PROFILE Exclusive Podcast with Miki Naftali of Naftali Group Developer of JEM Residences Miami [Full YouTube Interview]

PROFILEmiami Co-Founder Demetri Demascus had the opportunity to sit down with legendary real estate developer and investor Miki Naftali of Naftali Group, to discuss his career and first project in Miami, the recently launched JEM Residences Miami. Miki Naftali is the Chairman and CEO of Naftali Group which he established in 2011. Over the course of his 35-year career in the global real estate industry, Miki has acquired, developed, and managed over $15 billion and 31 million SF in real estate assets across North America, Asia, Europe, and the Middle East. In New York City alone, he has assembled a seminal portfolio of 25 luxury condominiums encompassing over 1,900 residential units, as well other notable projects, including luxury apartment buildings and mixed-use properties.

Now, Miki has turned his sights on Miami where he recently launched JEM Residences Miami in Downtown Miami’s Miami Worldcenter neighborhood. This dynamic condominium development will rise over 700’ tall, 67 stories, and is set to become a landmark focal point within the city’s iconic Miami Worldcenter. JEM Residences Miami will feature 259 condominiums with a private 50th floor amenity suite designed to compete with any high-end luxury hotel, offering a diverse array of meticulously curated indoor and outdoor spaces to cater to various activities.

Michelle Bernstein and Jeffrey Chodorow To Open First Private Restaurant at Five Park Miami Beach

Renowned chef Michelle Bernstein and acclaimed restaurateur Jeffrey Chodorow are set to open their first-ever private restaurant at Five Park Miami Beach. The intimate food and beverage concept will be exclusively available to the residents of the landmark tower which is being developed by David Martin (Terra) and Russell Galbut (GFO Investments). The culinary venture will be housed on the building's Park Club sixth-floor amenity deck, delivering an inspired menu that seamlessly fuses Mediterranean sophistication with vibrant local flavors. Bernstein will also curate the food and beverage offerings for the tower’s 26th-floor Canopy Club, an exclusive social club for Five Park residents.

Chodorow, a prominent figure in the Miami and New York City culinary scene, is recognized for legacy establishments like China Gril, Bond Street Hudson Yards and Red Farm Coconut Grove. The restaurateur is working alongside James Beard Foundation award-winner Michelle Bernstein who is marking her debut in the realm of residential restaurants. She is behind acclaimed projects like Café La Trova, Sweet Liberty, Michy’s Chicken Shack and the highly anticipated Sra. Martinez re-opening in Coral Gables this year.

“It's extremely special to collaborate with visionaries like Jeffrey, David, and Russell, especially in such a beautiful setting,” said Bernstein. “An on-site residential restaurant allows us to really embrace and create a longstanding relationship with our clientele. More than ever, we want our guests to feel at home – we will know their specific tastes, favorites and special orders."

Inspired by Five Park’s waterfront location and 360-degree water views, Bernstein's menu promises an array of seasonal flavors with a selection of approachable yet sophisticated dishes. From delectable snacks and appetizers to refreshing salads and standout main courses, residents can savor signature dishes such as Moroccan spiced crab cakes, hamachi crudo, black bean burgers, and spaghetti cacio e pepe. The restaurant, surrounded by lush greenery and vibrant florals, offers indoor and outdoor dining, accommodating on-the-go orders or large gatherings set against the Miami sunset. The rotating menus will be curated to seamlessly transition from day to night, with service extending to the pool deck.

“Food is such an integral part of today’s residential experience,” said David Martin, CEO of Terra. “We’re very proud to be partnering with Michelle and Jeffrey, who possess a unique and heightened understanding of consumer needs. Their expertise extends far beyond traditional hospitality; we sought partners who also have a grasp on the behind-the-scenes of crafting and sustaining a comprehensive food and beverage concept.”

Five Park has recently completed construction and is on track for delivery this year. The landmark project features a striking 48-story tower and the adjacent Canopy Park, a backyard community oasis spanning three acres.

Five Park features over 50,000 square feet of amenities including the Canopy Club, which spans 40,000 square feet perched atop the tower offering sophisticated social spaces, including a private dining room, jewel box bar and lounge, living rooms, library, den, outdoor terraces, wellness and fitness areas. The Park Club amenity deck, which is an addition to the restaurant, features an expansive pool and café terrace with covered cabanas, loungers and intimate social spaces. Inside, residents can enjoy a fully outfitted gym, spa treatment rooms, co-working spaces with private offices and board rooms, screening rooms and more. The development also includes the construction of a 158-foot-long enclosed bridge designed by French conceptual artist Daniel Buren. The Canopy Bridge connects Five Park’s site to the South of Fifth neighborhood for the first time.

Renderings via Five Park

Mercedes Benz Launches First Branded Residence In The United States in Collaboration With JDS Development Group

JDS Development Group and Mercedes-Benz have revealed Mercedes-Benz Places in Miami, a 67-story, mixed-use residential project was designed by SHoP Architects where construction is already underway with an expected completion in 2027. Located at 1 Southside Park, Mercedes-Benz Places is set to deliver over 2.5 million square feet of mixed-use development including 791 branded residences, 130,000 square feet of amenities and hospitality space, 200,000 square feet of office space, health and fitness facilities, a 174-key hotel, retail outlets, and on-site parking. Pricing for the residences is set to start at $550,000 and ranges up to $4 million for the largest three bedroom floor plan; penthouses are yet to be released. The project is also the first branded real-estate project for Mercedes-Benz in the United States, centered around the theme of “Timeless Design, Inspired by Miami.”

“It is a privilege to work with Mercedes-Benz and move beyond a traditional residential building to create a new community for the future. Underpinned by sustainable building methods and design, Mercedes‑Benz Places in Miami will create a legacy not just for Brickell, but Florida as a whole.” Said Michael Stern, Founder & CEO of JDS Development Group

This visionary tower is being developed by JDS Development Group, the company behind some of the world’s most transformative skyscrapers of the past decade. The project is part of the Mercedes-Benz licencing business by Mercedes-Benz Customer Solutions GmbH. The Mercedes-Benz design team has worked in collaboration with award-winning SHoP Architects to ensure the structure embodies the brand’s design philosophy of Sensual Purity.

The residential tower will be built in Brickell at 1 Southside Park, comprising 791 Mercedes-Benz residences with studios to 3-bedroom condominiums. Occupants will enjoy spectacular views of Miami, Biscayne Bay, the Atlantic Ocean, and beyond.Foundation work is underway and initial occupancy is planned to start in 2027. Sales will be managed by SERHANT, a multidimensional real estate and media company.

“Our branded real-estate venture in Miami embodies the strategy behind Mercedes-Benz Places. We want to develop exclusive residences with our partner that are undeniably Mercedes-Benz and create a new mode of urban living with vibrant communities. Ultimately, we want to create places to come home to, in a location worth living in.” Said Eva Wiese, Head of Mercedes-Benz Customer Solutions GmbH

The design of Mercedes-Benz Places in Miami centres around an eye-catching, cube-shaped mixed-use tower. These simple geometric bodies are interconnected to create a prominent skyscraper that stands out in the current architectural landscape of Miami. The shape of the building has been refined through the Mercedes-Benz design philosophy of Sensual Purity. This is the symbiosis of intelligence and emotion – two contrasting principles that combine to create clear forms and sensuous surfaces. The emotional side of Sensual Purity is characterised by free-flowing, elliptical lines and shapes inspired by nature. With its stacked-box design, this project reflects the technical side of the design language.

“Our distinctive style is Sensual Purity. This philosophy, based on the duality of emotion and intelligence, consists of a hot and a cool pole. The cool aspect represents very much the tradition of geometric German long live design originated in the Bauhaus. This crucial part of our brand was the inspiration for the architecture of this extraordinary new Mercedes-Benz Places landmark in Miami.” Said Gorden Wagener, Chief Design Officer, Mercedes-Benz AG

Looking at the architecture of Mercedes-Benz Places in Miami in more detail, the profiles of the individual balconies and terraces are designed to capture the light in a wide variety of ways. Technical silver is the dominant colour, complemented by the classic Mercedes-Benz black and white, to create opportunities for distinctive highlights and stimulating contrasts. The overall architectural effect commands a distinct presence on the Miami skyline.

Mercedes-Benz Places in Miami will give residents and guests access to a range of customer-centric living solutions. There will be more than 130,000 square feet of amenities and hospitality space. In addition, there will be 200,000 square feet of office space, health and fitness facilities, a 174-key hotel, retail outlets, and on-site parking. Innovative mobility solutions also play a key role with space for EV charging stations, valet parking, a car fleet for occupants, plus bicycle and scooter sharing. Mobility and innovative digital solutions will be developed in collaboration with ReWyre, a leading commercial property technology platform.

In addition to changing the residential landscape, Mercedes-Benz Places in Miami aims to transform the Brickell neighborhood. Key to this will be reimagining Southside Park as an urban oasis through a collaboration with renowned urban landscape designers, Field Operations. With its canopy of trees and native vegetation, such as mango trees and shortleaf figs, the project aims to create a healthy living space. The regeneration strategy also supports a range of environmentally friendly activities, including energy-efficient production, impactful vegetation, and water conservation.

Renderings via The Boundary

Plans Filed For Santander Tower Set To Rise 765' On Brickell Ave

Banco Santander has filed plans to develop a 40-story, 765’ tall office tower on their two acre property 1401 Brickell Avenue following their application for a total demolition permit for the existing 14-story office building which was delivered in 1973 currently sits on the property. The proposed Santander Tower would be built to LEED Platinum standards and would feature 612,918 SF of Class A office space, 107,953 SF of F&B space including multiple ground and lower floor restaurants as well as a multi-level urban club on the 9th floor podium; the building will also feature 1,496 parking spaces. Santander Tower plans to activate the pedestrian and street level with public plazas and landscaping along Brickell Ave. The tower is designed by Handel Architects with interiors by Bernardi + Peschard Arquitectos, landscape design by Rios and LandDesign. Rilea Group will oversee the development process.

Renderings via Handel Architects

PROFILE Exclusive with Developer of Jem Residences Miami Miki Naftali of Naftali Group

PROFILEmiami had the opportunity to sit down with legendary real estate developer and investor Miki Naftali of Naftali Group to discuss his career and first project in Miami, the recently launched Jem Residences Miami. Miki Naftali is the Chairman and CEO of Naftali Group which he established in 2011. Over the course of his 35-year career in the global real estate industry, Miki has acquired, developed, and managed over $15 billion and 31 million SF in real estate assets across North America, Asia, Europe, and the Middle East. In New York City alone, he has assembled a seminal portfolio of 25 luxury condominiums encompassing over 1,900 residential units, as well other notable projects, including luxury apartment buildings and mixed-use properties.

Now, Miki has turned his sights on Miami where he recently launched JEM Residences Miami in Downtown Miami’s Miami Worldcenter neighborhood. This dynamic condominium development will rise over 700’ tall, 67 stories, and is set to become a landmark focal point within the city’s iconic Miami Worldcenter. JEM Residences Miami will feature 259 condominiums with a private 50th floor amenity suite designed to compete with any high-end luxury hotel, offering a diverse array of meticulously curated indoor and outdoor spaces to cater to various activities.

PROFILEmiami joined Miki at the Jem Residences Sales Gallery to learn about his career and why he set his sights on Miami to develop his next project:

[PROFILEmiami] Where did you grow up? Give us your background? How did you get involved in real estate? Tell us about your first deal?

[Miki Naftali] I moved to the U.S. in 1987 to attend the University of Southern California to pursue a degree in industrial engineering management. While going to school, I became a property manager in order to help pay my bills. My early exposure to real estate deals involved searching for rental buildings to purchase, a task I learned myself through a combination of on-the-ground exploration and common sense. My breakthrough came when I successfully identified a property for acquisition, earning my first real paycheck. I knew that I had found my passion. After spending time in Los Angeles, I returned to Israel in 1992, where I started to work as a project manager and quickly moved up the chain to senior project manager to later become CEO of a small real estate company working on various projects including residential, hotels and office buildings. My signature project at the time was a 44-story mixed-use tower in Tel Aviv, one of the tallest buildings in the city. In 2000, I made a pivotal move to New York, marking a significant chapter in my real estate career.

[PM] What was your first major development?

[MN] From 2000 to 2004 I developed several very successful residential projects in New York City. In 2004, I acquired the famous Plaza Hotel – a renowned New York landmark and one of the most recognizable brands worldwide – for $675 million. After a well-planned $450 million major gut renovation of the one million, 100-year-old building, The Plaza was transformed into the most luxurious mixed-use building. It includes 180 private residences which all sold at a record-breaking price, 152 hotel condominium suites for sale, 131 over-sized hotel rooms and 160,000 square feet of retail space that houses ultra-luxury boutiques and North America's first luxury food hall. The Plaza's world-famous interior venues were restored to their original grandeur, and the project was completed in late 2007.

[PM] When did you found Naftali Group? Give us the background on the firm.

[MN] In 2011, I founded Naftali Group after developing major projects in New York, Los Angeles, Toronto, Montreal, and Singapore as well as taking our Canadian arm public and serving as the chairman of the board. I decided it was time to start my own company and focus my energy and time on designing and developing great buildings that are financially sound, instead of splitting my time dealing with public markets. Naftali Group was founded with a passion to be the best in class. We work with the most talented designers, engineers, brokers, and in-house executives, always pushing the boundaries and standards, and delivering high-quality results in all different market types.

[PM] Naftali Group has built quite an impressive record in NYC, can you tell us what have been some of the keys to your success?

[MN] We have always stood by our product and provided the highest quality possible for each development we deliver. Our company builds projects with timeless designs and great locations based on buyer demand. We prioritize listening to our buyers and delivering on their needs. It’s a simple formula in theory, but few can make good on these promises. That is what sets us apart; the ability to consistently create quality projects, time after time. We also have a strong team that is meticulous and detail oriented. From conversion to ground-up new construction, we have a rare ability to bring together talented teams to realize ambitious goals. Ultimately, our customers are what matter the most. In one of the most competitive and advanced real estate markets in the world, our customers have chosen to buy and rent our apartments even before our projects are completed, which is a testament to the quality of our work.

[PM] When did Miami come on Naftali Group’s radar? Tell us about the acquisition of the JEM property.

[MN] The decision to invest in Miami aligns with our company's strategy of expanding into premier geographic areas with strong growth potential and creating "best in class" developments at various price points. Miami has evolved tremendously over the past few years and the buyers have become more sophisticated and are seeking a better-quality product in residential apartments. The goal is to bring the expertise gained from global markets to South Florida, invigorating neighborhoods and setting a high standard for quality real estate products in the region.

[PM] Why was Downtown Miami and Miami Worldcenter so attractive to you?

[MN] Miami Worldcenter, located in Downtown Miami, is a well-known international hub that offers excellent walkability, making it an ideal location for development. The area is home to many entertainment and cultural institutions, including the Kaseya Center, Adrienne Arsht Center, Perez Art Museum Miami, Museum Park, and the Frost Museum of Science. Additionally, the neighborhood boasts a diverse range of dining options, high-end shops, and iconic waterfront, making it an attractive destination for both visitors and residents. For those seeking an urban lifestyle, the neighborhood offers plenty of transportation options without the need for a car. JEM Private Residences, strategically located near Brightline's Miami Central Station and metro-mover, make it easy to travel to various cities in Florida within Miami and other parts of the state. The project is also less than 10 miles from Miami International Airport, making travel in and out of the city convenient.

[PM] Tell us about JEM Private Residences, what makes this tower so unique?

[NM] We have collaborated with some of the world's most talented architects and designers to create an extraordinary building in Miami. Arquitectonica leads the building's design, Rockwell Group handles the interiors, and EDSA manages the landscape. The development is an urban oasis that boasts exceptional quality, craftsmanship, and construction that will stand the test of time.

JEM Private Residences is a 67-story building with 259 units ranging from 469 to 2,052 square feet. The condos start at the 43rd floor, offering breathtaking views of the Miami skyline, Biscayne Bay, and Atlantic Ocean. The building's top floor comprises 10 penthouses, with some having their own private outdoor pools. Amenities include the JEM Club on the 50th floor, which features a Sky Deck with a 60-foot pool, jacuzzi, and custom sculpture.

[PM] How is developing real estate in Miami different from New York City?

[MN] I joke that we thought it was difficult to get approvals and permits in New York, but Miami is even more difficult. Jokes aside, there are very different pre-construction processes in New York than Miami. The obvious is that we are able to sell much earlier in the process in Florida, which has allowed us to be creative and work alongside incredible partners here locally. While there are differences, what we do see is a shift in the type of product we are delivering in Miami. As more and more buyers come from New York to Florida, we want to be able to provide a product that appeals to the New York and international buyer. This is what has influenced our unit mix and make-up of this mixed-use development.

[PM] Your daughter Danielle works with you in an EVP role overseeing marketing and design, how special is it to share that family/work relationship?

[MN] Danielle learned the business from the bottom up, starting as a receptionist, moving to an administrative assistant in one of our sales offices, and learning every trick of the trade along the way before becoming our Executive Vice President of Marketing and Design. She is highly motivated, hard-working, and keeps pushing the quality of our work, so yes, it is special and rewarding to see the growth over time and it’s very helpful because I have more time to grow the business.

[PM] Besides real estate and work, tell us about some of your other hobbies?

[MN] Family and boating are my passions. I love being on the water, it is the only place I can relax.

[PM] Where can we find you in your day off? (Favorite restaurant, country club, boat, etc)

[MN] My days off are for either family or spending time on the water.

Image via PROFILEmiami | Renderings via Hayes Davidson

Check Out This Private Island At Ocean Reef Club Asking $75 Million

Nestled amidst the waters of the Florida Keys sits a rare opportunity, a 26 acre Private Island plus an additional waterfront mainland home within Ocean Reef Club. The private island island features a pool home, 12 one-acre developable waterfront lots, a 20-slip marina capable of accommodating a mega-yacht, three separate apartments, dockmaster office, a white sand beach and two tennis courts which convert to a helipad for a 10 minute flight to Miami. Modern infrastructure including fiber optic cable, water, & electricity, ensures seamless connectivity and convenience. The mainland property within Ocean Reef Club is a four-minute boat ride away and features a 100 ft. dock. The illustrious Ocean Reef Club features a private airport, two championship golf courses, a world-class 175-slip marina, impressive tennis & lawn sports facilities, full-service fitness center, salon and spa, medical center, oceanfront inn, and an array of shopping and fine dining options.

Pumpkin Key, 10 Cannon Point, Key Largo is listed for $75,000,000 with Liz Hogan of Compass.

Images via Legendary Productions

Terra Closes on $127 Million Refinancing Loan for Natura Gardens Development

Terra and New Valley, the development partners behind Natura Gardens, a new multifamily community in Northwest Miami-Dade County, have secured $127 million in permanent financing for the development. The loan, issued by an affiliate of MF1 Capital, will be used to pay off and refinance an existing $65 million construction loan, which was provided in 2021 by Bank OZK. Completed in Summer 2023, Natura Gardens includes 460 garden-style rental apartments across 23-acres in Miami’s West Hialeah neighborhood.

At more than 97% leased, Natura Gardens’ one- to three-bedroom apartments measure between 727 and 1,603 square feet in size, with rental rates ranging from approximately $2,000 to $3,350 per month.

“Our ability to refinance Natura Gardens reflects the leasing success we’ve experienced at the property as well as the increasing demand for market-rate rental housing in the West Hialeah area,” said David Martin, CEO of Terra. “Natura Gardens continues to fulfill an unmet need for quality suburban living for thousands of working families seeking to minimize their daily commutes.”

Walker & Dunlop’s New York Capital Markets team, led by Keith Kurland, Aaron Appel, Jon Schwartz, Adam Schwartz, and Michael Diaz arranged the loan proceeds to refinance the existing construction loan of Natura Gardens.

Situated along NW 170th Street between I-75 and Florida’s Turnpike, Natura Gardens is located immediately south of the planned American Dream retail and entertainment complex, and a short drive from several large employers, including Boeing, Royal Caribbean International, Preferred Freezer Services, and The Home Depot.

Natura Gardens was designed by Pascual, Perez, Kiliddjian Architecture (PPK), with the development’s clubhouse and model units imagined by tennis champion Venus Williams’ design firm V Starr Interiors.

 Apartments have high-end finishes and fixtures, expansive balconies, custom shaker-style kitchen cabinetry, spacious built-in pantries, kitchen islands with breakfast areas, stainless steel appliances, full-size washer and dryers, spacious living and dining rooms, walk-in closets, and en-suite bathrooms.

Amenities at the gated community include a two-story clubhouse with a resort-style pool and spa; a covered kitchen prep area and grilling station, sink and refrigerator; outdoor tiki hut areas with hammocks, tables and umbrellas, and lounge chairs on comfortable beach sand; a media room, billiards and children’s playroom; a sophisticated lounge with a bar and kitchen; a state-of-the-art fitness center with yoga, aerobics and spinning studios; a business center with co-working spaces and a coffee bar; a children’s tot-lot with recreational equipment and electronic car charging stations, and a residents-only dog park.

Inspired by the area’s natural surroundings, the community features lush landscaping, open lawns, lakes and preserves. Residents also have access to lush, green spaces with sitting areas and mobile device charging stations throughout the entire community.

Natura Gardens is the latest among Terra’s portfolio of newly completed multifamily developments across South Florida, which includes Grove Central, a transit-oriented mixed-use development with residential and retail uses in Coconut Grove; and Pines Garden at City Center, a garden-apartment community in Broward County’s City of Pembroke Pines. Terra is also currently developing CentroCity, which will include up to 1,200 apartments as part of a larger 38-acre mixed use development in central Miami-Dade County, just west of Little Havana; and Upland Park, which will include up to 1,700 apartments as part of a 47-acre mixed use transit-oriented development at the Miami-Dade County Dolphin Park-and-Ride Station.

CRE Principals…You’re Leaving Money on the Table. A Lot of It.

Article By Matt Einheber, Principal at TitleEQ & Creator at TitleBox

Smart commercial real estate principals love finding the deal no one else knows about. 

Yet there’s an obvious deal out there that’s routinely being ignored - something that residential real estate brokers have been taking advantage of for years while CRE entities have been missing out. It’s a stream of impressive profits being left untouched, staring commercial principals in the collective face. By ignoring it, CRE entities have been leaving quite a bit of money on the table. 

Title and settlement services are not on the radar for most investors, sponsors, principals and other CRE decision makers. But for those willing to deploy the right joint venture, the opportunity for meaningful profits and a more streamlined operation can be huge.

You might be surprised at how big. Even smaller organizations can realize a passive seven-figure profit while simultaneously lightening their operational load. That said, it’s not an automatic win. There’s a lot to consider. 

Vetting an operational partner for a joint venture

Title is a deceptively complicated business to operate. It’s anything but simple and is critical in managing debts and liabilities against real estate, protecting value and managing a high risk and logistically complex transaction.  

Most title companies focus on residential transactions and don’t have the depth of knowledge to properly handle the more complex issues that are common to CRE. Very few have done much to make meaningful advancements in process, workflow and technology. In fact, it’s a bit of a surprise to realize how manual many title operations are… even some of the largest and best recognized in the space. 

These reasons alone should be enough to convince professional real estate buyers that the title or closing vendor should be vetted and chosen carefully. There’s a lot of value in deliberately choosing a title company to work with regularly. 

Introducing the prospect of a joint venture with a title operator usually brings up questions of compliance, profitability, operational competence, risk and more. Title is specialized enough that even most adjacent real estate pros don’t really know how to vet title firms or which common mistakes to avoid.

However, this choice brings with it risk with a disproportionately high reward. 

The title industry is still largely a dusty, antiquated space with a great deal of complexity in its operations (in spite of its continued reliance on manual processes). It takes an experienced operator committed to leveraging things like technology or third party service providers (where warranted) to maximize efficiencies and build optimal profit margins. Where that takes place, an affiliated closing operation not only provides the principal with greater control over the entirety of the transaction, but will super-sized profits as well. 

It's not just a simple matter of hiring the local title agency to build an affiliated arrangement. In many cases, moving without knowing how to properly vet your operating partner can be disastrous, and add time, tension and unnecessary expense (or delay) to your business. 

Here are the most important considerations to properly vet a potential title partner:

Experience and track record 

First, any operating partner you meet should, obviously, understand and have experience with title and closing. That sounds simple enough. They should also have significant supportive infrastructure. 

A big point is that the potential partner should be familiar with the markets in which your closings will occur. If you’re planning on closing deals not only in Miami, but in Port St. Lucie or Georgia or New York for that matter, be sure that your potential JV partner is an expert in the requirements and customs of those markets. Everything, including laws, rules, customs, workflow and dollars, can vary widely from not only state to state; but county to county and even city to city. 

Problem Solving

Potential JV partners should be the very best problem solvers. First principal thinkers. Investigators. Negotiators. 

It’s the job of your title representation to figure out how to ‘get to yes’ when it comes to negotiating with underwriters, lenders, buyers and sellers. 

If you’re an attorney or have ever been on the legal side of complex transactions, you’ll understand exactly what that means. The best title experts anticipate problems before they happen, create multiple possible solutions and know how to negotiate risk to protect you while delivering results. 

These people are invaluable to your attorneys and your organization at large. 

Technology and Solutions

There’s software to address almost every minor problem, but some of the biggest challenges come with choosing the right technology and best means of using it.  

It’s arguable that this is the single most common and biggest challenge for any business today in any industry. It requires determining what will help and what is a waste of money, then getting those otherwise disparate technologies to work fluidly together, first serving the client experience and then improving internal efficiency.  

This speaks to operational lift and profitability. 

Probably every business out there is wasting money on a platform or an app that’s just not helpful enough. I frequently encounter tech solutions to simple problems that amount to overkill.  The clunkiness of using multiple providers for a single process can be truly frustrating.

We all know that Proptech has been generally slow to catch up with other industries, and title is an exaggerated version of that. It’s not without reason, but times are changing. 

The best title JV partners serve as curators of the most effective technology. Because the closing process can vary so widely, there is no “universal” settlement platform or tech stack. The best closing firms build stacks that easily accommodate their clients’ needs as well as effectively addressing compliance requirements as well as market requirements.

At the same time, there are instances in which a title company is better served by leveraging efficient third party service providers to maximize efficiency and minimize expense. These operators also understand when it makes the most sense to make use of a national or centralized resource, and when using local expertise could actually create a smoother process. 

There are certainly problems technology can solve. There are many that are better served by humans, aided by the intel, focus and access that technology can deliver. Understanding how to find this balance, and keep the operation fluid and performing without getting distracted by shiny objects is the key.  Plus, the practice of continuously reviewing potential new solutions is something we should all value in our own businesses as well as with any new partner. 

Compliance 

As it relates to CRE, title insurance regulations fall under the jurisdiction of each state’s insurance department. 

Depending on the state, compliance can be reasonable and manageable, or can involve monthly/quarterly/annual audits, reporting, brick and mortar locations, data licensing by county, or other complicated requirements. 

Obviously, while making a play at profits, it simply isn’t worth risking your core business interests over legal matters. Choosing a JV title partner with solid compliance expertise and which has the resources to manage them is not optional. 

These are all factors to consider for CRE principals looking to capture additional revenue by controlling the closing process with an effective title JV. Those who aren’t sure where to start can begin by locating a seasoned title expert or third party consultant. It’s important that any “expert” understand how the principal works and what kinds of transactions and markets are most familiar to that principal. True “experts” also offer several options to consider, rather than leaning on one brand or firm for almost any situation.

Nobody intentionally leaves money on the table. Yet, for years, CRE principals have been happy to hand off an entire revenue stream to someone else’s “guy.” Perhaps that’s fear of the unknown. Perhaps too many principals simply don’t realize there’s true revenue to be had. The key is to partner with a firm that can build an operationally sound title organization and an efficient workflow. In doing so, CRE principals can potentially take what looks to be a pretty good year in the CRE market and make it great.

About Matt Einheber, 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.

Nick Jonas and John Varvatos Set to Bring Rooftop Villa One Tequila Gardens To Miami Worldcenter

As Miami continues to evolve as an international destination for culinary innovation and vibrant nightlife, Villa One Tequila, co-founded by celebrities Nick Jonas and menswear designer John Varvatos, is bringing the essence of Mexico’s finest to Miami Worldcenter, the $6 billion mixed-use development activating Miami’s urban core. Designed for creating unforgettable experiences, Villa One Tequila Gardens will offer guests an exotic escape to unwind after work in the heart of Downtown Miami with over 150 tequila and mezcal options and Baja-style Mexican food.

Set to open in 2025, Villa One Tequila Gardens will occupy 12,294 square feet of rooftop space within the 27-acre mixed use development’s ‘Jewel Box’ retail building at 150 NE 8th Street, which will also be home to other recently announced dining and entertainment concepts including Starbucks, Earls Kitchen + Bar, Sports & Social, Sixty Vines and Bowlero. With vast views of the Downtown Miami skyline, the main dining room will feature a raw bar and tequila tasting room with a tequila sommelier and an intimate speakeasy operated by a soon-to-be announced nightlife brand.

As one of the largest privately owned and developed urban real estate developments in Florida, Miami Worldcenter, which is currently coming alive in phases, features a diverse mix of residential, commercial and hospitality uses complemented by a total of 300,000 square feet of retail, restaurant, and entertainment space. More than 93% of the development’s retail space is leased as of February 2024.

Miami Worldcenter is being developed by master developers Miami Worldcenter Associates, led by Managing Partners Art Falcone and Nitin Motwani, in partnership with CIM Group.

“Villa One Tequila Gardens will create a unique entertainment destination within Miami Worldcenter with a special rooftop experience unlike anything else in Downtown,” said Nitin Motwani, Managing Partner of Miami Worldcenter Associates. “Fusing Mexican-inspired cocktails and cuisine with modern Miami sophistication, guests will be transported to an exotic destination within Downtown’s dynamic urban core.”

Designed by KOM Studio, an international architecture and design firm established in Mexico City, Villa One Tequila Gardens will immerse guests in the Mexican lifestyle and its pure essence with luxurious textiles, shades of green inspired by agave fields, and accent walls with neon signs.

Villa One Tequila Gardens will join a growing roster of newly opened tenants and hospitality destinations at Miami Worldcenter, including three new food and beverage options by Ariete Hospitality Group’s Michelin-star-rated Chef Michael Beltran, Brasserie Laurel, Chug’s Express, and El Vecino Cigar & Cocktail Bar; national retail brands lululemon, Sephora, and Ray-Ban; the affordable luxury citizenM Miami Worldcenter hotel; and a Lucid Motors luxury electric vehicle showroom and service center.

Announced tenants set to open this year include an exceptional lineup of restaurants including local culinary gem JUVIA, coffee shop giant Starbucks, Chicago’s Maple & Ash, Serafina, Sweet Paris Creperie & Café, Earls Kitchen + Bar, Sixty Vines, and a dual-concept location for BurgerFi/Anthony’s Coal Fired Pizza & Wings; along with dining and entertainment concepts Sports & Social and Lucky Strike; a permanent location for the world-famous Museum of Ice Cream; and other nationally recognized favorites including The Container Store, Club Studio, Savage X Fenty, and Posman Books.

Retail leasing at Miami Worldcenter is led by CIM Group and Miami-based The Comras Company. CIM Group is a community-focused real estate and infrastructure owner, operator, lender, and developer. The Comras Company is a leading, boutique real estate firm providing retail leasing, asset sales, consulting, and development advisory services throughout South Florida.

“Villa One Tequila is a one-of-a-kind bar and restaurant that brings another dimension in dining to Miami Worldcenter. It is an example of our focus on activating the property’s outdoor spaces and rooftops to provide a wealth of opportunities for guests to enjoy the beautiful setting and area views,” said Shaul Kuba, Co-Founder and Principal, CIM Group.

Miami Worldcenter is now home to three completed residential towers – PARAMOUNT Miami Worldcenter, Caoba, and Bezel Miami. Additionally, construction is nearing completion at Lalezarian’s 52-story Miami World Tower 1, which will comprise 550 apartment units; at Legacy Hotel & Residences, a 50-story mixed-use tower with 310 branded residences atop a hotel and 50,000 square feet of medical office space; at the second phase of Caoba, which will encompass an adjacent 40-story tower with 420 apartments; and at The Crosby, a 450-unit turn-key condominium by Related Group and Merrimac Ventures.

Planned developments include three additional residential towers developed by Lalezarian with 2,000 multifamily units; 600 Miami Worldcenter, a 579-unit fully furnished condominium by Aria Development Group and Merrimac Ventures; JEM Private Residences, a 67-story mixed use luxury residential tower with 259 condos and about 500 apartment units by New York-based developer Naftali Group; a two-tower mixed-use residential and commercial development by Abbhi Capital; and a three-tower mixed-use residential project by The Witkoff Group.

Complementing Miami Worldcenter’s retail streets will be World Square, a 20,000-square-foot outdoor public plaza and park. Designed as a central gathering place, World Square will serve as the heartbeat of the development featuring an abundance of open space, shade trees, and oversized, pedestrian-friendly sidewalks lined with dining, entertainment, and retail concepts.

Miami Worldcenter’s $5 million public art initiative – curated by international art dealer Jeffrey Deitch and Miami-based curatorial collective PRIMARY – transforms the streets and buildings of the 27-acre ‘city within a city’ into a permanent outdoor art museum. Now complete, the program features a variety of contemporary and modern art works – in the form of large-scale murals, paintings, and sculptures – created by globally acclaimed artists including Nina Chanel Abney, Woody De Othello, Viktor El-Saieh, Nick Cave, Trenton Doyle Hancock, Hernan Bas, Serge Toussaint, Zadok Ben-David and Franz Ackermann.

Renderings via KOM Studio

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.