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.

Meet the Panelists Speaking at The PROFILE South Florida Capital Markets Summit at E11EVEN Residences Miami

On Wednesday February 7, 2024, PROFILEmiami will host its inaugural Capital Markets Summit, bringing together some of the biggest movers and shakers in real estate development in Miami to explore the state of financing and capital markets in the real estate industry. Discover the intricacies of commercial real estate investment and financial markets where industry leaders will dissect the impact of changing interest rates, inflation, and global economic conditions on investment decisions. The exclusive panel is set to features industry leaders including developer Dan Kodsi of Royal Palm Companies, Dev Motwani of Merrimac Ventures, Raul Llanes of City National Bank, Michael May of Silverstein Capital and Justin Oates of Cain International; moderated by Matt Einheber of TitleEQ.

Panelists will have a comprehensive discussion about the current capital stack in commercial real estate deals and explore strategies that sponsors can employ to optimize their capital structure. The discussion will also delve 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 discussion serves to educate attendees to anticipate future challenges and opportunities in the commercial real estate financing landscape while acquiring best practices for managing and mitigating risks, particularly in times of economic uncertainty.

Meet our panelists and be ready for the interactive Q&A session to follow:

Dev Motwani, President & CEO, Merrimac Ventures

Dev Motwani serves as President and CEO of Merrimac Ventures, a Fort Lauderdale based real estate firm that focuses on value-add investment and development opportunities. Property types owned and operated include hotels, condos, retail, office and rental apartments primarily in South Florida but also throughout the United States.

Dev is also Founder and Managing Partner of Ramesh Properties, a distressed real estate investment fund focused on opportunistic investments in residential and commercial development sites throughout South Florida. He currently oversees nearly $750 million in development projects. Current projects include the Four Seasons Hotel and Private Residences, The Gale Boutique Hotel and Residences, as well as Las Olas Riverfront, all in the Fort Lauderdale area.

Dev is Founder and Managing Partner of Chieftain Residential, a yield-oriented distressed residential fund purchasing single-family homes, and residential land, primarily in the Southeast US and Texas. The fund aims to balance current income opportunities through the rental markets for its single-family home inventory, while also targeting capital appreciation in single family homes and land as the US Residential Market continues to rebound.

Prior to his current role, Dev worked at Credit Suisse in New York City, where he first structured OTC Equity Derivative trades for the firm’s largest corporate clients and then for the firm’s largest hedge fund clients. Before that, he worked in the White House and on the 2000 Gore/Lieberman Presidential Campaign.

Dev plays an active role in the South Florida Community, through his involvement with numerous charities and business organizations, currently serving on the board of the Broward Center for the Performing Arts Foundation, Fort Lauderdale’s Economic Development Advisory Board, and the Downtown Council. He was recently appointed to the Orange Bowl Host Committee.

He previously served on the boards of the Riverwalk Trust, Greater Fort Lauderdale Chamber of Commerce, and Broward County’s Small Business Advisory Board. Dev has served as Co-Chair for the Bonnet House’s Annual Impressions Fundraiser, the Ghost Light Society’s Annual Soiree, and the Jeb Bush Classic Beach Bash benefitting the Cystic Fibrosis Foundation. This year the Motwani family co-founded the Laughing Out Loud fundraiser benefitting the Scleroderma Foundation, which raised over $170,000 for the charity.

Dev graduated from Duke University with a Bachelors of Science degree in Economics and Public Policy and from Columbia University’s Masters of Science in Real Estate Development Program. He has also studied at the London School of Economics.

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Dan Kodsi, CEO, Royal Palm Companies

Since 1991, Mr. Daniel Kodsi has been CEO of Royal Palm Companies (RPC). Under Kodsi’s leadership, RPC has developed over $3B in completed projects to date with over $2B in the pipeline. During the last three decades, Kodsi has delivered over 6,000 units consisting of over 14 million square feet of mixed-use and master-planned communities, hotels, multi-family, and high-rise developments.
Kodsi is known for identifying underserved markets alongside of his ability to execute large-scale, mixed-use developments, and master-planned communities. In 2011, Kodsi founded Participant Capital as the capital arm of Royal Palm Companies and a vehicle to empower individual investors to participate in ground-up construction projects. Mr. Kodsi is the CEO/Managing Principal of Participant Capital and Chairman of the Investment Committee.
Throughout his career, Kodsi has been credited for changing skylines with his award-winning projects. Kodsi has created several branded residences including the Paramount brand that includes three distinct properties including the recently completed and internationally renowned, Paramount Miami Worldcenter, which is the second largest master-planned urban project in the United States.
RPC’s latest branded residence is the Legacy Hotel & Residences in the Miami Worldcenter. This mixed-use tower will overlook the heart of downtown. It offers both buyers and investors a unique blend of business models across hospitality, real estate, preventative healthcare, and wellness that work financially independently, but also creates an asset ecosystem that appeals to the new ‘disease conscious traveler’.
Kodsi has appeared as a guest on national television newscasts, major cable business networks such as CBS World News, NBC Universal, CNN, CNBC, FOX News, MSNBC, Bloomberg News and is a regular guest on FOX Business news. He has also been a frequent guest speaker and panel member for The Urban Land Institute, Real Deal, BizNow, the National Multifamily Housing Council, and the EB-5 Council.

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Michael May, President, Silverstein Capital Partners

Michael May is a founder and the President of Silverstein Capital Partners (“SCP”) and oversees all lending operations. SCP has committed over $1.6 billion on office, industrial, residential, retail, hospitality and mixed-use projects in urban markets. SCP provides senior loans, bridge loans, subordinate loans, and rescue capital to borrowers on shovel-ready ground-up construction, heavy value-add repositioning, lease-up projects, land, and inventory loans on completed condominium projects. SCP’s funds are capitalized by two global institutional investors and Silverstein Properties, Inc. SCP also has an active separate account business.

Previously, Mr. May was a founder and Chief Operating Officer of Cantor Commercial Real Estate (“CCRE”), where he led the origination of than $50+ billion of commercial real estate loans.  Mr. May was responsible for raising institutional and private capital, sourcing corporate financing, high-yield bond raises, loan origination, loan distribution, and securitization for the venture.  From its creation in 2010, CCRE closed 2,000+ financings on all property types in 50 US states, 3 US territories, Mexico, and the Caribbean.  Mr. May oversaw conduit, transitional, large-loan, small-balance, single borrower, Agency, and net-lease lending as well as a $58 billion servicing book.

Prior to CCRE, Mr. May was a Managing Director at Credit Suisse (“CS”) where he was a senior member of the Real Estate Finance Group.  Mr. May joined CS in 1997 and oversaw West Coast and Latin American operations including the origination and distribution of CMBS, whole loans, and subordinate debt.  Mr. May originated $20+ billion in financings and innovated numerous CMBS products including securitization structures for condominiums, construction, ski mountains, and casinos.

Before CS, Mr. May worked at General Electric Capital Corporation where he focused on the acquisition of subordinated CMBS and the structured distribution of whole loans, asset backed securities, and real estate equity.  Mr. May also spent seven years at Arthur Andersen LLP in the Real Estate Consulting Group, working in the US, Western Europe, Russia, and Latin America providing advice on project feasibility, loan valuations, securitization structuring, and workout strategies.

Mr. May holds a BS in Finance and a BA in Psychology from the University of Maryland at College Park.

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Raul Llanes, Managing Director, Head of Specialty Capital Markets, City National Bank

Raul has over 18+ years in Real Estate Investment Banking, Syndicated & Corporate Capital Markets, Structured Credit, Private Equity, and Commercial Real Estate lending. Currently, he is working for City National Bank as Head of Capital Markets leading the efforts of Loan Syndications, Placement, and Specialty Lending. City National Bank originated $3.47 billion of commercial mortgages in 2022, making it the third most active commercial lender in the state of Florida.

Raul graduated from Florida International University with a BS in International Business and Business Administration and holds an MBA in International Business from University of Miami.

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Justin Oates, SVP, Cain International

Justin oversees Cain’s Miami portfolio, which includes 830 Brickell, Missoni Baia and Una Residences, among other residential, office and hospitality projects and development sites. Throughout his career, Justin has worked on over $10 billion of real estate transactions. Justin joined Cain from Dreamscape Companies in New York City. Prior to that, Justin worked at Savanna and started his career at Eastdil Secured.

Cain International is a privately held investment firm focused on real estate and business opportunities that shape the fabric of global gateway cities. The firm currently manages over $16 billion in assets through its real estate equity, real estate debt and private equity platforms. Cain is a partnership between its CEO, Jonathan Goldstein, and Eldridge.

Justin holds a Master of Commerce from the University of Virginia and a Bachelor of Science in economics from Boston College. Justin is actively involved in the Advisory Board for the Master of Real Estate Development + Urbanism program at University of Miami’s School of Architecture and is a member of PropTech Angels, a group of real estate professionals that invests in early-stage real estate tech companies.

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Matthew Einheber, Principal, Title EQ

Matt is a principal of and the driving force behind TitleEQ, a national settlement services agency serving clients nationwide, and TitleBox, the developer of technology designed to streamline risk management in the title industry.

His experience with real estate transactions began in the early 2000’s in real estate finance, which led to settlement services and ultimately his move to start his first title company in 2005.

Since then, Matt has played an integral role in forging industry-shaping technology and business processes for the settlement and closing operations of title companies, underwriters, real estate brokers and agents across the country. Matt’s current focus is TitleEQ and its family of companies; the result of years of technology development and learned execution to approach real estate settlements in a way that’s very unique.

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Buy Tickets

The PROFILE Capital Markets Summit is the next installment of PROFILEmiami’s highly-regarded PROFILEconnect bespoke networking event series, which brings together Miami’s real estate industry and business professionals to network and connect outside of a traditional business setting. PROFILEconnect is attended by Miami’s top investors, developers, business professionals, brokers, financiers, architects, designers and other service providers.

Guests will have the opportunity to network and share their experiences in South Florida through thoughtful discourse, while forging new relationships with industry leaders. The night will feature an hour of networking with sounds by local DJs DAKAP, followed by the panel discussion and Q&A, and will finish off with more networking, supplemented by an open bar by Brugal 1888 and E11EVEN Vodka throughout the night and bites by Zeroe Plant Based Caviar.

Date: Wednesday, February 7, 2024

Where: E11EVEN Residences Beyond Sales Gallery, 1018 N Miami Avenue, Miami, FL 33136

Time: 6 PM - 9 PM

Music: DAKAP

Food & Drinks: Zeroe Plant Based Caviar, E11EVEN Vodka, Brugal 1888 Rum

Panelists:

• Dev Motwani, Merrimac Ventures

• Dan Kodsi, Royal Palm Companies

• Michael May, Silverstein Capital

• Raul Llanes, City National Bank

• Justin Oates, Cain International

• Moderator: Matthew Einheber, TitleEQ

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

Schedule:

• 6 PM - 7 PM: Cocktails & Networking w/ sound by DAKAP

• 7 PM - 8 PM: Capital Markets Panel

• 8 PM - 9 PM: Cocktails & Networking w/ sounds by DAKAP

Thank You To Our Sponsors:

PROFILEconnect: South Florida Capital Markets Summit at E11EVEN Residences Beyond on 2/7/24

On Wednesday February 7, 2024 PROFILEmiami will host its inaugural South Florida Capital Markets Summit, 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.

Discover the intricacies of commercial real estate investment and financial markets where industry leaders will dissect the impact of changing interest rates, inflation, and global economic conditions on investment decisions. The exclusive panel features industry leaders developer Dan Kodsi of Royal Palm Companies, Dev Motwani of Merrimac Ventures, Raul Llanes of City National Bank, Michael May of Silverstein Capital and Justin Oates of Cain International; moderated by Matt Einheber of TitleEQ.

Panelists will have a comprehensive discussion about the current capital stack in commercial real estate deals and explore strategies that sponsors can employ to optimize their capital structure. The discussion will also delve 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 discussion serves to educate attendees to anticipate future challenges and opportunities in the commercial real estate financing landscape while acquiring best practices for managing and mitigating risks, particularly in times of economic uncertainty.

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 will have the opportunity to network and share their experiences in South Florida through thoughtful discourse, while forging new relationships with industry leaders as they discuss the industry’s most pressing topics. The evening is hosted by Demetri Demetri Demascus and Katya Demina of PROFILEmiami.

Panelists:

• Dev Motwani, Merrimac Ventures

• Dan Kodsi, Royal Palm Companies

• Michael May, Silverstein Capital

• Raul Llanes, City National Bank

• Justin Oates, Cain International

• Moderator: Matthew Einheber, TitleEQ

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

Date: Wednesday, February 7, 2024

Where: E11EVEN Residences Beyond Sales Gallery, 1018 N Miami Avenue, Miami, FL 33136

Time: 6 PM - 9 PM

Music: DAKAP

Food & Drinks: Zeroe Plant Based Caviar, E11EVEN Vodka

Schedule:

• 6 PM - 7 PM: Cocktails & Networking w/ sound by DAKAP

• 7 PM - 8 PM: Architecture & Interior Design Panel

• 8 PM - 9 PM: Cocktails & Networking w/ sounds by DAKAP

Sponsors

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Sponsor Event

Royal Palm Companies Locks Down 3rd Largest Construction Loan In Florida History For Legacy Hotel & Residences

Royal Palm Companies, led by Dan Kodsi, has locked down a $340 million construction loan from the New York-based Silverstein Capital Partners for the sold-out Legacy Hotel & Residences in Miami Worldcenter in Downtown Miami. Legacy Hotel & Residences broke ground on August 19, 2021. The loan is Silverstein Capital Partner’s first financing deal in South Florida and represents the third largest construction loan in Florida history, following the The Estates at Acqualina’s $558 million in financing and Five Park’s $345 million in financing.

Silverstein Capital Partners is the lending arm of Silverstein Properties, who owns, develops and operates a $10 billion portfolio of high-quality assets including office, residential, hotel, retail and mixed-use properties. Silverstein Properties is known for the redevelopment of the World Trade Center in Manhattan following 9/11.

Legacy Hotel & Residences is located in one of the U.S.’s most ambitious and largest private master-planned communities, Miami Worldcenter (MWC), spanning 27-acres in Downtown Miami. The Kobi Karp-designed tower will sit on 1.3 acres, 60,000 SF, and will feature 310 sold-out branded residences which sit atop a 219-room hotel, which will be managed and operated by Accor under The Morgan’s Originals Portfolio, and a Blue Zones Center medical and well-being center.

Royal Palm Companies broke ground on Legacy Hotel & Residences on August 19, 2021. RPC and OneWorld Properties, led by Peggy Olin announced a $160 million sellout of its 310 residences in May 2021, just 12 months after launching sales.

The Blue Zones Center is a joint venture with Adventist Health and Blue Zones to operate Legacy’s $100 million, 10-floor medical and well-being center in Miami, making Downtown Miami home to the world’s first Blue Zones Center. The JV is one of the largest commercial leases to be executed in Downtown Miami’s history. The facility is expected to become the most technology advanced health and well-being facility in the world, according to Adventist Health.

The center will offer teams of physicians and practitioners, an onsite lab, pharmacy, full AI-powered diagnostic center and rooms outfitted with medical gas and ventilator capabilities, allowing the hotel to remain operational during future pandemics. All aspects of the 50-floor tower, from the hotel rooms and residences to the five restaurants, to the design and programming, will follow Blue Zones methods and guidelines to living long and happy lives.

The luxury skyscraper will also host ground-floor retail, downtown’s largest pool deck set on one acre, the city’s first enclosed seven-floor rooftop atrium with a restaurant bar and lounge, the city’s first Singapore-inspired cantilevered pool soaring 500 feet in the sky, and a members-only international business lounge.

Legacy’s MICROLUXE® residences range from 350 SF to 850 SF with studios to two-bedroom units, offering the functionality of a micro-style home with the high-quality design and superior finishes of an elite condominium.