Real Estate

Omega scores $100M construction loan for North Miami apartments

From left: Omega Real Estate’s Sebastien Scemla and Juan Carlos Lago with The Gardens Residence project (Behar Font & Partners, Omega Real Estate) Omega Real Estate Management scored a $100 million construction loan for the multifamily portion of its planned mixed-use The Gardens District project in North Miami. The nine-story apartment building, called The Gardens Residence, will have 358 units...

Change of plans: Developer switches to condos from rentals at downtown Miami tower

Property Markets Group’s Ryan Shear, Kevin Maloney, Dan Kaplan and Greybrook’s Peter Politis with rendering of The Elser Hotel & Residences (Property Markets Group, Greybrook, Levy PR, iStock) A new downtown Miami rental tower will be sold as condos due to continued demand from buyers, The Real Deal has learned. Property Markets Group, led by Ryan Shear, Kevin Maloney and Dan Kaplan, and its...

Waterfront Fort Lauderdale estate sells for Broward record of $28.5M

1122 Southeast Fourth Street in Fort Lauderdale (Daniel Petroni Photography, iStock) A waterfront estate in Fort Lauderdale sold for $28.5 million, marking a record residential sale price in Broward County. Property records show New River Point LLC, managed by Seth and Brad Cohen, sold the 13,800-square-foot mansion at 1122 Southeast Fourth Street to SLB International Estates LLC. The buying entity is...

River Oaks picks up Delray Beach shopping center for $26M

River Oaks founder and Chairman Gerald Rubin and Shop Delray at 8918 Atlantic Avenue in Delray Beach (River Oaks Properties El Paso) Count River Oaks Properties among the retail real estate investors feasting on grocery store-anchored shopping centers in South Florida. The El Paso-based firm, led by founder and Chairman Gerald Rubin, paid $25.5 million for Shop Delray at 8918 Atlantic Avenue in Delray...

Porsche Design Tower closing tops Miami-Dade’s weekly condo sales

The Porsche Design Tower in Sunny Isles Beach (Porsche Design Tower Miami) Miami-Dade County condo sales rebounded last week. Dollar volume last week totaled $179 million, nearly double the $90.9 million from the week before. Sales reached 240, compared with 138 the previous week. Leaflet map created by Adam Farence | Data by © OpenStreetMap, under ODbl. Condos sold for an average price of about...

Tortoise Properties nabs $89M construction loan for downtown West Palm apartments

Renderings of the project with Tortoise Properties President, CEO and co-founder Jake Geleerd and Chairman and co-founder Kelly Brannen (MSA Architects, Carlos Aristizabal) Tortoise Properties scored an $88.5 million construction loan for a multifamily project in downtown West Palm Beach. The real estate investment firm plans a pair of eight-story buildings with 264 units at 740 and 840 North Dixie...

Miami self-storage firm buys Medley industrial site for $38M

Miami City Self Storage’s Steve Garchik, Jay Massirman and Megacenter Palmetto at 8600 Northwest South River Drive in Medley (Miami City Self Storage, Google Maps, SJM Partners) Looking to capitalize on demand from small warehouse tenants, a Miami-based firm specializing in self-storage facilities is expanding into industrial buildings with its recent $37.5 million purchase in Medley. An affiliate of...

Two years after George Floyd’s death, is real estate honoring its pledges?

Pam Liebman, Bess Freedman and James Whelan In the days following the May 2020 murder of George Floyd by a Minneapolis police officer, real estate leaders did something unusual for an industry that tends to shy away from social issues: They spoke out.  Many pledged a renewed focus on ensuring their workforce was diverse and inclusive, that employees of color felt supported and saw a path to advance their...

Billionaire Milwaukee Bucks co-owner sells Miami Beach condo

Jamie Dinan with 3315 Collins Avenue, unit 14A (Getty, Zillow) Another hedge fund manager has left Faena House. Billionaire Jamie Dinan, founder and CEO of New York-based York Capital Management and a co-owner of the Milwaukee Bucks, sold his five-bedroom, six-and-a-half-bathroom condo at the ultra luxury building for $18.7 million. A trust in Dinan’s name sold unit 14A at 3315 Collins Avenue, property...

Avanti pays $181M for apartment building near Brightline’s MiamiCentral

From left: Estate Companies Jeffrey Ardizon, Avanti’s Christian Garner, and Estate Companies Robert Suris with Soleste Grand Central (Estate Companies, Avanti) The Estate Companies sold the Soleste Grand Central apartment building it developed near Brightline’s downtown Miami station for $181 million. Avanti Residential, a Denver-based investor and owner-operator of multifamily real estate, bought the...

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