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.

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.

Former Top Silverstein Exec Launches Hyperion, A New Investment And Development Firm

Rob Vecsler, a former Silverstein Properties executive, has announced that after leaving Silverstein he is re-launching Hyperion Group, a South Florida and New York based real estate investment and development firm. Rob Vecsler spent the past six years at Silverstein Properties in New York, where he served as President of Residential Development and Head of Acquisitions, overseeing in excess of $4 billion dollars in development and acquisitions, while also serving on the company’s investment committee. Vecsler has reconstituted the core team at Hyperion that developed several large-scale projects together in Miami.

To coincide with the re-launch of Hyperion Group, the firm has formed a partnership with Winter Properties to co-invest in investment opportunities in South Florida, New York and other select markets. Hyperion will serve as the developer for the venture’s projects. 

“We are delighted to have Winter as a venture and capital partner,” said Rob Vecsler, Principal and CEO of Hyperion. “Our combined investment and development capabilities, together with substantial investment capital, allows us to be bold, nimble, and competitive wherever we see opportunity,” 

The partnership just closed on their first deal, a development site in West Palm Beach and plans to develop a 300-unit multi-family property. The West Palm Beach site has flexible as-of-right zoning allowing for a mixed-use development, which will include over 300 multi-family residences. Managing through recent market conditions, Hyperion worked with the seller to negotiate and close the transaction at a basis that maximizes the new venture’s development program optionality. The venture is pursuing additional sites and monitoring the market to acquire assets presenting further value opportunities.

“We are pleased to have co-invested in the first of what we expect will be many deals with Rob and Hyperion, as we are committed to investing in and growing this venture together,” said David Winter, Co-CEO of Standard Industries. “We hope to play a key role in Hyperion’s growth as a leading real estate development and investment platform.” 

“We’re excited about this development project and the overall venture as it exemplifies Winter’s focus on relationships with companies like Hyperion that have strong leadership and compelling growth strategies,” said Rick Singer, President of Winter Properties.