Mast Capital & AEW Sell 342-unit Apartment Building in Miami River District

Mast Capital and AEW Capital Management have completed the sale of Remi on the River, a 342-unit luxury apartment community along the Miami River, to Valeris Capital. CBRE’s Robert Given, Troy Ballard, and Michael Mulkern advised on the sale. The transaction highlights continued investor demand for well-located multifamily assets in Miami’s growing urban core.

Delivered in 2024, Remi on the River is located at 999 NW 7th Street, minutes from Brickell, Downtown Miami, and the Miami Health District. The waterfront property spans more than 400 feet of river frontage and offers a mix of studios, one-, two- and three-bedroom units ranging from 465 to 1,334 square feet.

Residences feature European-style kitchens with stainless-steel appliances, select units with built-in wine refrigerators, and expansive views of the river and city skyline. Amenities include a resort-style pool, aqua lounge, fitness center, coworking lounge, clubroom, and access-controlled parking. The project was designed by Corwil Architects.

“The sale of Remi on the River underscores the property’s exceptional lease-up performance, the quality of its design and amenities, and the growing appeal of the Miami River District as a premier destination for waterfront living,” said Camilo Miguel Jr., CEO and Founder of Mast Capital.

The Miami River has emerged as one of the city’s most dynamic residential and mixed-use submarkets. Stretching 5.5 miles through the city, the river corridor is home to commercial cargo operations, boating activity, and a growing number of lifestyle and residential developments.

Remi on the River’s location places residents within reach of Miami’s cultural institutions, including the History Miami Museum, Miami Children’s Museum, and Museum of Graffiti, as well as nearby retail and dining in Brickell, Wynwood, Midtown, and Miami Beach.

For Mast Capital, the deal reflects the firm’s broader strategy of investing in transformative projects across Miami. “This project reflects our commitment to investing in the continued revitalization of this vibrant neighborhood,” Miguel added.

Berkadia Secures $57M Bridge Loan for Midtown Capital Partners’ Lake Worth Apartment Project

Berkadia has arranged a $57 million bridge loan to refinance the construction debt on Astor Sound at Lake Worth, a new 230-unit multifamily community in Palm Beach County that is nearing completion.

The financing team included Senior Managing Director Mitch Sinberg, Managing Directors Scott Wadler, Brad Williamson, and Matt Robbins, along with Vice President Patrick Johnson. The loan was secured on behalf of the sponsor, Midtown Capital Partners, a Miami-based real estate investment advisor, operator, and developer with a portfolio spanning the U.S. and Spain. Infinity Collective originated the two-year loan, which includes an option for a six-month extension. The transaction closed on September 19.

Located at 2201 Tenth Avenue North, Astor Sound is designed as a garden-style community with four residential buildings ranging from two to five stories, along with a clubhouse on a 6.5-acre site. The property offers one-, two-, and three-bedroom floor plans sized between 715 and 1,160 square feet. Units feature chef-inspired kitchens with center islands, quartz countertops, luxury flooring, front-loading smart washers and dryers, and oversized walk-in closets.

Community amenities include a resort-style pool with pavilion and summer kitchen, fitness center, co-working lounge, coffee bar, game room, conference room, dog park and spa, and outdoor trails. The development is located minutes from downtown Lake Worth, with convenient access to I-95, Palm Beach State College, HCA Florida JFK Medical Center, and Palm Beach International Airport.

Founded in 2010, Midtown Capital Partners is an SEC-registered, vertically integrated real estate firm with offices in Miami, West Palm Beach, and Madrid. The company oversees more than $1 billion in assets across 22 investment vehicles, representing over 200 investors.

$94.5M Construction Loan Secured for Excel Miami in Arts & Entertainment District

Clearline Real Estate has secured $94.5 million in construction loans to advance the development of Excel Miami, a 24-story multifamily tower situated at 1550 NE Miami Place in the Arts & Entertainment District. This financing is crucial for the completion of the high-rise, which aims to offer modern urban living while embracing the artistic culture of downtown Miami.

The loan package is anchored by a $68.5 million senior construction loan from Centennial Bank, spearheaded by Jay Brito. In addition, Southern Realty Trust Inc. (SRT) provided a $26 million subordinate loan, arranged through an affiliate of the company.

Excel Miami is being developed by Clearline Real Estate, a New York- and Miami-based firm led by Jenny Bernell. Clearline specializes in multifamily real estate investments across emerging markets in the United States, focusing on projects that align with population and economic growth.

The tower, designed by Arquitectonica, is set to bring a contemporary and sophisticated architectural style to Miami’s multifamily housing landscape. Excel Miami Apartments will cover 214,183 rentable square feet and offer 427 residential units. The diverse lineup of living spaces includes studios, one- and two-bedroom apartments, and 13 unique townhouse lofts, catering to a wide range of lifestyles and preferences.

Residents of Excel Miami will have access to an impressive array of amenities housed on a dedicated floor with 18-foot ceilings. The amenity package includes a pool, a yoga deck, a fitness room, co-working spaces, a screening room, and podcast suites—providing a balanced blend of relaxation, wellness, and productivity.

Strategically located near the Metromover School Board Station, the tower promotes a transit-friendly lifestyle that appeals to professionals and urban dwellers seeking both convenience and connectivity in the heart of Miami. Excel Miami is poised to elevate the standard for multifamily living, offering residents a seamless blend of modern design and accessibility to the city’s dynamic cultural scene.

Aztec Group Facilitates $55.6 Million Financing for Arcadia Gardens in Palm Beach Gardens

Aztec Group, a prominent real estate investment and merchant banking firm serving Florida for four decades, has announced its successful arrangement of $55.6 million in bridge financing for Arcadia Gardens, located in Palm Beach Gardens, Florida. This luxury age-restricted rental apartment community, encompassing 220 units across 10.64 acres, represents a significant investment in senior living infrastructure.

Developed in 2021, Arcadia Gardens offers residents a premium living experience coupled with a comprehensive amenity package. The centerpiece is its 15,210-square-foot clubhouse, featuring a plethora of amenities such as a fitness center, salon, movie theatre, and various sports courts including pickleball, bocce, and croquet. The community also boasts a pool, spa, walking trail, community garden, and full onsite dining facilities, ensuring residents have access to everything they need for a fulfilling lifestyle.

Strategically located in Palm Beach Gardens, Arcadia Gardens offers residents the convenience of easy access to over 2.9 million square feet of retail space within a one-mile radius. The proximity to The Gardens Mall, a renowned upscale shopping destination, further enhances the appeal of this vibrant community.

The project is managed by affiliates of the United Group of Companies based in Troy, NY, and Sina Companies of Palm Beach Gardens, FL. The United Group of Companies brings over 50 years of industry expertise to the management of Arcadia Gardens, further ensuring the success and quality of the development.

The financing for Arcadia Gardens was secured through MetLife and provides favorable terms, including full-term interest-only and a 36-month term. Peter Mekras, President of Aztec Group, emphasized the meticulous selection process, stating, “Aztec sourced multiple proposals for the financing of Arcadia Gardens and worked with the sponsors to select the capital source that could move quickly and understood the unique attributes of this age-restricted community.”

Aztec Group's success in arranging nearly $200 million in bridge financing in the first five months of 2024 underscores its expertise and commitment to facilitating transformative real estate projects.

Royal Palm Companies Secure $86 Million Financing for Tuscany Village

In a significant stride towards expanding quality residential options in Orlando, Royal Palm Companies led by Dan Kodsi and the Mattoni Group proudly announce the securing of an $86 million construction financing loan and the launch of Tuscany Village, a sprawling 420-unit multifamily complex set to enhance the Sanford area.

Strategically located at the southwest corner of State Road 46 and Upsala Road, Tuscany Village is poised to become a cornerstone community within Sanford, spanning 21 acres with seven four-story buildings. With construction slated to commence in the coming weeks and phased completion expected by 2026, the project is primed to transform the local residential landscape.

The acquisition of the development site at 4201 West First Street in June for $12.7 million laid the foundation for this ambitious venture. Financing for Tuscany Village has been secured through a partnership with City National Bank and Abanca USA, contributing $68 million in loans, and Origin Investments, providing $18 million in preferred equity. Notably, these financial arrangements feature floating interest rates without a rate cap, reflecting confidence in the project despite current economic uncertainties.

Royal Palm Companies, renowned for its innovative approach to real estate development since its inception in 1978, boasts a portfolio of $4.7 billion in developed, repositioned, and under-construction projects, including over 9,500 completed residential units. The collaboration with the Mattoni Group underscores the significance of Tuscany Village, leveraging their combined expertise to ensure the delivery of a top-tier residential community.

Despite challenges such as elevated interest rates, insurance premiums, and regional specifics like high concrete costs in South Florida, the decision to proceed with Tuscany Village reflects the unwavering commitment of Royal Palm and Mattoni Group to innovation, quality, and meeting the evolving needs of Florida's residents.

More than just a development project, Tuscany Village represents a future home for hundreds of families and individuals, meticulously designed to foster a vibrant and connected community. Royal Palm Companies and Mattoni Group are dedicated to bringing this vision to life, positively impacting the Sanford region and the broader Florida housing market.

Kastrati Group Acquires SLS Brickell Hotel For $55 Million In An Off-Market Cash Transaction

Brickell Miami, LLC, an affiliate of Constellation Hotel Holdings LTD, just sold the iconic SLS Brickell Hotel, a mixed-use hospitality development in the heart of Downtown Brickell, Miami located at 1300 S Miami Ave, in a $55 million in an off-market, cash transaction to an affiliate of the Albania based Kastrati Group. Miami based Broker Jordan Karp of Jordan Karp, LLC represented the Buyer in this off-market cash deal with the assistance of Disruptive Real Estate CEO Stefano Santoro. Jordan Karp also represented the Seller, Brickell Miami, LLC, an entity affiliated with Al Thanis, members of Qatar’s ruling royal family, in the deal. Sheikh Tamim bin Hamad Al Thani is the Emir of Qatar.

Situated on a premier corner lot, the 124 key Hotel and remaining 4,530 square foot ground floor Prime Restaurant/Retail space and associated hotel and restaurant FF&E within the 54-story mixed-use building was purchased by 1300 Brickell Miami, LLC, a Florida limited liability company, which is controlled by Kastrati Group, an Albanian privately-owned group of companies employing over 5000 people established in 1991 by Mr. Shefqet Kastrati and mainly recognized as the leading Albanian retail and wholesale trader of hydrocarbon products. Kastrati successfully operates in other industries, such as: insurance, construction, real estate development, infrastructure development, tourism, hospitality, automotive distribution, retail. After signing management contracts with Hyatt and Hilton in Albania, Kastrati Group purchased the first property in the United States and is looking to further expand its portfolio.

Charlie Ratner, Esq. of Miami Beach based Charles Ratner. P.A., whose grandfather built the iconic Clevelander Hotel in Miami Beach and whose uncle Nat Ratner brokered the original sale of nearby Fisher Island in the 1950’s, represented the Buyer as Real Estate counsel in the complex purchase.

Situated in the center of Brickell’s fast-paced urban environment, the SLS Brickell Hotel is surrounded by a plethora of high-rise condominiums, Class A office buildings, sophisticated retail, and dining options. As a thriving residential and commercial district, the bustling business hub is a magnet for high foot traffic and is recognized as the second-largest international banking hub in the country.

The Related Group and Dakota Development developed the SLS Brickell Miami property in 2016 and sold the SLS Brickell Hotel component in 2019 for $43 million. The asset boasts nearly 58,000 square feet of indoor and outdoor event space, two fully-built ground-floor restaurants, three bars/lounges, a rooftop pool terrace, two ballrooms, various meeting spaces, a fitness-center and the Ciel Spa. Designed by Philippe Starck and Arquitectonica, the hotel traded in this deal occupies the first nine floors of the SLS Tower, with common areas and 453 residential condominium units above. Fi’lia Restaurant currently occupies the 4,530 square-feet of ground floor retail which also traded in the current sale. Jordan Karp also arranged the recent off-market sale by Brickell Miami LLC to Black Lion’s Robert Rivani of the adjacent 7,182 square-foot commercial restaurant space in the project, formerly occupied by celebrity chef Jose Andres’ Bazaar Mar for $10 million in April 2023, and slated for a new restaurant concept.

In 2022, U.S. hotels saw approximately $44.9 billion of investment. Gross hotel revenue increased by 29% in Miami-Dade County in 2022, according to the Greater Miami Convention and Visitors Bureau. With record-high visitor growth and more than 17.1 million hotel room nights sold in 2022, SLS Brickell Hotel’s landmark transaction reinforces the region’s appeal to investors and strengthens its reputation as a premier destination for business and leisure travel.

Images via Disruptive Real Estate and Jordan Karp LLC

"Siesta Key" MTV Star Sam Logan Buys Miami Beach Waterfront Mansion For $13 Million

MTV reality star Sam Logan of “Siesta Key” has acquired Villa Una, a Kobi Karp-designed waterfront mansion in Miami Beach for $13 million in an all cash deal. The new construction 5,600 SF home located 1485 Cleveland Rd. in Miami Beach offers 6 bedrooms and 6.5-baths on 0.26 acre lot. Jordan Karp of Jordan Karp LLC represented the buyer, Logan, while Pier Paolo Visconti and Claudia Llanes of Douglas Elliman represented the sellers.

The tropical modern home features striking Italian craftsmanship and was finished completely custom with the finest materials including custom millwork doors, French white oak floors and formal living spaces with exquisite details throughout. The indoor-outdoor paradise features incredible waterfront views from every room with majestic sunsets. Villa Una also features a custom Italian chefs kitchen, home office, elevator, gym, media room and a 1,000 SF master suite with an oversized closet. The home is fully automated with Crestron/Lutron and state-of-the-art technology throughout including a Tesla charger. Outside features a pool and 75’ of waterfront on Biscayne Bay with no fixed bridges to the Haulover inlet for ocean access.

Images via Kobi Karp Architects & Interior Design

Torose Equities, LNDMRK Development and Terranova Corporation Acquire 255 Alhambra Class-A Office In Coral Gables

A partnership among Miami-based real estate investment firms Torose Equities, Lndmrk Development and Terranova Corporation has acquired 255 Alhambra, an approximately 220,000-square-foot Class A office building in downtown Coral Gables. The acquisition gives the JV access to one of Miami’s most sought-after office submarkets.

255 Alhambra, located on 1.3 acres on Alhambra Circle, offers top-notch amenities, including floor-to-ceiling windows, a newly renovated lobby and proximity to Coral Gables’ best restaurants and entertainment. The seller was an affiliate of Deutsche Bank/RREEF. The JV partners plan to further amenitize the property, building on the recent improvements and capitalizing on the demand for Class A office space in Coral Gables.

“It is rare to find an institutional-grade property like this strategically located in a high-barrier-to-entry submarket with so much upside potential,” said Scott Sherman, founder and principal of Torose Equities. “This property is positioned to generate strong returns with stable in-place cash flow. Our contrarian approach of buying office and retail spaces when everybody is being extremely cautious has once again enabled us to find strong value in an asset class and market we’re very bullish on.”

The JV partners expect to see strong demand for office space in Coral Gables in the coming months and years, as leases in more expensive office submarkets begin to expire. Rental rates in markets like Brickell, downtown Miami and Coconut Grove have increased significantly since the onset of the pandemic, making lease renewals unaffordable to some companies. Case in point: between Brickell and downtown Miami, approximately 1.9 million square feet of tenant leases are scheduled to expire over the next four years. On top of that, companies from outside the region continue to move to Miami in pursuit of a more business-friendly environment. The influx of tenants seeking to take advantage of Coral Gables’ discounted rents will, in turn, fuel rents in 255 Alhambra.

“Terranova has long seen the growth potential for Coral Gables, and we are thrilled to continue to invest in the community through the office building acquisition at 255 Alhambra Circle,” said Stephen Bittel, founder and chairman of Terranova Corporation. “We enjoy working alongside the Torose Equities team and aligning on our understanding that Coral Gables is in the midst of an incredible commercial and office real estate boom. The area offers companies a holistic business and lifestyle opportunity which serves as an extremely attractive alternate to traditional hot commercial real estate markets like Brickell and Downtown Miami.”

As the largest property owner along Miracle Mile, Terranova has a strong, active presence in Coral Gables. The company’s retail expertise will play a significant role in bringing top retail tenants to activate the building’s ground-floor retail space.

Together, Torose, Lndmrk and Terranova will execute the business plan for 255 Alhambra. The JV will leverage its extensive experience in leasing and operating office assets to lease up the existing vacancy and upgrade the building amenities.

"Coral Gables is a market with a great deal of untapped potential, and this acquisition is a tremendous opportunity for the partnership," said Alex Karakhanian, founder and principal of LNDMRK Development. "I look forward to continuing to grow our relationship with Torose and Terranova as we explore other opportunities for acquisition and repositioning in this bourgeoning submarket.”

Downtown Coral Gables is one of South Florida’s most pedestrian-friendly neighborhoods with the ideal environment to live, work, eat and shop all in one place. 255 Alhambra is a block away from Giralda Avenue, home to “Restaurant Row” with 22 food and beverage establishments all concentrated in the portion of the street closed to traffic. The building is also about four blocks north of Miracle Mile, a premiere destination for shopping, dining, and entertainment.

This acquisition comes shortly after Torose’s first office acquisition of 6302 Corporate Center in partnership with Merrimac Ventures in Tampa and its recap of a 300,000-square-foot office building in Midtown Atlanta, called The Peachtree, with Banyan Street Capital. Torose remains bullish on select office and retail markets as it continues to employ its contrarian approach to investing.

Images via Torose Equities

Alex Karakhanian Sells MiMo Commercial Building On Biscayne Blvd For $6 Million

Alex Karakhanian of LNDMRK Development has sold a trophy commercial building in Miami’s MiMo District fronting Biscayne Blvd for $6 Million. The adaptive-reuse property was sold completely vacant and without any TDRs or TDDs, which are in contract to be sold to a developer. The building, which is located at 6654 Biscayne Blvd, spans 10,500 SF on a 19,200 SF lot which is zoned T5-O/T5-L - T5-O: 13,200 SF +/- T5-L: 6,000 SF +/-. The transaction was brokered by Lyle Chariff and Mauricio Zapata of Chariff Realty Group.

Karakhanian, who owns several other properties in the area and has sold others, has long been invested in the growth of the MiMo neighborhood. He initially purchased 6654 Biscayne Blvd, which was previously the Center for Independent Living of South Florida, for $4.6 million in 2016 before renovating the property into office / retail.

Image via Chariff Realty Group

Music Mogul Rick Ross Closes On 37 Star Island For $35 Million

Music mogul and rap superstar Rick Ross has officially closed on 37 Star Island Drive for $35 million. Ross says the purchase was "a major piece to the puzzle" in building his already robust real estate portfolio. 37 Star Island Drive is a 12,374 square foot, 6 bedroom home situated on a manicured 40,000-square foot lot with 100-feet of waterfront on Miami Beach’s exclusive and ritzy Star Island.

Jill Eber, Jill Hertzberg, Felise Eber, and Fabio Lopes of The Jills Zeder Group represented the seller, Yale R. Brown, the president of IMS Ventures and the managing partner of Columbus Ventures. Kimberly Knausz with ONE Sotheby's International Realty and Ross’ sister Tawanda Roberts, a real estate agent with Florida Realty of Miami, represented the buyer, Rick Ross, a rapper and record executive.

“He instantly fell in love with the grand entry, it has a very long driveway stretching towards the mansion that creates an air of real luxury. The architecture also played a part as it’s far beyond the ordinary modern home and he plans to enhance it to reflect his personal style,” said Knausz.

The gated Star Island has long been one of the most desirable neighborhoods in Miami, just across the MacArthur Causeway from the entrance to Fisher Island and Miami Beach’s South of Fifth neighborhood. Star Island is a man-made island in the middle of Biscayne Bay and located in the city of Miami Beach. The island was built by the Army Corps of Engineers in 1922 as part of a dredging project and was developed by Carl Fisher into an island for the rich and famous. The island is now home to celebrities and billionaires such as Gloria and Emilio Estefan, Philip Frost, Sean ‘Diddy’ Combs, Alex Rodriguez, Stuart Miller and Vladislav Doronin.

In March 2023 PROFILEmiami reported that Star Island had emerged as the leader among the most expensive neighborhoods in the United States, leading Port Royal in Naples, FL and Beverly Hill’s Beverly Hills Gateway and Trousdale Estates, according to sales data from Zillow Group Inc. The average home sale on the ritzy island in 2022 traded for $40.2 million, up $16.7 million and 71% from 2019 when the average home sale on the island was $23.5 million.

Over the past several years hedge fund heavyweight Ken Griffin, founder Citadel, has purchased an assemblage of five properties on the island for a combined $170 million. In 2018 Lennar Executive Chairman Stuart Miller acquired Thomas Kramer's former 4 and 5 Star Island Drive for $33 million and also developed an ultra-luxury spec home at 22 Star Island with Todd Michael Glaser which was designed by DOMO Design and sold for $49.5 million in an off-market deal overseen by David Solomon and David Miller in 2020.

37 Star Island Drive features a 12,374 square foot residence is situated on a manicured 40,000 square foot lot, featuring 100 feet of water frontage facing Biscayne Bay and offers direct bay and ocean access. The home spans six bedrooms plus an office space, eight full bathrooms and one-half bathroom. Elegant design and linear architectural details are featured throughout the home, plus custom millwork and use of rich woods, octagon-shaped ceiling accents with custom lighting, and oversized “Plaza Deck” terraces.

This impressive entry foyer greets with soaring 30-foot ceilings with a rotunda ceiling accent, while surrounding glass walls encase the foyer appearing to bring the outside water feature into the home. A custom hand-crafted winding mahogany-travertine staircase leads to a second-floor landing and seating area that overlooks the living room below and provides direct views to the pool and bay.

The oversized formal living room also features 30-foot ceilings, floor-to-ceiling windows streaming natural light, a custom-built fireplace with mahogany and burled wood accents, and direct access to a covered terrace with views to the pool and bay.

The chef’s kitchen offers granite countertops, a cooking and prep center island, top-of-the-line appliances and a large food pantry. A large butler’s pantry, a separate breakfast room and a spacious private dining room are adjacent to the kitchen.

Also on the first floor is an expansive entertainment/media room, an office den with rich mahogany paneled walls and beautiful custom detailed millwork, staff quarters with full bathroom, and full laundry room. There is three-phase power and a back stairwell/elevator shaft provisioned to add an interior elevator.

The spacious, first-floor principal suite features floor-to-ceiling windows with direct bay views and access to the pool deck, remote controlled black out/hurricane shutters, midnight wet bar, and spacious dual walk-in closets with custom built-ins. The gentlemen’s bathroom features travertine marble floors, a mahogany wood vanity and a large shared walk-in rain shower with steam that can be accessed from either side; the ladies’ bathroom boasts large slab marble floors, a bird’s eye maple vanity and mirror with inset lighting, mirrored ceiling and a Jacuzzi sunken spa tub.

On the second floor are four spacious guest suites, each featuring a full en-suite bathroom, high ceilings, walk-in closets and oversized “Plaza Deck” terraces. Two are east-facing and overlook the pool deck with direct views to the bay and South Beach; two are west-facing and overlook the front of the home and Downtown Miami.

Outdoor highlights include a large, covered terrace with al fresco dining tables leading to the pool; large heated pool featuring an automated pool cleaning system; covered summer kitchen/bar with TV, sink, BBQ; fountain, and Jacuzzi, surrounded by lush palms, tropical flowers, plants, and a Japanese Zen garden. A full cabana bathroom is located next to the pool. A private 40-foot dock with an electric and water pedestal can accommodate a large vessel.

Images via The Jills Zeder Group /1 Oak Studios