. The company, which is undergoing a leadership shakeup due to a separate sex scandal and ensuing stockholder revolt, closed a 364-day term loan from Deutsche Bank. Wynn Resorts plans to use the proceeds from the financing, as well as cash on hand, to pay a $2.6 billion settlement to Japanese pachinko magnate Kazuo Okada, ... [more]
03/12/2018 07:30 PM
Development team’s office complex project near Aventura wins approval
A joint venture just won approval for a nine-story office complex that will rise near Aventura, set to break ground soon, The Real Deal has learned. The developers: BM2 Realty, MG3 Developer Group, Scheck Group and Solomon Capital Management will build 188 Aventura Centre, a 290,000-square-foot office building. The project, which just received site approval from the City of Miami, will include about 53 office condos and 11,000 square feet of retail space. The joint ... [more]
03/12/2018 06:30 PM
The future is now: Driverless cars could upend the real estate market
The mass adoption of driverless cars could shift some of the traditional rules that govern real estate values, particularly those concerning access to mass transit. Fully driverless cars are heading to California’s streets in April, following state approval, so that future could be a lot closer than it seems. Having a driverless option could make using — and living and working near — mass transit less appealing to those with access to the technology and ... [more]
03/12/2018 05:30 PM
Investors pick up development sites in Allapattah and Miami River
Two development sites on the Miami River and in Allapattah sold to developer Enrique Manhard and real estate entrepreneur Spencer Waxman, respectively. Property records show Mapocho Development LLC sold the 1.55-acre waterfront lot at 1690 Northwest North River Drive to River and 16th Property LLC for 6.4 million. The buyer is controlled by Manhard, a developer in Hallandale Beach. The site is zoned T6-8 O, which means it can be developed into at least an ... [more]
03/12/2018 04:30 PM
Ed Morse scores $114M refinance for 10 Florida dealerships
UPDATED March. 12th, 3:35 p.m.: Auto titan Edward “Teddy” Morse III just scored $114.3 million in financing for 10 of his dealerships in Florida. Midvale, Utah-based Ally Bank is the lender, according to property records. The bank assumed a $95 million mortgage from Bank of America in 2015 and increased the loan to $114.3 million. It covers dealerships in Brandon, Tampa, Lakeland, Port Richey, Delray Beach, Riviera Beach, Fort Lauderdale, Sunrise and Lake Park. “The ... [more]
03/12/2018 03:30 PM
Going up: Elevator technology is reaching new heights in skyscrapers across the globe
 During the next two years alone, 187 skyscrapers are expected to pop up across the globe — each of which will rise 820 feet in the air. As developers look to build taller and taller, some elevator companies are exploring ways to revolutionize vertical travel. A recent report by Bloomberg examined new technologies addressing speed, capacity and, in some cases, direction in skyscrapers of the future. In this video, The Real Deal looks at the go-to technology that’s being ... [more]
03/12/2018 02:30 PM
Soffer family wants $5M bond for airport expansion project
The Soffer family is requesting a $5 million bond grant to expand its jet center at Miami Opa-Locka Executive Airport. Turnberry Airport Holdings is seeking approval of the grant from Miami-Dade County’s Economic Development and Tourism Committee on Thursday and then from the county commission in April. The billionaire family would use the county bond for a $27.6 million project at the airport, where it leases 41.4 acres, according to the South Florida Business Journal. ... [more]
03/12/2018 01:45 PM
Where the millennial workforce gathers
The research is in: millennials are settling in some unexpected places to build their careers. The top 10 metro areas where college-educated millennials gather is supposed to point to strong real estate markets — demarcated by high median house prices — and strong economies, but there are some surprising results in the new geographical rankings, complied by the Brookings Institute. In response, CityLab ran a correlation analysis to compare the Brookings’ data to generally accepted ... [more]
03/12/2018 12:45 PM
SoFla lease roundup: Logistics company inks lease in Hialeah Gardens & more
Kuehne + Nagel Group inks 109,000 sf lease in Hialeah Gardens International logistics company Kuehne + Nagel Group just expanded its footprint in Miami-Dade County with a 109,000-square-foot lease at the recently completed Miami Logistics Center in Hialeah Gardens. Kuehne + Nagel Group inked the lease at the 255,846-square-foot building at 10701 Northwest 140th Street, raising the building’s occupancy to 80 percent from 40 percent. The building opened about five months ago, according to State ... [more]
03/11/2018 09:15 PM
San Fran’s catch-22: Sea levels are rising and coastal areas are sinking
“If the right one don’t get you then the left one will”– the famous lyric pretty much sums up the results of scientists’ recent study about the effect of rising sea levels on the Bay area. The threat of changing sea levels is the devil many know, but subsidence, or the rate at which land sinks, is a compounding, lesser known factor that will have a big impact going forward. Essentially, the sea is getting ... [more]
03/11/2018 08:20 PM
Renovated waterfront house in Naples sells for $16.1M
A five-bedroom, seven-bathroom house in Naples sold for $16.1 million, the most expensive sale of a Collier County house so far this year via the Southwest Florida Multiple Listing Service. The sale price of the two-story waterfront house in Port Royal, one of the wealthiest neighborhoods in Naples, was $400,000 below the $16.5 million asking price. Built in 1993, the house at 4295 Cutlass Lane recently was renovated by Naples-based A. Vernon Allen Builder. The ... [more]
03/11/2018 07:05 PM
Altman completes apartment complex at former business park in Boca Raton
Altman Companies finished construction of a 400-unit apartment complex at a former business park in Boca Raton. Altman built the apartment complex, called Altis Boca Raton, with units ranging in size from 700-square-foot, one-bedroom apartments to 1,407-square-foot, three-bedroom apartments. Monthly rents start at $1,820. Common-area amenities include a swimming pool, gym, yoga studio, spa, sauna and steam room. The property also features car-charging stations, a Starbucks cafe, an entertainment room with table games and video ... [more]
03/11/2018 06:15 PM
InterContinental Miami among U.S. hotels that Chinese regulators may sell
The insurance regulatory agency in China is considering offers to buy luxury U.S. hotels it has seized, including the InterContinental Miami hotel in downtown Miami. The agency has seized Beijing-based Anbang Insurance Group Co. and has taken ownership of more than a dozen U.S. hotels that Anbang acquired. In 2016, Anbang paid $6.5 billion to buy a portfolio of 16 high-end hotels from New York-based investment firm Blackstone Group L.P. less than a year after ... [more]
03/11/2018 05:10 PM
Miami-based venture buys Indianapolis office building for $70M
Miami-based commercial real estate investment firm Black Salmon Capital is part of a joint venture that bought an office building in Indianapolis for $70 million. Black Salmon acquired BMO Plaza, which has about 440,000 square feet of interior space, by purchasing its former owner, a company called 135 N. Pennsylvania, LLC. Black Salmon, led by CEO and managing partner Jorge Escobar, is part of TSG Group, a Miami-based group that plans to invest as much ... [more]
03/11/2018 03:55 PM
Builder struggles to win design approvals for two planned Palm Beach homes
Developer and luxury home builder Mark Pulte is struggling to win the town’s approval for designs of two houses he plans to build on waterfront sites in Palm Beach. The town’s Architectural Commission twice has rejected the design Pulte proposed for a house he plans to build at 535 North County Road, and the commission has rejected his proposed design for a house at 446 North Lake Way five times. Members of the commission have ... [more]
03/11/2018 02:40 PM
South Florida is the unofficial epicenter of condos bearing luxury brands
Real estate developers put luxury brands on their buildings in other metropolitan areas, but nowhere is the practice more fashionable than in South Florida, where five branded condominiums are expected to open by 2021. The large international segment of the condo market in South Florida is one reason why developers there are forming partnerships with luxury brands for automobiles and apparel. Branding is especially important to international buyers in the Miami area, who often are ... [more]
03/11/2018 01:00 PM
TruAmerica pays $50M for 368-unit rental housing complex near Orlando
Los Angeles-based TruAmerica Multifamily acquired a 368-unit rental housing complex near Orlando for $50 million. TruAmerica paid about $135,000 per unit for the Astor Park rental complex in Winter Park, its seventh acquisition in Florida since the firm entered the state’s rental housing market nine months ago. The new owner plans to spend $4 million on capital improvements at Astor Park, built in two phases from 1987 to 1999 with one-, two- and three-bedroom units. ... [more]
03/10/2018 09:00 PM
National Cheat Sheet: US house-flipping hits 12-year high, study shows that REITS with more female board members get higher returns … & more
Houses are flipping at the highest level since 2006 From TRD NYC: More than 207,000 condominiums and single-family house were flipped in 2017 — the most since 2006 — a report from Attom Data Solutions found. The average 2017 flip generated a 50 percent gross return compared to 28 percent during the housing bubble of the 2000s, Bloomberg reported. [TRD] REITS with female board members get higher average prices and total returns Real estate investment ... [more]
03/10/2018 08:00 PM
Phoenix-based firm to redevelop and acquire Naples hotel and golf course
A Phoenix-based group agreed to redevelop and acquire the family-owned Naples Beach Hotel & Golf Club, a 125-acre landmark in Naples. The Watkins family will continue to operate the hotel and golf club as it works with Phoenix-based Athens Group on the redevelopment until 2021, after which Athens Group would acquire the property. While details of the redevelopment are still being determined, the project will include adding residences to the property at 851 Gulf Shore ... [more]
03/10/2018 07:00 PM
Development near downtown Fort Lauderdale will feature iPic movie theater
An iPic movie theater with a restaurant and bar will be part of a mixed-use development on Federal Highway near downtown Fort Lauderdale. The luxury movie theater will have screens in eight auditoriums, each with capacity for 40 to 60 guests, who will be have fully reclining leather seats, plus pillows and blankets upon request. The theater will operate together with a restaurant called City Perch Kitchen + Bar, designed by Sherry Yard, chief operating ... [more]
03/10/2018 06:00 PM
Codina lands $54.3M of bank financing for Hialeah industrial development
Coral Gables-based Codina Partners landed $54.3 million of bank financing for its development of an industrial park on 72.2 acres in Hialeah. Codina Partners, led by developer Armando Codina, got a $23.1 million acquisition and development loan and a $33 million revolving line of credit to fund construction from Weston-based Florida Community Bank. The Coral Gables-based company assembled the development site at 9100 West 40th Avenue by acquiring 55 acres in 2015 for $28.3 million ... [more]
03/10/2018 05:00 PM
City council will consider proposed 401-home development in Miami Gardens
The Miami Gardens City Council will consider an application to build 401 homes just west of State Road 7. The city council will consider the application from Arlington, Virginia-based Graham Holdings Co. on Wednesday. Miami attorney Graham Penn is representing Graham Holdings in the application process. A subsidiary of Graham Holdings paid $5 million in 2014 for the proposed 37-acre development site at 502 Northwest 207 Street. A television tower is the only structure on ... [more]
03/10/2018 04:10 PM
Co-working firm Spaces and Del Frisco’s Grille are coming to Las Olas Square
Miami-based Steelbridge Capital signed an operator of co-working office space and a national restaurant chain as tenants of Las Olas Square, a two-building office complex in downtown Fort Lauderdale. The parent company of executive office provider Regus will open a 32,000-square-foot co-working space at the property under the company’s Spaces brand. Two other Spaces locations are planned in downtown Miami and Miami’s Wynwood area. Del Frisco’s Grille will open its first chophouse-style restaurant in South ... [more]
03/10/2018 03:00 PM
Family that owns Channel 7 buys land in Miramar from Walmart for $14M
The family of billionaire Edmund Ansin, which owns South Florida television station WSVN-Channel 7, bought 28.7 acres in Miramar from retailer Walmart for $14 million. Walmart sold the vacant land at the northeast corner of Flamingo Road and Miramar Parkway to the Ansin Family Trust, headed by Andrew Ansin, the son of Edmund Ansin who runs the Miramar Park of Commerce, a business park with five million square feet of industrial space. The deed to ... [more]
03/10/2018 02:15 PM
Claire’s Stores plans Chapter 11 bankruptcy
Claire’s Stores Inc. is preparing a Chapter 11 bankruptcy filing as the retailer of costume jewelry and ear-piercing services looks beyond malls for high-traffic store locations. Filing a Chapter 11 bankruptcy would allow Claire’s to continue operating with protection from creditors while it tries to resolve its debt problems. Claire’s is struggling to repay $2 billion of debt that Apollo Global Management LLC loaded onto the retailer’s balance sheet when Apollo completed a leveraged takeover ... [more]
03/09/2018 11:15 PM
The Real Deal wins two SABEW awards
The Real Deal won two Best in Business Awards from the Society of American Business Editors and Writers, the organization announced Thursday. TRD received the general excellence award for an industry publication for series of stories published last year. These included Konrad Putzier’s investigation into an alleged co-working Ponzi scheme involving BarWorks, Putzier’s story revealing that George Soros was the secret financier behind a Kushner-backed real estate finance startup, as well as his and Mark ... [more]
03/09/2018 11:00 PM
Wynn Resorts buyout of former investor may pave way for Steve Wynn’s exit
Wynn Resorts has settled a years-long dispute with a Japanese firm that at one point owned half of the casino company. The agreement also removes a barrier that could help hasten the exit of its largest shareholder and founder, Steve Wynn, who faces numerous claims of sexual harassment. The deal is a $2.6 billion payout to Aruze USA, a subsidiary of Universal Entertainment, the Wall Street Journal reported. It comes with an agreement by Aruze ... [more]
03/09/2018 10:30 PM
Home flips are back with a vengeance
Flipping houses was more popular in the U.S. last year than at any point since the now infamous real estate bubble of the 2000s. A report from Attom Data Solutions found that investors flipped more than 207,000 condominiums and single-family homes in 2017, the most since 2006, according to Bloomberg. More than 138,000 investors flipped homes last year, which was the most since 2007. This decade’s home flippers seem to be more cautious than their ... [more]
03/09/2018 09:30 PM
Canadian investment firm buys Boynton Beach retail center
Shopping centers continue to sell in South Florida. Toronto-based Northbridge Investment Management just paid $27.8 million for The Shoppes of Boynton, a 151,830-square-foot retail center in Boynton Beach, property records show. The center at 2234 North Congress Avenue traded hands for about $180 per square foot. The seller, Boynton FCA LLC, is an affiliate of Charlotte, North Carolina-based FCA Partners. Records show the Shoppes of Boynton last sold for $19.4 million in 2012. It’s anchored ... [more]
03/09/2018 08:30 PM
Miami’s urban core is growing at a faster rate than most major US cities: CoStar
Office and apartment development in Miami’s urban core is outpacing other such areas in 11 major U.S. markets, according to recent data compiled by CoStar Group. Miami’s urban core, which includes downtown, Brickell, Edgewater, Midtown Miami and Wynwood, accounted for 40 percent of new office construction in the city since 2010, which is higher than Boston, Chicago, Atlanta, Houston, Washington, D.C., San Francisco, Phoenix, Los Angeles, Dallas-Fort Worth and Philadelphia. During the same period, construction ... [more]
03/09/2018 07:30 PM
Miami commission awards nearly $1M for Wynwood streetscape
Wynwood may be the Miami neighborhood with the most foot traffic, but it is considered far from pedestrian-friendly. Two recently approved city measures championed by Wynwood developers and property owners aim to fix that conundrum. The Miami City Commission this week approved a contract with Arquitectonica GEO to develop a streetscape and tree canopy master plan for Wynwood, as well as the hiring of Local Office Landscape and Urban Design, LLC to convert a stretch ... [more]
03/09/2018 06:30 PM
Ansca Homes family members settle litigation, launch Akel Homes
After settling contentious litigation among family members, Ramsey Akel has launched a new Delray Beach-based private real estate firm, Akel Homes, with his son Alex. The new firm is based at a 2,000-square-foot space in the BankUnited Building at 5300 West Atlantic Avenue. Ramsey Akel was formerly part of the Boynton Beach-based homebuilder Ansca Homes, along with his father-in-law and brother-in-law. The Akel family had overseen the acquisition, construction and sales of more than 4,000 ... [more]
03/09/2018 05:30 PM
Adam Neumann, deal junkie: CEO ramps up personal bets as WeWork balloons
When IBM inked a deal to lease every desk at WeWork’s 88 University Place co-working space last year, Adam Neumann had more than one reason to celebrate. Neumann and top WeWork brass had been working hard to win over corporate clients, and IBM was the first reported case of a company agreeing to take over an entire location. But few knew that Neumann also had a more direct financial stake in the agreement: he personally ... [more]
03/09/2018 04:30 PM
It’s his life: Jon Bon Jovi buys oceanfront home in Palm Beach
Jon Bon Jovi is livin’ in a Palm Beach home. The singer-songwriter, producer and actor paid $10 million for the oceanfront home at 230 North Ocean Boulevard. Property records reveal Judith Goldfarb sold the five-bedroom, 6,800-square-foot house to 230 North Ocean LLC, an entity managed by attorney Charles Sussman. At least two of Bon Jovi’s albums credit Sussman and his company for business-management services, according to the Palm Beach Daily News. Christian Angle of Christian ... [more]
03/09/2018 03:30 PM
Taxpayers get good news on HELOCs
It’s official: Despite widespread fears to the contrary, the IRS has clarified that last year’s big tax bill did not kill all interest deductions on home equity lines of credit (HELOCs) and equity loans. In a policy statement, the IRS said that it has received “many questions … from taxpayers and tax professionals” about HELOCs and equity loans in the wake of the Tax Cut and Jobs Act of 2017, which passed in December. That ... [more]
03/09/2018 02:45 PM
Joint venture scores construction loan for Marriott hotel in Coconut Creek
Miami-based Morlin Hospitality Group and its partner Butters Construction and Development just scored $15.5 million to build a Residence Inn by Marriott in Coconut Creek. Property records show Mercantil Bank issued two construction loans to Coconut Creek Hotel M-R1 for $10.12 million loan and $5.38 million. The financing is for a 1.75-acre lot at 5730 North State Road 7. The joint venture paid $2.37 million for the land in 2017. Seth Fellman, who heads Morlin ... [more]
03/09/2018 01:45 PM
Heinrich von Hanau launches sales for luxury condo project on Fisher Island
Fisher Island developer Heinrich von Hanau is ready for the next one. His company is launching sales for Palazzo Della Luna, a luxury condo building under construction next to Palazzo del Sol. Prices start at $6.5 million and go up to $40 million. PDS Development also secured a $90 million construction loan for the 10-story, 50-unit building in January, and it expects to complete the project in the summer of 2019, according to a press ... [more]