Tower Capital Partners Launches Offering Exclusive Investor Access To Premier Real Estate Development Opportunities In Miami

PROFILEmiami Founder Demetri Demascus and former auto-industry executive Christian Iacovelli have joined forces to launch Tower Capital Partners, a private equity firm that invests with real estate developers with a proven track record of delivery high-quality real estate development projects and offers individual accredited investors access to private, institutional level deals typically reserved for family offices. Tower Capital Partners has a focus on equity investments in resilient, high-growth markets with an asymmetric risk-return profile and an emphasis on wealth preservation matched with long-term growth.

Tower Capital Partners completed their first deal in Q3 2024, closing a preferred equity deal in Atlanta alongside The Allen Morris Company. Tower Capital Partners is now actively raising capital for two upcoming luxury condominium projects—one in Coconut Grove and one in Coral Gables—marking its formal entry into the South Florida market. While the details of these projects remain confidential, they underscore the firm's focus on iconic developments in prime, demand-driven locations.

Tower Capital Partners is redefining individual accredited investor access to premier real estate opportunities. The firm is built on the core thesis of investing alongside top-tier real estate developers with a proven track record of delivering high-quality projects in high-growth cities. Tower Capital Partners is focused on providing accredited investors with access to private, institutional-level deals that were historically reserved for family offices and large investment firms. With a commitment to transparency, aligned incentives, and a minimum investment of just $50,000, Tower Capital Partners is creating a new level of access to exclusive real estate investments.

The firm targets opportunities with an asymmetric risk-return profile, emphasizing downside protection while maximizing upside potential. Every project is carefully vetted, and the team invests alongside its limited partners in each deal, ensuring complete alignment. Key reasons to invest with Tower Capital include partnerships with the best developers, curated deal flow, and a clear, investor-first structure that puts transparency and performance at the forefront.

Tower Capital Partners is led by Babson College roommates, Managing Partners Demetri Demascus and Christian Iacovelli, who oversee all aspects of deal origination including sourcing investments and partnerships, capital raising, underwriting, due diligence, market research, asset management, investor relations and management of operations. Demetri is also the Founder and Publisher of leading South Florida real estate news and events platform PROFILEmiami which runs the annual PROFILE Pre-Construction Development Summit; is a licensed real estate broker in the State of Florida having overseen over $160+ million in real estate transactions and previously helped Galium Capital, a Miami-based real estate private equity group, grow the firm’s AUM from $300+ million to $650+ million. Christian led Rally Manufacturing, a successful automotive accessories manufacturing business, to over $500 million in retail sales, where he successfully managed multinational brand partnerships with industry giants such as Goodyear and forged strong relationships with leading U.S. and multinational retailers including Walmart, The Home Depot, and AutoZone.

To learn more about Tower Capital Partners visit www.towercapitalpartners.com.

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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

Affiliate of RPC, Participant Capital Advisors, Launches $250 Million Multifamily Fund

An affiliate of Royal Palm Companies, ‘RPC’, Participant Capital Advisors, a real estate investment firm that manages private equity real estate vehicles, announced the launch of its latest fund: the Participant Capital Sun Belt Multifamily Development Fund 1 (the "Fund"). The Fund has a fundraising target of $250 million in commitments to allocate to multifamily development projects in the booming Sun Belt region. The Fund is a closed-end private equity real estate vehicle with an 8-year projected term. Apex Group Ltd. has been appointed as the Administrator for the Fund. Participant Capital Advisors is affiliated with leading Miami-based development firm Royal Palm Companies, RPC, and is led by Dan Kodsi and Bernie Wasserman.

The Fund will be particularly focused on the state of Florida where it is targeting low-rise multifamily projects in the rapidly growing suburbs of Orlando and Tampa, and mid/high-rise projects in Miami and other major urban centers in South Florida.

"U.S. demographics, migration, work from home trends, and rising residential costs strongly favor multifamily development in Florida," said Participant Capital President Bernie Wasserman. "Florida's stable migration is the backdrop to its major cities experiencing some of the highest rent, job and economic growth in the country. Our latest fund will provide accredited investors with access to this growth story via investments in institutional quality multifamily development projects."

Participant Capital is a real estate investment management firm that empowers wealth managers with the ability to invest their clients' capital in Class A real estate development projects alongside institutional investors. Participant Capital principals have a 30+ year track record in development. Through its affiliation with Royal Palm Companies (RPC), Participant Capital is able to capitalize on a rich development history and experience that spans over 50 real estate projects, 9,500 units, 18 million square feet, and over $4.7 billion of value creation. Participant Capital invests alongside best-in-class institutions in branded real estate including RPC's proprietary development brands: PARAMOUNT®; Legacy Hotel & Residences®; Elevate; and Grand Reserve®.

Robert Rivani's Black Lion Investment Group Acquires SLS Brickell Restaurant Space For $10 Million

Black Lion Investment Group, the Miami-based real estate and hospitality developer led by Robert Rivani, has added yet another trophy property with the acquisition of the trophy restaurant space at SLS Brickell for $10,000,000. The restaurant space is approximately 13,500 SF of indoor / outdoor space and was previously Bazaar Mar by Chef Jose Andres which closed in 2019. The sellers were members of the Qatar’s ruling royal Al Thanis family who acquired both the hotel and restaurant space for $43 million in 2014.

The deal was brokered by Fabio and Sebastian Faerman of FA Commercial, who represented Black Lion while Jordan Karp of Jordan Karp, LLC. and Andrew Dicky of JLL represented the seller in the transaction.

Black Lion intends on bringing yet another one of a kind concept to Brickell’s already spectacular restaurant scene with a proven track record of restaurants like Gekko at SLS LUX, Catch and Continuum, Philippe Chow, Amara at Paraiso, Delilah and Wynwood Jungle.

The 52-story SLS Brickell is an over-the-top, chic residence and hotel tower developed by Related Group located in the heart of Brickell, just a walking distance from Brickell City Centre. The tower hosts 453 contemporary residences and hotel suits with panoramic views of the Miami skyline and Biscayne Bay.

Global Financial Services Firm Rothschild To Open Miami Office At 830 Brickell

Global financial services company Rothschild & Co. will open a Miami office at 830 Brickell after leasing space at OKO Group and Cain International’s premier Class A+ office tower which is nearing completion in the city’s Brickell Financial District. Rothschild & Co. is one of the world's largest independent financial advisory groups, employing 3600 people in 40 countries across the world.

The deal marks a continuation of the influx of new-to-market companies to South Florida, with many firms opting to take space at 830 Brickell. The 640,000-square-foot project, which is over 90%, is slated for completion this year. It will be the first new standalone office tower in Brickell in more than a decade.

Brian Gale and Andrew Trench led the Cushman & Wakefield team that represented the developers in the deal. Scott Quick and Alan Wildes, also of Cushman, represented the tenant.

"The ownership behind 830 Brickell in Miami has completed a 5,000 square foot lease with global financial firm Rothschild & Co. Rothschild becomes the latest new-to-market firm to join a roster of best-in-class tenants that will move into the building upon delivery this year. With more than 90 percent of 830 Brickell’s tenants being new to the Miami market, the tower has solidified its position as the address of choice for inbound firms spanning banking and finance, technology, and law and professional services.”

Rothschild will join a roster of world-leading companies at the building, including Microsoft, financial services company Citadel, international law firms Kirkland & Ellis, Sidley Austin, Winston & Strawn LLP and Baker McKenzie, New York-based insurance firm A-CAP, private equity firm Thoma Bravo, CI Financial, Marsh Insurance, AerCap and others.

830 Brickell will feature spectacular only-in-Miami panoramic ocean and city views, floor-to-ceiling windows, column-free spans, state-of-the-art digital infrastructure with Wired certification and a LEED Silver certification due to its progressive environmentally efficient design. The tower offers tech-forward, first-class amenities including an upscale rooftop restaurant and bar, a sky lobby with a nearly 2,500 SF health and wellness center and first-class conference facility, a 14th floor outdoor terrace designed by Enea Landscape Architecture, valet parking, electric vehicle charging stations, cafés and white-glove customer service including a 24-hour concierge.

Brick & Timber Collective Acquires Wynwood Office Building Cube Wynwd For $62 Million

Brick & Timber Collective has acquired Cube Wynwd, an office building in Miami’s hot Wynwood neighborhood, from Tricera Capital and Alex Karakhanian’s LNDMRK Development for $62 million. The transaction closed on December 13 and Tricera and LNDMRK retained an undisclosed ownership stake in Cube Wynwd. Tricera and LNDMRK originally acquired the 100,000 SF office building, which includes ground-floor retail, rooftop space and parking, for $28 million in an April 2021 off-market deal. Tony Arellano of DWNTWN Realty Advisors represented both buyer and seller in the transaction.

Berkadia’s Scott Wadler and Mike Basinski secured a $36.18 million loan on behalf of the buyer Brick & Timber Collective. This is the second time in 20 months the property has traded and been capitalized by Berkadia. The Berkadia team also lined up $27.5 million in senior and mezzanine financing when Tricera Capital and LNDMRK acquired the property in April of 2021. JP Morgan provided the balance sheet $36.2 million five-year fixed-rate loan with full term interest only.

The Tricera Capital and LNDMRK Development partnership acquired Cube Wynwd in 2021 from Red Sky Capital when Scott Sherman was still with firm. Sherman has since left and founded Torose Equities. The Class A office building was developed in 2019 by Redsky Capital in partnership with JZ Capital Partners and was financed by Bank OZK and Lionheart Strategic Management.

“We are thrilled with the execution of our business plan for Cube Wynwd, culminating in this significant disposition,” Tricera Chief Financial Officer Christian Ramirez said. “This investment underscores the depth and versatility of Tricera 2.0, as we tapped into our robust acquisitions and asset management divisions, top-tier leasing professionals, team members with development experience and real estate finance experts. We look forward to replicating the model at our many other investments and developments.”

Prior to completing the disposition, the Tricera and LNDMRK partnership finalized a five-year lease with Boston’s Northeastern University to occupy the 10,976 SF fifth floor of the 222 NW 24th St. building. Northeastern plans to operate a brand-new graduate degree program tailored to working professionals in Miami’s rapidly growing fintech industry.

The Northeastern deal maintains Cube’s 100% leased status, as investment firm Schonfeld Strategic Advisors is set to relocate from Cube to The Dorsey, a Wynwood mixed-use building Tricera and LNDMRK partnered with The Related Group to develop. Schonfeld is expected to move to The Dorsey in early 2023.

“Northeastern’s lease at Cube is yet another example of where Wynwood’s office market is headed and reinforces the building’s incredible tenant mix,” Tricera President/Head of Leasing Dustin Ballard said. “It is exciting that local fintech professionals will have an opportunity to pursue a graduate degree from a renowned university. That will help take the fintech sector – and the City of Miami – to build upon the accomplishments and growth of the past few years.”

CBRE’s Eric Groffman, Cameron Tallon, Emily Brais and Randy Carballo served as landlord representatives in the Northeastern lease. Colliers International South Florida Stephen Rutchik and Tyler de la Peña and Colliers International Greater Boston’s John Carroll represented the tenant.

Additional Cube tenants include Blockchain.com, Ecuadorean fintech firm Kushki, Shaolin Capital Management, Brazilian footwear manufacturer Grendene, office supply and furniture online retailer Poppin, tech firm Transmit, and more.

Image via Richard Novak

Scott Sherman Launches Real Estate Investment Firm Torose Equities

Seasoned real estate veteran Scott Sherman has launched Torose Equities, a Miami-based real estate investment firm with a value-add urban retail, office and mixed-use strategy targeting the Southeastern United States.

Torose will be Sherman’s newest venture after successfully launching Miami-based Tricera Capital in 2017 and growing the company to become a household name and key player in major Florida markets. In just five years, Sherman spearheaded the acquisition of 30+ commercial assets totaling $700 million and more than 2.5 million square feet.

Sherman brings with him the former investment arm of Tricera Capital to lead Torose. Ari Sasson serves as Torose’s Chief Financial Officer and Aaron Kay as Director of Acquisitions.

“We are excited to continue to build on the chemistry and momentum we established as a team over the past five years,” said Torose Founder & Principal Scott Sherman. “Our investment strategy at Torose will be familiar to our investment partners. Now more than ever before, Torose’s contrarian approach to real estate investment and development will benefit from the current economic environment.”

Similar to Sherman launching Tricera Capital during the height of the “retail apocalypse,” Torose’s founding team saw the perfect window of opportunity to start another investment firm focused on value-add opportunities amid rising interest rates and growing uncertainty in the real estate market. The team has wasted no time, with properties already under contract that are expected to close by the end of the year.

Some of the team’s most high-profile acquisitions in the past five years include the former Palm Beach Post site in West Palm Beach; Cube Wynwood office building; Offices at Atria in Downtown Sarasota; and a portfolio of properties in Downtown St. Petersburg. The team is also partnered on several notable mixed-use developments including The Dorsey in Wynwood in a JV with Related and Alex Karakhanian; and The Boulevard in a JV with 13th Floor Investments.

The Torose team will continue to target assets ranging from $10 million to over $100 million in core markets in the Southeastern U.S., including Miami, West Palm Beach, Fort Lauderdale, Tampa, St. Petersburg, Sarasota, Nashville, Raleigh-Durham, and Atlanta.

Prior to launching Torose Equities, Sherman served as Managing Partner of Tricera Capital, and was Vice President of Acquisitions at Thor Equities, where he completed in excess of $2 Billion of closed deals. Before joining Thor, Scott was the Director of acquisitions at Becker Brothers.

Ronny Finvarb and Joseph Chetrit Acquire Macy's Property Near Miami Beach's Lincoln Road For $15.5 Million

Bay Harbor Islands-based Finvarb Group, led by developer and hotelier Ronny Finvarb, in partnership with Joseph Chetrit, have acquired the Macy’s property off of Lincoln Road in Miami Beach for $15.5 million, $152 PSF. The iconic building, which is located at 1675 Meridian Ave., was developed in 1953 and is one of the oldest retail buildings in Miami Beach. The building spans 102,009 SF on a 1.15 acre lot. The seller was the San Antonio-based Terry Emanuel and the deal included $9.3 million in seller financing.

Ronny Finvarb is currently developing the nearby Thompson Hotel South Beach and other projects in different stages. Finvarb Group owns 15 hotels, restaurants and other properties in Florida, Texas and Arizona, including the Kimpton Palomar South Beach and Osteria Morini, the Residence Inn by Marriott South Beach, the Courtyard by Marriott South Beach, and the Courtyard by Marriott Jupiter Palm Beach, which they developed. In Miami, Finvarb Group also owns the Landon Bay Harbor boutique hotel, including The Palm restaurant, which they acquired for $10 million in November 2021. The Finvarb Group also recently acquired mixed-use properties in Deerfield Beach, including JB’s on the Beach oceanfront restaurant property.

Pulso Capital Acquires Stellar At Palm Aire Build-For-Rent Townhome Community For $21.5 Million

Pulso Capital has acquired Stellar at Palm Aire, a new build-for-rent community consisting of 39 townhomes located in the center of the Palm Aire Country Club in Pompano Beach, Fl., for $21.5 million, or $551,282 per unit. The sale and financing were overseen by Berkadia. Senior Managing Directors Roberto Pesant and Jaret Turkell, along with Director Yoav Yuhjtman, Associate Director Omar Morales and Senior Analyst Jose Mota of Berkadia Miami, marketed the property on behalf of Stellar Communities.

Senior Managing Director Mitch Sinberg, along with Managing Directors Matt Robbins, Scott Wadler and Brad Williamson, and Senior Analyst Michael Basinski of Berkadia Miami arranged the debt on behalf of the buyer. Steeprock provided the $14 million, fixed-rate, five-year loan at a 65% LTV, with full term interest only.

“In a region where for-sale housing has seen prices increase by up to 50% in some cases, Stellar at Palm Aire provides residents with a spacious, new-construction high-end property with private outdoor areas and luxurious finishes at a rent that is attainable,” said Pesant.

“We have a strong belief in the dynamics of the South Florida Market and are actively looking for the right opportunities for our group,” said Maor Benami, co-founder of Pulso Capital Group. “This unique, Class A Built-for-Rent product, coupled with our management capabilities, makes Stellar at Palm Aire a perfect fit for us as we continue to grow our portfolio.”

Effective rent in South Florida rose 25.2% year over year, according to Berkadia Research – driven by an influx of new residents and corporate migrations over the last 12 months.

Located halfway between Fort Lauderdale and Boca Raton in a suburban setting west of I-95, Stellar at Palm Aire is the first new construction in the Palm Aire Golf Course community in over 10 years. There are two-bedroom (1,475 square feet), three-bedroom (1,744) and four-bedroom floor plans (1,825 to 1,961) with rents ranging from $3550 a month to $4,350. Townhomes have attached garages. Its location in a peaceful community, surrounded by greenery, golf course views, walking, running & biking trails allows residents to enjoy the calm of suburban living while in close proximity to two of Florida’s main employment hubs. It is just 10 minutes from I-95, five minutes from the Florida Turnpike, and 15-20 minutes from both Downtown Fort Lauderdale and downtown Boca Raton.

Established in 2009, Stellar Communities is a full- service real estate development company with a progressive focus on eco-construction initiatives for residential communities. Since its inception, Stellar has helped over 2,500 families move into the next stage of their lives with a new home. With a deep-rooted commitment to quality and value, Stellar Communities builds inspiring homes and communities with unmatched efficiencies in some of the most highly sought-after coastal, urban, and suburban locations across South Florida.

Established in 2019, Pulso Capital Group, founded by Maor Benami and Salomon Kamkhaji, aims to improve lives while unleashing the total value of assets through conservative underwriting, appropriate financing arrangements, on-time constructions, and diligent property and asset management. The firm is actively focused on increasing its portfolio with value-add to Class A Built-for-Rent multifamily properties.

PPG Development Acquires Bay Harbor Towers For $32 Million

PPG Development, led by Ari Pearl, have acquired Bay Harbor Towers, located at 10141 and 10143 East Bay Harbor Drive. The 1.03-acre property sold for $32 million, which equated to a price of $1,066,667 per existing unit. The transaction was overseen by Cary Cohen of Blanca Commercial Real Estate and Deme Mekras of MSP Group.

Prior to the marketing of the site, the Board of Directors at Bay Harbor Towers designated a committee and instructed them to explore the sale, which led to their interviewing and receiving proposals from several brokerage houses, including some of the world’s largest firms. After a highly competitive interview process, the committee elected to have Cary Cohen of Blanca Commercial Real Estate along with Deme Mekras, of MSP Group, represent the many owners of Bay Harbor Towers. The duo signed exclusive listings with 100% of the 30-unit owners and commenced a far-reaching marketing campaign.

“Bay Harbor is no longer Dade County’s hidden treasure. Our extensive marketing process elicited global interest from numerous top-tier developers, as we expected, given the truly unique nature of this opportunity,” said the listing team. The duo shared that “Coordinating a sale of an entire association is one of the most rewarding transactions. It brings life changing wealth to so many people as the existing units traded for over 300% of their market value on an individual basis.” This rare, waterfront Bay Harbor Islands development site was highly sought after due to its immediate views of Biscayne Bay, Bal Harbor, Sunny Isles and distant views of South Beach, Edgewater, and Downtown Miami.

The buyer, PPG Development, LLC, led by Founder and CEO, Ari Pearl, is a commercial and residential real estate developer focused on the South Florida market, which has a substantial pipeline of development projects already underway, such as 700 planned multifamily units in North Miami Beach and the ongoing redevelopment of the Diplomat in Hallandale. PPG also has recent experience in Bay Harbor market with their purchase of The Altair Hotel.

“Development sites with amazing bay views rarely come to market anywhere in Miami, much less on coveted Bay Harbor Islands. Ultimately, a significant bidding war ensued leading to a $32 million sales price,” they continued, “and we firmly believe this was a win-win for both buyer and sellers,” said list agents Cary Cohen and Deme Mekras.