HFF Secures $550M Loan For Expansion Of Luxury Retail Destination Bal Harbour Shops

Holliday Fenoglio Fowler, L.P. (HFF) has announced that it has arranged $550 million in financing for the expansion of the iconic Bal Harbour Shops, a 463,114 SF, open-air, fully leased global, luxury shopping destination anchored by Saks Fifth Avenue and Neiman Marcus along Miami Beach in Bal Harbour, Florida. The loan is one of the largest construction loans ever to close in Miami. The HFF capital markets team was led by executive managing director Manny de Zárraga, senior managing director Chris Drew, managing director Jim Dockerty and director Matthew McCormack. MetLife Investment Management’s Arun Singh, vice president for the Southeast Region, and Jay Gadsby, director, originated the loan on behalf of MetLife Investment Management.

HFF worked on behalf of the borrower, Miami-based Whitman Family Development, to place the $150 million, eight-year, fixed- and the $400 million floating-rate construction facility with MetLife Investment Management. Loan proceeds will be used to retire an existing loan and expand Bal Harbour Shops by an additional 300,000 SF, including a 57,414 SF space to be occupied by Barneys New York, which will be Barneys’ only flagship store in the southeastern United States. A three-story promenade will be added to connect Barneys to the existing palm tree-lined promenade. The renovation will also bring a new grand entrance at the northeast quadrant of the property along with an expansion of the Neiman Marcus space by 20,000 SF.

“The loan marks the official launch of the Bal Harbour Shops expansion and represents the growth and strength of Miami’s retail real estate market,” Drew said.  “As the climate shifts for many traditional retail centers across the U.S., Bal Harbour Shops maintains its position as the most successful, high-end shopping destination in Florida and one of the most productive in the world. The Shops continues to experience intense demand from both existing tenants and retailers that have been waiting years to join its roster, and we are excited that this loan will allow Whitman Family Development’s expansion plan to come to fruition.”

Situated at 9700 Collins Avenue on 17.42 acres in an exclusive oceanfront community located between the Atlantic Ocean and the Intracoastal Waterway, Bal Harbour Shops was completed in 1965 as the first all-luxury fashion shopping center and has been meticulously maintained throughout the years. Bal Harbour Shops has operated at 100% occupancy for several decades with a waiting list. In addition to the anchor tenants, the Shops is home to more than 100 of the most sought-after global, high-fashion boutiques and brands, including Chanel, Gucci, Van Cleef & Arpels, Tiffany & Co., Salvatore Ferragamo and Valentino. The destination also boasts the highest concentration of restaurants in Bal Harbour.

“We’re delighted to support the expansion of one of the nation’s leading luxury shopping centers in the U.S.,” Singh said.  “This development will support the local economy and ensure that Bal Harbour Shops remains a destination of choice for many years to come.”

Rieber Developments Closes On $36 Million Construction Loan For Ivory 214

The Aventura-based Rieber Developments has announced that they have closed on a $36 million construction loan for Ivory 214. The loan was provided by the Miami-based BridgeInvest and was formally granted to the property’s development LLC, Shalev Development Group. Ivory 214 is already under construction after general contractor Winmar Construction, an affiliate of Coastal Construction, broke ground in March 2018 and is on schedule to complete the project in the first quarter of 2020.

When complete Ivory 21 will be a 10-story medical and professional office building with an accompanying Tapestry Collection by Hilton™ hotel. Along with its recently announced sister project, 12|12 Aventura, the projects will serve as the epicenter of the ‘Aventura Medical District.’ Ivory 214 is a Class A+, state-of-the-art facility featuring an independent hotel and medical office space. The contemporary building is comprised of 10,942 SF of retail, 38,191 SF of offices, 100 hotel rooms, and 313 parking spaces.

The significant project milestone comes on the heels of the extraordinary sales interest for the project’s office condos, which has just four office spaces remaining, from the original 34. Sales of the Ivory 214 office condos has been led by Cervera Real Estate as the exclusive broker.

“Securing the construction financing for Ivory 214 is an especially proud moment and a key step in delivering this compelling project to Aventura,” said Bernardo Rieber, principal of Rieber Developments. “Today’s closing is an endorsement of the continued strength and market appeal of Ivory 214 as we continue our forward momentum.”

Driftwood Hospitality Management will serve as the hotel operator of the Tapestry Collection by Hilton™ hotel which will feature 100 extended stay rooms complete with kitchenettes, and premium amenities including a fitness center, pool and cabanas, meeting rooms, a lounge area, restaurant and bar, rooftop terrace, valet parking, and 360-degree views of Aventura.

Located at 2820 NE 214 St, Aventura, FL 33180, Ivory 214 boasts a prime central location, less than one mile from Aventura Mall, and directly adjacent to Aventura Hospital.

CIM Group & One Real Estate Investments Lock Down Construction Financing For Wynwood Square

CIM Group and One Real Estate Investments has locked down construction financing for Wynwood Square as the project gears up to break ground. The loan is for $71.2 million and was provided by Sumitomo Mitsui Banking Corporation. The developers have applied for construction permits after getting the green light for water and sewer connection to the property. Wynwood Square was designed by Stantec and will feature 257 apartments, 54,000 SF of office space, 25,000 SF of retail and 481 parking spaces.

Luma At Miami Worldcenter Locks Down $143 Million Construction Loan, Groundbreaking Imminent

Luma at Miami Worldcenter has locked down a $143 million construction loan as the developers gear up to break ground on the 43-story tower. The loan was provided by Moinian Capital Partners with a 60% equity piece valued at $23.7 million. The tower is being developed by ZOM Living after the developer acquired the lot from Miami Worldcenter Associates. When complete Luma will feature 434 rental apartments which range from 566 SF to 1,808 SF. The building is designed to take advantage of the waterfront views of Biscayne Bay. Luma will offer over 45,000 SF of amenities including a fitness center, spa with sauna and treatment rooms, speakeasy, dog salon, classroom, residents lounge and a resort-style pool. Luma is expected to be completed in 2021.

PMG, Greybrook Realty Partners & S2 Development Lock Down $33 Million Pre-Construction Loan For Waldorf Astoria Hotel & Residences

Property Markets Group, Greybrook Realty Partners and S2 Development have locked down a $33 million pre-construction loan which will be financed by the Miami-based BridgeInvest. The financing will be used to obtain final permits and approvals as well as market the property and launch sales of the residential luxury condominium component. The developers are currently building out the on-site sales center at 300 Biscayne. PMG had initially put sales on hold pending the Miami condo market stabilizing but now is gearing up introduce the luxury condos to the market.

When complete the Waldorf Astoria Hotel & Residences will be Miami’s tallest tower, rising 1,049’. The tower is being designed by Sieger Suarez and is expected to have a sell-out over $1 billion. The Waldorf Astoria Hotel & Residences will feature 140 hotel rooms and 400 condos. The project will be the first in Miami to feature the Waldorf Astoria brand which is owned by Hilton Worldwide Holdings, Inc. Downtown Miami has seen a surge in luxury condos in the past few years with a selection of high-end offerings since the completion of Ten Museum Park in 2007, which the first of its kind in the neighborhood which now includes One Thousand Museum, Aston Martin Residences, Marquis Residences, Epic Hotel & Residences, amongst others.

For more information about The Waldorf Astoria Hotel & Residences, private showings or purchasing/ leasing information please fill out the form below:

South Florida Real Estate Titans Fortune International Group and The Related Group Partner On Vaster Capital

Vaster Capital, a Miami-based direct, private lender specializing in customizing bridge loan products for domestic and foreign real estate investors, has announced a new partnership with national real estate development firm The Related Group, led by Jorge Perez.

Vaster Capital was formed in 2017 by Fortune International Group, led by Edgardo Defortuna, and Rialto Capital Management, who has since been acquired by Stone Point Capital. Vaster Capital has closed more than $150,000,000 of loans on residential properties in South Florida since inception. To form the new partnership Related Group has acquired Rialto’s ownership stake. With Rialto out Vaster Capital plans to roll-out new loan programs which include lending on commercial properties as well as expanding out of South Florida markets. The partnership will also allow Vaster Capital to offer both domestic and foreign investors sophisticated hassle-free mortgage financing. Vaster is offering loans with rates as low as 7.59% and no pre-payment penalties, as well as the ability to fix rates for its borrowers for periods of up to three years. Additionally, Vaster is now lending on commercial properties and land for development. With a highly experienced team and a cutting-edge technology driven operational approach, Vaster can underwrite and close loans faster and with more efficiency. Both brokers and borrowers can easily obtain a quote, apply, and close loans in a seamless and a hassle-free manner.

“We see this new venture as a strong way to give our domestic and international buyers additional flexibility. There are no other players with our track record or level of experience and we’re confident this will not only give borrowers much-needed peace of mind, but also allow us to expand to geographic markets beyond South Florida,” said Matt Allen, Related’s Chief Operating Officer and Executive Vice President.

“Although Fortune has provided real estate services to the South Florida real estate investor for more than 30 years, Vaster Capital provides a new solution for the real estate investor, broker or developer, while filling a void in the marketplace by providing fast and accessible liquidity in closing transactions with a reliable lender who understands real estate. We look forward to continuing to evolve our business platform to become the lender of choice in the local market as well as the new markets we are lending in,” said Edgardo Defortuna, President and CEO of Fortune International Group.

KAR Properties Locks Down $103 Million Construction Loan For 2000 Ocean Designed By Enrique Norten In Hallandale Beach

Shahab Karmely’s KAR Properties has locked down a $103 million construction loan for the now under construction 2000 Ocean in Hallandale Beach. The financing is being provided by Apollo Commercial Real Estate Finance, a New York-based real estate investment trust. KAR Properties first launched sales for the project in October 2017 with Douglas Elliman Development Marketing before partnering with Edgardo Defortuna’s Fortune International Group to take over sales and marketing in August 2018. The project officially broke ground in November 2018 with Suffolk Construction as the contractor.

When complete, 2000 Ocean will rise 40 stories, providing spectacular views of the Atlantic Ocean and Intracoastal Waterway. The boutique condo tower, which is designed by Enrique Norten of TEN Arquitectos, features 64 residences, the smallest being a 2,913 SF half floor 3 bedroom and ranging up to 5,832 SF full floor 5 bedroom penthouse residences. 2000 Ocean also features a duplex sky vill which comes complete with a private pool deck. Residences are designed by Minotti and feature expansive flow through floor plans, 10' ceilings, private elevator landings, floor-to-ceiling windows, custom kitchens by Minotti Cucine, Monterrey Marble flooring throughout including terraces, custom stone master bath with Agape floating bathtubs. Services and amenities include two swimming pools with expansive sunrise and sunset views, direct beach access with private beach, private arial and valet entrance, 24-hour valet and concierge, an oceanfront library with garden views, an oceanside lounge and juice bar, an indoor theater, entertainment room, fitness center and a freestanding spa pavilion complete with treatment rooms, Hammam (steam bath), ice room and yoga room. The lushly landscaped grounds feature curated gardens by Landscape Architect Sasaki Associates. The original design concept architect for the project was Kobi Karp.

Pricing at 2000 Ocean ranges from $2.6 million to $4.4 million with penthouses ranging from $8 million to $12 million. 2000 Ocean is expected to be delivered in 2020.

For more information about 2000 Ocean, private showings or purchasing/ leasing information please fill out the form below:

Aston Martin Residences Locks Down $200 Million Construction Loan

G&G Business Developments has locked down a $200 million construction loan for Aston Martin Residences, now under construction in Downtown Miami. The financing is being funded by Itaú BBA International plc, a London affiliate of the Brazilian bank, and was borrowed by Riverwalk East Development LLC, an affiliate of G&G Business Developments LLC. Foundation work commenced last fall after an October 2017 groundbreaking and the tower is nearing 50% sold. G&B Business Developments recently received FAA approval to erect 2 tower cranes which will rise 889’ and 851’. The loan matures in 2023 and the developer expects to deliver the building in 2021.

Located in Downtown on the Miami River, Aston Martin Residences will rise 66 stories, 816’, and features 391 units, designed by Revuelta Architecture and Bodas Mian Anger. The tower's interiors will feature signature carbon fibre reception desks in each of the tower’s two private lobbies, lighting and handmade detail based on the car, and residence doors hand-adorned door numbers from the same jewelers that place the logo on the hood of Aston Martin cars along with bespoke artisan Aston Martin door handles, and kestral tan leather door tabs. The tower's design will features floor-to-ceiling glass with no visible concrete, including glass encased support beams.

Units range from 1 to 4 bedrooms with a 19,000 SF, 6 bedroom crown-jewel penthouse on the 63-65 floors. Pricing starts at $700,000 and range up to $8,800,000 for the "River and Panoramic Residences" part of the building and $14,000,000 to $50,000,000 for the "Penthouses." Amenities include a 42,275 SF “Sky Amenity” deck from the 52nd to 55th floor which features a state-of-the-art fitness center with spin room and boxing facilities, golf simulator, multiple theaters, beauty salon, barber shop and a curated art gallery.

For more information about Aston Martin Residences, private showings or purchasing/ leasing information please fill out the form below:

Metronomic Reveals $74 Million Mixed-Use Transformation of Grand Avenue in West Coconut Grove

West Coconut Grove, one of the hottest neighborhoods for development in Miami that has seen a massive transformation over the past 3 years, will be getting a massive new mixed-use project on the Grand Avenue corridor. Metronomic is under contract to purchase a 12 property assemblage at 3280-3461 Grand Avenue for $25 million with a closing date set in mid-February 2019. Metronomic, led by Ricky Trinidad, has proposed a $74 million, 297,000 SF mixed-use development that would feature luxury apartments, affordable housing, retail, office space, community parks, public parking and a 44-key hotel. Trinidad hopes receive FAA approval to build a rooftop helipad. The project is designed by Pablo Burgos of Burgos Lanza & Associates and Carl Levin of CLAD Architects.

The project would be built in multiple phases with the first being Metronomic Place, which will feature a boutique office building and the hotel component at 3280 Grand Avenue. Metronomic expects to break ground on Metronomic Place before the end of 2018 after locking down a $6.8 million construction loan financed by Fuse Funding. Metronomic Place will rise 5-stories and will feature the 44-key hotel, 5,000 SF of Class A Office Space, 3,200 SF of ground floor retail. Phase 2 would begin in March after the closing and would include the build-out of the rest of the project to be completed within 2 years. Phase 2 will include 38 furnished micro units, 82 luxury apartments rentals and 40 affordable housing units along with a public area for farmers markets and stage for live performances.

Trump Group Affiliate Secures $558 Million Loan For The Estates At Acqualina In Sunny Isles Beach

The development team behind The Estates at Acqualina has closed on a $558 million construction loan on September 28, 2018 that will fund the vertical construction and completion of both residential towers at The Estates at Acqualina. The loan enables affiliates of the Trump Group led by Eddie, Jules and Stephanie Trump to complete the residential project where sales and construction of the South tower is already underway. The Trump Group’s ability to secure a loan of this size underscores the project’s appeal and the firm’s track record of development over the past four decades. Bilzin Sumberg partner Alexandra Lehson and Real Estate Department Chair Jim Shindell represented The Trump Group in the transaction. Gary Saul and Meredith Singer of Greenberg Traurig served as condominium counsel. The project broke ground in May 2018 and the South Tower is expected to top-off by December 2019 with expected delivery in 2020. The 154-unit south tower is over 65% sold, with sales reported at over 100 units and $550 million since launching in 2015. The north tower, which is currently on hold, will have an additional 93 residences. Condos at The Estates at Acqualina range from 2,917 SF 3-bedroom units to over 9,000 SF 7-bedroom residences. Completion is expected in late 2020.

“Lenders that are active in South Florida’s condominium market are increasingly focused on the quality of the loans they are financing, in terms of the sponsor’s track record and the development itself,” explains Alexandra Lehson of the Bilzin Sumberg law firm in Miami.

“Since launching The Estates at Acqualina, our clients have demonstrated excitement about this project resulting in strong pre-sales, and now their confidence is being matched by the banking community,” said developer Jules Trump. “We look forward to expanding the Acqualina brand with two towers defined by unmatched attention to detail, the highest caliber of design excellence, and amenities and services that will be the ultimate in residential living.”

The Estates at Acqualina will be home to approximately 245 ultra-luxury residences and will feature common areas created by fashion and design icon Karl Lagerfeld. In addition, the Estates at Acqualina will feature three single family homes and three, two-story penthouses, all with private pools within a private gated community. Residences at The Estates at Acqualina are priced from $4.2 – $14 million to $35 million for penthouses.

The Estates at Acqualina will also be home to Villa Acqualina, 50,000 SF of amenities and resident services, including a spa and fitness center, an ice-skating rink, bowling lanes, a movie theater, golfing and Formula One simulators, children’s playroom, a speakeasy and more. A world-renowned restaurant will be announced later this year.

“It was our vision to create a unique lifestyle that will set The Estates at Acqualina apart from the rest of the world,” said developer Eddie Trump. “The commitment from our buyers and clients has been tremendous. The Estates will be a spectacular celebration of art, architecture and lifestyle.”

Mayor Bud Scholl of Sunny Isles Beach commented, “The Estates at Acqualina boasts one of South Florida’s most prominent developers, a fantastic design and amenity package, a location directly on the ocean, and strong pre-sales. This closing shows that for the right development with the right sponsor there is robust demand for ultra-luxury residential living. We are very proud that once again Sunny Isles Beach is recognized for one of the most spectacular developments in the world.”