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.

Sky Penthouse At Aston Martin Residences Sells Complete With Aston Martin Miami Riverwalk Edition DBX

The final Sky Penthouse at the Aston Martin Residences has sold as the building nears completion. The iconic glass waterfront 69-story, 817’ tower is now an iconic part of the Miami skyline on the Miami River. Sky penthouse unit 5901 offers an unmatched 9,573 square feet of luxurious indoor living space spread over 4 bedrooms, 7 baths, plus 2 powder rooms. The buyer was represented by leading luxury real estate agent David Rocca of Ancona Real Estate.

The lavish residence also features a family room, staff quarters, and a gym. The penthouse offers total relaxation with an indoor pool, complemented by 3,324 square feet of outdoor terrace space, totaling an extraordinary 12,897 square feet. And as a crowning touch, the purchase of the residence will include its very own bespoke Aston Martin Miami Riverwalk Edition DBX.

Aston Martin Residences Miami is a luxury residential development on the waterfront in downtown Miami being developed by G&G Business Developments at 300 Biscayne Boulevard Way in Downtown Miami. The tower broke ground in October 2017 and is currently nearing completion. The one-of-a-kind Aston Martin-branded tower offers 391 residences which come in a variety of floor plans consisting of one to five bedroom floor plans in addition to the penthouse collection. The tower will feature 42,275 SF of sky amenities across four floors, including a double-level fitness centre overlooking the ocean, infinity pool, spinning studio, boxing gym, virtual golf room, art gallery, two cinemas, as well as a full-service spa, beauty salon and barber shop.

Follow David Rocca on Instagram @roccarealestate. He can also be reached at 310-977-7993 or at his website.

Lion Development, PMG and LNDMRK Development Team Up To Purchase Overtown Development Site

Michael Simkins’ Lion Development, Property Markets Group (PMG) and Alex Karakhanian’s LNDMRK have partnered to purchase Overtown’s Block 19 located at 105 NW 11th Terrace for $16.5 million. The 1.5 acre development site will be a Transit Oriented Development (TOD) with a combination of market-rate and workforce housing apartments, along with parking for residents and visitors. City National Bank has provided an initial $8.25 million mortgage on the property.

As one of the largest property owners in Overtown, Lion Development Group has been a longtime catalyst for growth and vitalization in the area, working alongside the community and partner agencies such as the Southeast Overtown Community Redevelopment Agency (CRA) to reinvigorate the area with the goal of creating a dynamic and walkable urban core, promoting economic advancement and culture-building environments.

“We are proud to bring this new development to life by working alongside community leaders and organizations to enhance the Overtown neighborhood, as well as bolster the growth and economic impact of the area,” says Michael Simkins, CEO of Lion Development Group. “As local business owners committed to the neighborhood, it’s been incredible to see the growth and revitalization of Overtown over the past decade. We believe this development will further invigorate the area and provide additional opportunities for locals and guests alike to thrive through new investment that is dedicated to honoring this culturally significant neighborhood.”

"PMG is looking forward to partnering once again with Lion Development Group and LNDMRK in the collaborative effort to bring the Block 19 project to Overtown,” says Ryan Shear, Managing Partner of PMG. “Our longstanding partnership with Lion Development Group has consistently yielded transformational properties, and Block 19 will be no exception. This development aligns with our vision to develop impactful mixed-use residential projects in Miami and beyond.”

“LNDMRK is very excited to be part of this project alongside Lion Development and PMG,” says Alex Karakhanian of LNDMRK. “Our visions align and we are motivated to bring a project that not only fills a gap in the marketplace, but adds new elements of energy and transformation to the Overtown community. We look forward to moving onto the next phase of development and bringing the neighborhood a project that will set the tone for new buildings in the area.”

Overtown currently hosts a collection of culturally significant businesses and organizations that have thrived with the support provided by the Southeast Overtown Community Redevelopment Agency. The team has a unique vision for the future of Overtown that includes making the neighborhood more walkable and connected to the Downtown core, specifically through Miami-Dade County’s Transit Oriented Development (TOD) area requirements. By incorporating features such as improved walkways, bike lanes, and enhanced roads, among other elements, the initiative seeks to attract residents from neighboring areas while simultaneously enhancing the daily lives of those residing and working in Overtown.

Terra and Sympatico Real Estate Launch Sales For Mr. C Residences West Palm Beach

Miami-based real estate development firm Terra and Sympatico Real Estate, a Palm Beach-based firm owned by the Morrison family, have launched sales for Mr. C Residences West Palm Beach. This 26-story luxury condominium hotel will mark the debut of a branded luxury development in Downtown West Palm Beach. Located at 320 Lakeview Ave., the lifestyle-driven property includes 110 hotel units alongside 146 spacious branded condos. The arrival of Mr. C Residences West Palm Beach signifies the prestigious brand’s entrance into the West Palm Beach market and represents Terra’s second project under the Mr. C brand. Douglas Elliman is leading the exclusive sales and marketing for the residences, priced from $1.5 million. The groundbreaking of Mr. C Residences West Palm Beach is slated for 2024, with an expected completion in late 2026.

“We are eager to extend the integration of hospitality and true, chic living into Downtown West Palm Beach’s rapidly expanding market. As major proponents of the area, we believe West Palm Beach is one of the top walkable neighborhoods in the country with unrivaled retail, dining, arts and culture at every turn,” said David Martin, CEO of Terra. “With the immense investment and recognition the neighborhood has received on a national level, the addition of Mr. C Residences West Palm Beach will be both a testament to the area’s potential for new and interesting luxury concepts and the answer to the growing demand for flexible, high-quality residences. We are delighted to once again partner with the esteemed Mr. C brand to execute this dynamic vision and bring a landmark project to Downtown West Palm Beach.”

Crafted by the acclaimed architecture firm Arquitectonica, featuring interiors and amenity spaces by Meyer Davis in partnership with Ignazio and Maggio Cipriani, and complemented by lush landscaping by Landscape Design Workshop, Mr. C Residences West Palm Beach is poised to establish a fresh standard of elegance, artistic design, attentive service, and unrivaled sophistication. The LEED-Certified building will include a selection of open floor plans ranging from one to four bedrooms and spanning 830 to 2,200 square feet. Every boutique space will feature soaring 10-foot ceilings, premium finishes and appliances, private outdoor terraces, and sweeping panoramic views of the city, Intracoastal, and ocean.

The building’s interiors will reflect the signature mix of classic European charm with stylish sophistication synonymous with the Mr. C brand. Mr. C, created by brothers Ignazio and Maggio, members of the fourth generation of the Cipriani family, is known globally for its expansive portfolio of restaurants, landmark event spaces, lounges, and residences. Since its first Mr. C Hotel opened in Beverly Hills in June 2011, Mr. C has been setting a new era in timeless yet contemporary hospitality, opening properties in New York City, with Mr. C Seaport, and Miami, with Mr. C Miami Coconut Grove. The company’s residential portfolio includes Mr. C Residences now underway in Coconut Grove, Miami and Jumeirah, Dubai.

“At its core, Mr. C represents a modern interpretation of old-world sensibilities. My brother and I are very proud to expand the presence of Mr. C Hotel & Residences to Downtown West Palm Beach, extending the storied Cipriani family experience to the city through this impeccable property. From signature spaces such as the Bellini Rooftop to a five-star level of service, the hotel and residences will be a true reflection and culmination of our family’s dedication to hospitality,” said Ignazio Cipriani, Co-Owner of Mr. C Hotels.

In addition to design, the Mr. C. brand will also be reflected through the dining and lounge offerings at Mr. C Residences West Palm Beach. These include a signature Bellini Café, a modern-day “pasticceria and confetteria” Bellini Restaurant, located on the 25th floor and offering authentic Italian favorites in an elegant setting, and an exclusive Bellini Rooftop Lounge, West Palm Beach’s premier private members club. Additionally, residents will have access to poolside food and beverage service, in-residence dining, and event catering all in line with the impeccable service of a Mr. C property.

Amenities at Mr. C Residences West Palm Beach include a garden-level lap pool with cabanas, a poolside bar and lounge area, Little C’s Outdoor Playground for children, a fully equipped fitness center, indoor spaces for yoga, Pilates and Peloton workouts, a signature spa with sauna and steam rooms, a well-appointed library and business lounge, and secure bike storage. The building features a dedicated porte-cochere entrance, a residential lobby with a lounge and private high-speed elevators, and captivated and curated art displays in both the lobby and outdoor public areas. Residents will enjoy an array of services, including a dedicated concierge, butler service, 24-hour valet and security team, complimentary towel service at the pool deck, access to a custom Mr. C Residences app, and the option for additional housekeeping and butler services.

“Mr. C Residences West Palm Beach is an elegantly designed and refined product situated in one of South Florida’s most prominent markets,” said Jay Parker, CEO of Douglas Elliman. “The property’s unique conceptual design, ideal location, and association with the storied elegance of the Cipriani name will propel its success among the area’s new wave of discerning buyers, setting an unprecedented benchmark for luxury in Downtown West Palm Beach. Drafting off of the wildly successful offering in Coconut Grove, Miami, Mr. C Residences is sure to be a powerful addition to the West Palm Beach market.”

Renderings via Binyan Studio

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:

Sawyer's Walk Overtown Mixed-Use Development Now 100% Leased, Set To Open This Summer

The transformative development Sawyer’s Walk comprising 1.5 million square feet is now fully committed and considered one of the largest mixed-use project set to deliver in decades in the historic community of Overtown in Miami, Florida. The project will add 175,000 square feet for credit retailers, 578 housing units for predominantly low-income seniors helping to meet the critical need for affordable housing in Miami-Dade County, and 130,000 square feet of office space acquired by MSC Group that will anchor MSC Cruises new North American headquarters.

SG Holdings, a partnership among Swerdlow Group, SJM Partners, and Alben Duffie, is constructing the 3.4-acre development located at 249 NW 6th St., which broke ground in June 2021. The successful public-private partnership was made possible through a collaboration with the City of Miami’s Southeast Overtown/Park West Community Redevelopment Agency (CRA), Miami-Dade County’s Department of Public Housing and Community Development (PHCD), and Commissioners Christine King and Keon Hardemon. The development was designed by Miami-based, award-winning architecture firm Arquitectonica and construction is led by Coastal Construction.

With completion estimated for this summer, Sawyer’s Walk will create a new mixed-use destination with a variety of highly demanded retailers such as Target, Aldi, Ross and Burlington, the largest affordable senior living community to deliver in the US in the last 10 years, and a 25,000-square-foot public plaza that will feature a pedestrian promenade with outdoor seating and children’s playground benefitting the Overtown community and Greater Downtown Miami.

“Since we broke ground on Sawyer’s Walk in 2021, we have experienced overwhelming demand for the mix of uses the development will bring to Miami’s Overtown community, including affordable housing for seniors, value-add retail offerings and quality office space, leading to our project reaching 100% leased before completion,” said Michael Swerdlow, Managing Partner of Swerdlow Group. “The anticipated delivery of our mixed-use development will serve as an economic catalyst for Overtown, with the creation of over one thousand quality jobs, the opening of a new full-service supermarket and mix of national retail stores that will serve the immediate community and surrounding neighborhoods.”

MSC Group, a privately owned international company that is a global leader in container shipping and has the world’s third largest cruise line, will bring together its South Florida cruise and cargo operations under one home within Sawyer’s Walk. The modern office space purchased by MSC Group will bring together over 250 current employees based in South Florida from MSC Cargo, MSC Cruises and Explora Journeys. With this move, the global organization is making a $100 million investment in Miami-Dade and is expected to generate over 600 direct and indirect jobs over the next three years, as MSC Cruises prepares to open North America’s largest cruise terminal in PortMiami later this year.

“The relocation of the MSC Cruises North American headquarters to Sawyer’s Walk will significantly contribute to the daytime population that the shops and restaurants will serve,” said Nick Swerdlow, Vice President of Swerdlow Group. “The opening of our Sawyer’s Walk development coincides with the continued growth Greater Downtown Miami is benefitting from as more new residents, businesses and visitors are attracted to Miami’s thriving urban core.”

The upper floors of Sawyer’s Walk will be home to 578 units designated for seniors earning at or below an average of 60 percent of the Area Median Income. The apartments will include studios, one-bedrooms, and two-bedrooms. Residents will enjoy resort-like amenities that exceed what is traditionally offered at affordable housing projects, including a roof-top swimming pool and sun deck complete with lush landscaping, outdoor seating and grilling stations, a modern fitness center, clubhouse, and more.

The retail component will include a 50,000-square-foot Target store, a 25,000-square-foot Aldi supermarket, and new locations for Ross Dress for Less, Five Below, Burlington and Tropical Smoothie Cafe. The public plaza will also feature art murals, an outdoor seating area and a dog park. The property will provide over 1,000 parking spaces and access to numerous public transit options such as the Metrorail, Metromover and Brightline.

Situated in the heart of Overtown, one of Miami’s most historic communities, Sawyer’s Walk is located alongside I-95, adjacent to Downtown Miami’s Central Business District and blocks from Brightline’s Miami Central station, the 27-acre destination Miami Worldcenter, the Historic Lyric Theatre, Government Center, and Miami Dade College’s Wolfson Campus.

The Cushman & Wakefield team of Alan Kleber, Tyler Reynolds, Scott Quick, Diego Rodino di Miglione, and Shannon O’Hare represented MSC Group in the transaction, while Greg Masin of Cushman & Wakefield advised SG Holdings.

Inside The PROFILE Design Summit at Eichholtz Miami

On Thursday February 1, 2024, PROFILEmiami hosted its inaugural and sold-out PROFILE Design Summit, featuring architecture and interior design icons Kobi Karp, Louis Birdman, Will Meyer and Ralph Choeff. The evening took place at Eichholtz Gallery in Miami Design District and was attended by Miami’s top investors, developers, architects and designers as well as guests from all over the design world who flew in to experience PROFILEmiami’s highly regarded bespoke networking.

The panelists shared their experiences working in design and architecture not only in Miami, but across a global portfolio of projects. Louis Birdman of One Thousand Group discussed his experience working with Zaha Hadid on One Thousand Museum and how the project meant so much to her after missing out on the opportunity to design the Perez Art Musuem. Their tower now overlooks the museum and serves as one of the most iconic parts of Miami’s skyline. Will Meyer and Kobi Karp gave attendees insight on how to move your career in the design world to the next level and their experiences working with Barry Sternlicht on 1 Hotel South Beach. Ralph Choeff discussed designing homes with $70 million price tags and working with extremely high-end clients on these architectural masterpieces. Attendees were welcomed into the discussion with an extended Q&A session.

Guests had the opportunity to network with the design industry’s best as well as experience Iberico Ham by Modern Stones, Spankopita and Aysrtico wine by AGB Stones, a selection of sandwiches and bites by Pura Vida and Zeroe Plant Based Caviar. Guest also enjoyed custom cocktails by Brugal Rum and E11EVEN Vodka. On view was a very special custom curated art collection by celebrity art dealer Avery Andon of ArtLife featuring works by Andy Warhol, Keith Haring, Jeff Koons and Alec Monopoly. The night featured an hour of networking with sounds by local DJs DAKAP, followed by the panel discussion and Q&A. Other sponsors who participated included Quartzology, Disruptive Real Estate, Cryptic Air.

Watch the full panel on YouTube:

Mast Capital Locks Down Florida's Largest Residential Single-Tower Loan At $600 Million For Cipriani Residences Miami

Miami-based developer Mast Capital has secured a construction loan of $600 million, setting a new record for the largest single-tower residential construction loan ever obtained in Florida for Cipriani Residences Miami. The loan comes from Mexico-based Banco Inbursa and Ascendant Capital Partners, contributing $350 million and $250 million, respectively. The site is one of the last remaining raw parcels of land in Brickell and will serve as the southern gateway to Miami’s financial district.

Situated on the southern edge of Brickell’s business district, Cipriani Residences Miami will be the brand’s first-ever ground-up residences in the Americas. The high-profile condominium development, which is redefining luxury within the Brickell neighborhood, encompasses an 80-story luxury condominium tower with 397 residences offering spectacular views of Biscayne Bay, the Brickell skyline, and Coconut Grove. The site benefits from being located close to all the destinations within Brickell while also offering better accessibility and less traffic given its proximity to the lower density areas of Brickell to the South.

“The unprecedented financing we have secured for this transformative development anchored in Brickell is a testament to the demand for an ultra-luxury condominium product in this neighborhood. We have assembled the highest caliber of architecture, and design to execute this project and further solidify the position of Miami’s Brickell Financial District as a business and residential community,” said Camilo Miguel, CEO of Mast Capital. “Cipriani Residences Miami will transform the neighborhood and appeal to a wide variety of domestic and international residents, especially at a time when Brickell continues to experience robust growth fueled by the steady pace of wealth and business migration.”

While the influx of new residents to Miami, particularly the highly desirable Brickell neighborhood, seeking a cosmopolitan lifestyle, warm weather, and favorable tax environment is not new, this trend has dramatically accelerated since mid-2020 and is expected to continue over the years to come.

Mast Capital purchased the 2.8-acre site located at 1420 S Miami Ave. for $103 million in December 2021, which at the time represented the acquisition of one of the last remaining raw parcels of land in Brickell available to build a large-scale, high-rise development. The condominium tower is a signature Bernardo Fort-Brescia design by architecture firm Arquitectonica and world-renowned interior design firm 1508 London.

Starting at $1.7 million, Cipriani Residences Miami offers one- to four-bedroom residences ranging from 1,123 to 3,495 square feet, in addition to penthouses with private pools, with completion slated for 2028. As the crowned jewel of Cipriani Residences Miami, the Canaletto Collection will offer a boutique experience to residents that includes priority access to the tower’s private speakeasy and dining spaces, exclusive global concierge services and custom finish and furniture packages available for purchase, designed by 1508 London. The Canaletto Collection, which comprises six penthouses, will also feature direct elevator entry and a limited number of residences per floor appealing to discrete residents who prioritize privacy. Pricing for the penthouses starts at $17 million. The condominium will offer all residents exclusive access to around-the-clock dining services by Cipriani available in the private restaurant, 24-hour in-home dining and catering services. Dining services will extend to the elevated resort deck featuring multiple swimming pools, lounge and cabanas.

Residents will also have access to a fully equipped state-of-the-art fitness center, as well as a holistic spa including an ice plunge and sauna. The condo tower’s robust amenity package will also include a golf simulator, a pickleball court, a screening room, as well as a library and salon for beauty services. Residents will also have the convenience of a private dog park, children’s playroom and à la carte services like plant care, away-from-home maintenance, pet grooming and walking, luxury house limousine transport within a three-mile radius, in-residence spa treatments, personal training and more.

Mast Capital has emerged as one of Florida’s most active real estate development and investment firms today, with a diverse portfolio of residential, hospitality, and commercial properties throughout the State. The firm continues to expand its portfolio, with acquisitions representing over $3.5 billion in total project capitalization. These investments include new-build up development of over 4,000 residential units in South Florida, as well as the Fort Myers and Tampa metro areas.

Newmark arranged the transaction with a Debt and Structured Finance team led by Co-Presidents Jordan Roeschlaub and Dustin Stolly alongside Executive Managing Director Nick Scribani. Harry Silvera and Yehuda Auman of Gibson, Dunn & Crutcher LLP and Kimberly LeCompte and Eric Fisher of Greenberg Traurig P.A. served as legal counsel for the developer. Aron Zuckerman and Norian Watson of Cleary, Gottlieb, Steen & Hamilton LLP served as legal counsel for Banco Inbursa. Evan Kaufman and Andy Auerbach of Bryan Cave Leighton Paisner LLP served as legal counsel for Ascendant Capital Partners. Ilana Strickon of Holland & Knight served as legal counsel to both lenders. Sales and marketing for the condominium development is handled exclusively by Fortune Development Sales.

Renderings via Mast Capital