Inside the PROFILE South Florida Capital Markets Summit at E11EVEN Residences Miami

On Wednesday February 7, 2024 PROFILEmiami hosted its inaugural, sold-out South Florida Capital Markets Summit at the E11EVEN Residences Beyond sales gallery in Downtown Miami’s fast growing District 11 and Miami Worldcenter. The luxurious event featured PROFILEmiami’s highly regarded Bespoke Networking powered by E11EVEN Vodka and an engaging panel exploring the current state and future of how real estate in Miami is valued, financed, and transacted with South Florida’s top real estate and finance executives. The exclusive panel featured industry leading developers Dan Kodsi of Royal Palm Companies, Juan Pedro San Martin of Merrimac Ventures and financiers Raul Llanes of City National Bank, Michael May of Silverstein Capital and Justin Oates of Cain International; moderated by Matt Einheber of TitleEQ.

Panelists had a comprehensive discussion about the current capital stack in commercial real estate deals and explored strategies that sponsors can employ to optimize their capital structure. The discussion also delved into the market's underwriting standards and loan-to-value ratios, uncovering their influence on loan approvals; as well as a spectrum of financing options, from debt and equity to mezzanine financing and EB-5, and grasp typical terms offered. The industry leading panelist also shared stories about their past experiences and how they navigated their careers to get to where they are today.

Part of PROFILEmiami’s highly-regarded PROFILEconnect bespoke networking event series, the event brings together Miami’s real estate industry and business professionals to network and connect outside of a traditional business setting. Guests enjoyed E11EVEN Vodka and an open bar powered by Title EQ as well as Zeroe Plant Based Caviar.

Inside PROFILE Collectors Club: The Evolution of Hypercars Event at Prestige Imports

On January 25, PROFILEmiami and Prestige Imports hosted the sold-out PROFILE Collector’s Club: Evolution of Hypercars event at the Prestige Imports flagship dealership featuring some of the most well-known names in South Florida’s car industry. Attendees came out in record numbers to hear from Brett David (Prestige Imports), John Temerian (Curated), Gil Dezer (Dezer Development) and Avery Andon (Art Life) as they discussed car collecting trends, the history behind unique car brands, which are the most coveted vintage and modern collectors cars, how they have curated their personal collections and stories about how they acquired some of the rarest and most elusive automobiles. The lavish Bespoke Networking cocktail was held amongst a custom curated collection of vintage to modern hypercars featuring a two Gunther Werks including the Turbo Touring Edition, several Pagani hypercars including Utopia, Huayra and Zonda models, a Hennessey Venom F5, two SLR McLaren Roadsters, a Bugatti Veyron and Gil Dezer’s personal Bugatti Chiron.

In addition to the engaging panel, Prestige Imports, Curated and Gil Dezer presented a custom curated collection of coveted vintage and modern hypercars were from brands such as Gunther Werks, Bugatti, Pagani, Ferrari, McClaren and Lamborghini; guests got to try on and view a custom curated collection of over 60+ rare timepieces including watches by Patek Philippe, Audemars Piguet, Richard Mille and Rolex, presented by Timepiece Trading; a custom curated art installation presented by celebrity art dealer Avery Andon of ArtLife featuring works by Andy Warhol, Keith Haring, Jeff Koons and Alec Monopoly; jewelry by Susan Blake, lab-grown diamonds by Novo Diamond Lab; clothing and accessories from Blu Scarpa.

The high-energy Bespoke Networking atmosphere was powered with sounds by Miami-based DJ DAKAP with light bites by Pura Vida and Zeroe Plant Based Caviar and drinks by E11EVEN Vodka, Bennati Wine, VIP Hard Seltzer and KOPU Water.

Watch the full panel live on YouTube:

BAZAAR FOR GOOD ANNUAL LUXURY SHOPPING EVENT RETURNS AT MIAMI DESIGN DISTRICT

The Bazaar for Good is back for its 4th year in the Miami Design District on May 19, consisting of a shopping experience at great prices, and inspiring conversations led by Valeria Lipovetsky, all while supporting a great cause. Coming off of their most successful Bazaar for Good to date, raising over $420,000 at the event last year, they are partnering with one of Miami’s most beloved local nonprofit organizations, Style Saves, to raise funds for their annual back-to-school event that provides uniforms and school supplies for over 10,000 students in South Florida. On May 8 they will launch their online charity auction through BetterWorld, featuring a variety of experiences and luxury items. In addition to Style Saves, proceeds raised from the event and silent auction will benefit several other global charities including several in Brazil supported by Camila Coehlo, Goleadoras, and Unidos To Give.

The shopping event will take place in the Miami Design District (35 NE 40th Street) from 9 am -  Featured brands including Alexis, Alice & Olivia, Devon Windsor Collection, DKNY, Eugenia Fernandez, Illesteva, Lancôme, Miansai, Mola Mola, Nua Swim, Theodora & Callum, Veronica Beard, Ximena Kavalekas, a selection of luxury goods from CURIO at Faena Bazaar, and many more.  

Founded in 2018 by Martha Graeff and Danie Gomez-Ortigoza, the Bazaar For Good is a shopping experience that brings the community together to do good. Composed of more than 30 women from different disciplines and countries with a strong social media presence, they are committed to using the power of social media to create meaningful change while supporting underserved communities and organizations globally. The pair partnered with Style Saves co-founders Isabela Grutman Rangel and Rachael Russell Saiger to join forces for the largest event to date.

“Martha and I are thrilled that the Bazaar For Good continues to grow every year, and are looking forward to this partnership with Style Saves”, says Danié Gomez-Ortigoza, co-founder of Bazaar For Good. “The Bazaar For Good is the greatest braid of all and materializes the power of the collective vs the individual, and shows what an impact we can have on the community when we all come together for the greater good.”

VIP ticket Talks For Good led by Valeria Lipovetsky from 11 am - 1 pm will cover the topics such as:

• Social Media and Social Impact with Camila Coelho

• Entrepreneurship and redefining success and hustle with Kim Perell

• The Paradox of Balance and Motherhood with Martha, Danie, Rachael and Isabela

Purchase of tickets for the shopping events allows access to the talks within the timeframe of the ticket purchased. In addition to the shopping event and guided conversations, guests will get access to a beauty station by Skin Local and Lancôme, sponsored bars and cocktails from Tito’s Vodka and Casa Del Sol. 

For those unable to attend the shopping event, the silent auction through BetterWorld launches on May 8, giving people in Miami and around the world the opportunity to bid on luxury items and experiences from brands including Artesano, Major Food Group, Carillon Hotel Miami, Frost Science Museum, Jetset Pilates, Groot Hospitality, The Ritz Carlton, The Cure IV, The Standard Hotel & Spa, and many more. 

Tickets for the Bazaar For Good shopping event are available through www.stylesaves.org and the auction is live on BetterWorld and accessible through (https://dashboard.betterworld.org/).

The Bazaar for Good is made possible by sponsors including Bentley, Lancome, Dora Puig, Casa Del Sol, Miami Design District, Skin Local, BHG Financial, and Tito’s Vodka. 

PROFILEconnect: The Evolution Of Downtown Miami Into A Global Cultural & Business Hub

PROFILEmiami and Royal Palm Companies are pleased to present the next installment of PROFILEmiami’s highly-anticipated PROFILEconnect bespoke networking event series. PROFILE has teamed up with PARAMOUNT Miami Worldcenter, Royal Palm Companies, PMG and E11EVEN Partners to host an evening soirée of networking and cocktails, while hearing from the top developers transforming Downtown Miami into a global cultural and business hub.

Enjoy signature cocktails by E11EVEN Vodka with light bites by Pura Vida on the largest amenity decks in America overlooking the fast rising Downtown Miami before heading into the Jam Room to hear an engaging panel discussing the evolution of one of the fastest growing neighborhoods. The relaxed and open setting provides an amazing opportunity to network with Miami’s top industry leaders and market makers, highlighted by Keynote Speakers Dan Kodsi, the developer of PARAMOUNT Miami Worldcenter, Dan Kaplan, the developer of Waldorf Astoria Hotel & Residences Miami and E11EVN Hotel & Residences Miami, Michael Simkins, also developer of E11EVEN Hotel & Residences and a partner at E11EVEN Partners; moderated by legendary architect Kobi Karp.

PROFILEconnect brings together Miami’s real estate industry and business professionals to network and connect outside of a business setting. PROFILEconnect is attended by Miami’s top investors, developers, business professionals, brokers, financiers, architects and designers. Guests will have the opportunity to network and share their experiences in South Florida through thoughtful discourse, while forging new relationships with industry leaders.

Space is limited due to venue constraints, so buy your tickets soon before they sell out.

Who Should Attend: Developers, Investors, Brokers, Lenders, Architects, Lawyers, Designers, Wealth Managers, Financial Planners, CPAs and other Business Professionals.

Date: November 15, 2022 | 6 - 9 PM

Where: Jam Room at PARAMOUNT Miami Worldcenter, 851 NE 1st Ave, Miami, FL 33132

Tickets: $125 [Tickets will be $150 at the door]

Panelists:

• Dan Kodsi, CEO of Royal Palm Companies

• Dan Kaplan, Managing Partner of PMG

• Michael Simkins, E11EVEN Partners

• Moderator: Kobi Karp, Kobi Karp Architecture & Interior Design

SPEAKERS

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Hosts & Sponsors

Hosts:

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EVENT SPONSORSHIP

Would your brand like to generate exposure and connect directly with the attendees at PROFILEconnect? PROFILEmiami provides the opportunity via a selection of Sponsorship Packages. Contact us today to inquire about Sponsorship Opportunities.

You can find more information on event sponsorship here:

Why Rent Strikes Are Bad for Everyone and What’s Going to be Done about Unemployment?

Since thousands of businesses were deemed non-essential and forced to shut their doors, reemployment assistance claims over the last six weeks have surpassed two million in South Florida. With a tourism-dependent economy plus an older population, Florida is more vulnerable to economic shock, which is why it is one of the top five states with the highest number of claims. The longer the standstill goes on, the worse the economic fallout will be. 

As May rents come due and unemployment rates continue to jump, providing assistance to households should be a top priority for policymakers. The prospect of a rent strike has been trending in the news and on social media, but a voluntary movement to skip rent payments could destabilize not only the housing market, but the American economy as well. How many months of working capital do small businesses have to stay afloat, in order for those furloughed and laid off employees to have jobs to return to after nationwide and state stay-at-home orders are eased and how will South Florida’s real estate market fare in the coming months? 

May Day: May 1st Is Here

Multifamily landlords were pleasantly surprised with April collections. In an exclusive webinar interview hosted by PROFILE last week, President of Tate Capital, James Tate, who has over $1B assets under management, told us “We’re 90% collected,” talking about his 10,000+ door multifamily portfolio. Now it’s May 1st and everyone is wondering what May rent collections will be. “May 1st will be a good deciding point to see how many people default,” added Allen Morris, Chairman and CEO of the Allen Morris Companies.  

Morris said his April multifamily rent collections were at 95%. He’s opening two new apartment buildings in Orlando this summer and is taking a proactive leasing approach. “People are signing leases, assuming the University of Central Florida is holding its fall semester. We’re giving tenants a guarantee in their lease. If they delay opening the university, we will delay rent until school opens.” Offering tenants flexibility gives them the security to sign leases now and is helping to forge a positive landlord-tenant relationship that will be dependent on open communication, should issues with payment arise in the future. 

Trending: Socialist Whispers

With talks of rent strikes sweeping the country, landlords have been portrayed as vultures preying on the pockets of financially insecure tenants, when they remain responsible for property taxes and other carrying costs that help pay for public improvements, education and other municipality benefits. Diligent landlords are communicating with their tenants and weeding out those who are taking advantage of the public health crisis, says Shahab Karmely, CEO of KAR Properties. Those who can, should pay rent to support the services their communities need. Those directing their frustrations toward landlords may have valid concerns: with the economy shut down by government-mandated order, how are people supposed to pay bills and keep businesses running?  

In New York, politicians pushing socialist rhetoric and big government reach such as Alexandria Ocasio Cortez have called for rent strikes and rent cancellations. Movements in New York City even claim to have “identified” landlords who can take a “shave”. Lack of payment means that owners will not be able to stay in business and manage the building to the tenant’s expectations, including paying for things like common area maintenance (think: how much does it cost for a cleaning crew to wipe down all public surfaces in a building multiple times a day). Landlords also pay property tax, insurance, debt service, management fees and capital expenditures for improvements. 

Most commercial real estate investments are made by an owner contributing an equity portion to a project, but a majority of the total costs are funded through debt that is usually collateralized by the asset (if it’s senior debt). Typical sources of debt include pension and life insurance funds, which could be the life savings of either a tenant or a landlord. When landlords are unable to meet their debt obligations, the cascading effects don’t stop at their coffers, but trickle down to all Americans. Not making rent payments could derail future opportunities for many, including someone’s retirement age. 

Karmely added “The real pandemic to hit New York City multifamily was the legislature that strangled the landlords in this business,” which will continue to make Florida’s real estate investment climate more attractive. Multifamily product in New York City has been trading between 3-5% cap rate, depending on the neighborhood. The low trading cap rates for core product has made some investors nervous about paying such a premium for an asset that the New York government has so much control over. 

Another risk for New York investors is that South Florida’s pricing for comparative rental and condo inventory is cheaper than it’s NYC counterpart, while providing higher quality-of-life with more space and building amenities. From an investment perspective, it is also easier to manage assets in Florida where there is no government-enforced rent control, rent stabilization, or near-impossible eviction procedures for delinquent tenants.

Opportunities on the Horizon

The cure to the virus is causing an economic calamity that is hitting everybody and everything, which means opportunities will be on the horizon three to four months from now when property owners' cash reserves run dry, especially for retail and restaurant real estate assets. 

Many have posited, is the cure worse than the virus? How long can residential and commercial tenants pay their rent amid an economic shutdown? Will we be able to produce our way out of a recession with unemployment in the double digits? Likely not - Uncle Sam will be waiting in the shadows with hand outstretched to collect his dues. As we all sit on the sidelines, awaiting our fates, the solution appears to be a function of time. 

“My biggest concern is that we were hit with an 11 magnitude earthquake, and we all got knocked down. Unfortunately, after a major earthquake in coastal areas there is a tsunami. My concern is how are these small businesses supposed to remain open and sustain themselves for the next six to eight months unless something material is done by the federal government? Who’s going to hire those 30 million unemployed people back? If you ask me why I can’t sleep at night, that’s what I’m really concerned about,” opined Tate to cheers of “Jimmy Tate for President!” 

-- Special reporting by the PROFILEmiami Team. Isabella Zimmermann, Katya Demina and Demetri Demascus contributed to this article.

PEOPLE TO WATCH: Meet Our Panelist Ryan Shear, Managing Partner of PMG

Join us on March 5th at X Miami for People to Watch: Leaders in South Florida Real Estate, where Ryan Shear will be discussing how PMG stays innovative with creative housing solutions, how declining ownership is affecting the multifamily market and how he plans to build projects that will withstand the tests of time.

The developer currently has more than 5,000 units in the pipeline, including their largest multi-family project to date with over 900 beds. In December, PMG announced their latest concept, Society, the natural evolution of X Social Communities, as a response to the insatiable demand for attainably-priced, downtown rental communities. The new brand will debut with downtown mega-projects Society Las Olas (formerly X Las Olas) in Fort Lauderdale, Society Biscayne (formerly 400 Biscayne Boulevard) and Society Wynwood in Miami. 

Society is aimed at a broader demographic, unlike X, which is geared towards millennial. Only about 30% of Society buildings will be dedicated to co-living options, as opposed to 35% - 40% in X buildings.

Co-living has been an enticing model for residents, investors and developers alike, as urban cores continue to become saturated and the demand for housing skyrockets. Following the success of X Miami, the fastest building in Downtown Miami to lease up, PMG took lessons they learned from X Social Communities and augmented them. Society will focus more on community inclusivity and expanding their finish and furnish options, while also adding to the immersive and experiential aspects of the building.

As a managing partner of PMG, Shear is responsible for general company operations, vision and growth. For nearly 15 years, Shear has played an instrumental role in the company’s success in Miami and beyond. He currently manages a growing portfolio of over $4 billion in real estate assets across the country. Completed condo projects spearheaded by Shear include Echo Aventura, Echo Brickell and Muse Residences in Sunny Isles. In 2018, Shear announced PMG will be bringing The Waldorf Astoria Residences to Miami in 2020.

The group recently opened X Miami, a 464-unit multifamily social community pioneering the “Rent By Bedroom” model for Class A luxury apartments in the urban core, which became the fastest building to lease in Downtown Miami. PMG will continue to expand this multifamily model nationally under Shear's direction. A native of Miami’s Coconut Grove and alumnus of Emory University's Goizueta School of Business, Shear lives in Brickell with his dog Larry and enjoys pico de gallo with every meal.

Hear from Ryan on March 5th at People to Watch: Leaders in South Florida Real Estate. Get your tickets below.

Event Page: http://profilemiamire.com/profilemiami-presents-people-to-watch-leaders-in-south-florida-real-estate-x-miami

By Katya Demina

Inside The PROFILEmiami Fall Real Estate Showcase & Forum 2018

PROFILEmiami, Miami's leading real estate news platform, hosted its first annual PROFILEmiami Fall Real Estate Showcase & Forum on November 13, 2018. The evening was filled with education and networking, bringing together Miami’s local real estate leaders: top architects, brokers, developers, investors, real estate professionals, luminaries and government officials. The forum featured four informative topic panels including Miami’s Private Use of Public Land, Opportunity Zones, Sustainable Development as well as The Tokenization of Real Estate.

“We choose topics to explore that are having a major effect on Miami real estate today,” said Demetri Demascus, Founder & Publisher of PROFILEmiami. “Our goal is to provide an atmosphere of education where the general public and real estate professionals can learn from some of the leaders in their field as well as have the opportunity to connect with them in person.”

Our panelists for Miami’s Private Use of Public Land featured John Greco, Deputy City Attorney - City of Miami, and Xavier E. Albán, Assistant City Attorney - City of Miami, who explored the process that the city, state and county take when it comes to private developers approaching them about operating on public land.

An Exploration Into Opportunity Zones featured Thomas Volpe, CEO of Sikari Fund, Sheri Colas-Gervais of the Beacon Council, and Miguel Pinto, President & Managing Broker of Apex Capital Realty. The panel introduced the economic incentives of investing in Opportunity Zones in Miami and how to find opportunity zone properties and the tax advantages.

The Sustainable Development panel brought together Jon Cardello, Vice President at Stantec, Martin Pinilla, Managing Partner of Barlington Group, and Jeremy Waks of Oak Ventures and developer of Arbor Coconut Grove, to explore sustainable technologies and design in Miami real estate.

The evening capped off with The Tokenization of Real Estate, which brought together Kim Prior of Shutts & Bowen, Peter Debs of Bitfinance, and Jorge Guerra, President of Miami Association of Realtors; together they explored how tokenizing real estate assets can make access to capital and equity easier, while unlocking secondary liquidity and value for investors. The panels were moderated by Demetri Demascus, Founder & Publisher of PROFILEmiami as well as Katya Demina, Editor of PROFILEmiami.

Thank you to our partners Tesla, Apex Capital Realty, RealDax, BB Capital Group, Hallandale Beacon, Miami Design District, Game Day Skincare and our panelists.

1st Annual PROFILEmiami Fall Real Estate Showcase & Forum

PROFILEmiami, Miami's leading real estate news platform, presents our First Annual Fall Real Estate Showcase & Forum, bringing together South Florida’s top real estate leaders, professionals and local luminaries, curated to be the hottest, must attend industry event in the region. Mark your calendars for November 13, 2018 and join us in Miami Design District at Palm Court (Upstairs) from 4 PM - 9 PM for an afternoon programmed with panels, speakers, networking and a pre-Art Basel Cocktail Party. We will be exploring a selection of hot-topics including Miami’s Private Use of Public Land, Opportunity Zones and Blockchain/ The Tokenization of Real Estate.

Our 2018 events have featured a roster of key industry leaders in South Florida real estate as speakers including Edgardo DeFortuna (Fortune International Group), Steven Gretenstein (Dacra/ Miami Design District), Nir Shoshani (NR Investments/ CANVAS), David Polinksy (Fortis Design + Build), and Jeremy Calleros Gauger (Deputy Director of the Planning Department for the City of Miami), amongst others. We are finalizing our list of panelists for our Fall Real Estate Showcase & Forum so stay tuned for updates.

Where & When: November 13, 2018 | 4 PM - 9 PM | Palm Court (Upstairs) @ Miami Design District

Schedule:

• Miami’s Private Use of Public Land (4:15 PM - 5:00 PM)

• An Exploration Into Opportunity Zones (5:15 PM - 6:00 PM)

• Sustainable Development (6:15 PM - 7:00 PM)

• Blockchain's Application in Real Estate & The Tokenization of Real Estate (7:15 PM - 8:00 PM)

• Networking + Pre Art-Basel Cocktail Hour to Follow (8 PM - 9 PM)

Food & Drinks will be available via St. Roch Market

CLICK HERE TO BUY TICKETS

Click here if link above did not work: https://www.eventbrite.com/e/profilemiami-fall-real-estate-showcase-forum-2018-tickets-51834865478

Sponsors:

• PROFILEmiami

• Miami Design District

• Game Day Skincare

• St. Roch Market

Watch The Full Panel From PROFILEmiami's "State Of The Sunny Isles Real Estate Market Event"

Local leaders, luminaries and real estate professionals converged at The Ritz-Carlton Residences, Sunny Isles Beach sales gallery on May 2, 2018 for an in-depth discussion about the state of the Sunny Isles Beach real estate market. Fortune International Group and Château Group, developers of The Residences, hosted the panel in tandem with real estate news outlet PROFILEmiami, spotlighting important insights about the City and its continued growth. Attendees of the breakfast event were locked in discussion about the strong retail and development growth that has taken hold in Sunny Isles Beach, including an analysis of some of the major factors that have contributed to the area’s recent construction boom.    

Panelists:

• Edgardo Defortuna, President and CEO of Fortune International Group
• Dana Goldman - City of Sunny Isles Beach Vice Mayor  
• Jorge L. Guerra Jr., President of the Miami Association of Realtors
• Boris Kozolchyk, Colliers International Executive Vice President
• Moderated By: Demetri Demascus, Founder PROFILEmiami 

Watch the video above or: https://youtu.be/fzwuJXa1h_4

Watch the Coffee Hour: https://youtu.be/pIrPpWrSUu8

Check out the full gallery and get the inside scoop from PROFILEmiami Present's "The State of The Sunny Isles Real Estate Market Panel"

Watch the Full Panel From PROFILEmiami's Exploration into Miami's Art In Public Places Initiative

Real estate news platform PROFILEmiami hosted a thought-provoking symposium about Miami’s Art in Public Places program. Hosted on March 28, 2018, the special panel event, which took place in downtown Miami’s Arts + Entertainment District in the CANVAS condominium tower being developed NR Investments, put a spotlight on future development in the city and explored best practices for the ongoing incorporation of works of art in real estate projects. 

Panelists Featured:
- Jeremy Calleros Gauger, Deputy Director of the Planning Department for the City of Miami
- Steven Gretenstein, Dacra COO
- David Polinsky, Fortis Design + Build Principal
- Gary Ressler, TILIA Companies Principal  
- Nir Shoshani, NR Investments Principal and A+E Co-Founder
- Moderated by: Demetri Demascus, PROFILEmiami Publisher

Guests, who were treated to cocktails and hors d'oeuvres by PROFILEmiami, additionally had a question-and-answer session with the panelists, getting the opportunity to delve into important topics and gain insights regarding unique initiatives unfolding within the city.  Before the panel began, CANVAS and NR Investments also hosted hardhat tours of the property, showcasing several of the condominium building’s 170-foot interior wall murals – all of which are being painted by urban contemporary artists from around the world.

Watch above or: https://youtu.be/pU2om2b0wpw

Check out the full gallery and inside scoop from PROFILEmiami Present's Miami's Art in Public Places Initiative Panel Hosted With CANVAS