Fortune International Group and Château Group, joint developers of The Ritz-Carlton Residences, Sunny Isles Beach, have paid off a $212 million construction loan on the newly opened condominium tower. The developers received the loan from Bank OZK in September 2016.
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Fontainebleau Miami Beach's $975 Million CMBS Loan Entered Special Servicing March 30
The $975 million commercial mortgage-backed security loan (CMBS) issued in November 2019 for the 846-room Fontainebleau Miami Beach, located at 4441 Collins Ave., entered special servicing on March 30. When issued the loan was the largest CMBS hotel loan in South Florida.
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Eyzenberg & Co. Secures $21.3 Million Loan For Weiss Group of Companies Kobi Karp-Designed Towers at Blue Lagoon
Weiss Group of Companies has secured $21.3 million in bridge financing for the Kobi Karp-designed Towers at Blue Lagoon, which will replace a previous loan and fund predevelopment costs. Weiss Group has owned the 7-acre site located near Miami International Airport since the 1970s.
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Ken Griffin Locks Down $49 Million Mortgage For $350 Million Palm Beach Assemblage
The multi-billionaire hedge fund magnate Ken Griffin, who founded the Chicago-based Citadel Securities, has locked down a $49 million mortgage from Citibank at 60 Blossom Way in Palm Beach. The loan was arranged by Providencia Partners. Griffin originally purchased the 18,452 SF mansion, which was built in 2008 and sits on 3.6 acres, in September 2019 in cash from real estate investor Frank McCourt.
Read MoreRewind: Michael T. Fay Tom Wood and Jacques Bessoudo Discuss COVID-19 Impact On Commercial Real Estate in South Florida Webinar
On April 3, 2020, PROFILEmiami hosted a webinar conversation around the impact that COVID-19 has, and will have, on the commercial real estate industry in South Florida. If you missed us live, or just want to revisit some of the insight our panelists had to offer, we have now posted the full webinar for you to sit back and rewind!
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Commercial Real Estate Investment Bank Eyzenberg & Company Opens First Miami Office
The New York City-headquartered commercial real estate investment bank Eyzenberg & Company has expanded into Florida, opening a new office in Miami. It is the third location for Eyzenberg & Company, led by NYC dealmaker David Eyzenberg, as the firm continues to grow its capital solutions platform.
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Join Us For a Webinar: COVID-19 Impact On Commercial Real Estate in South Florida
PROFILEmiami presents a conversation around the impact that COVID-19 has, and will have, on the commercial real estate industry in South Florida. Hear first hand from some of Florida's leading real estate professionals about how they are reacting to the crisis, navigating the uncertain circumstances and preparing for future opportunities that may arise from the economic fallout.
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Thomas D. Wood & Company Funds $42 Million For Windward Marina Group's Acquisition Of 3 Northeast Florida Marinas
Windward Marina Group has closed on the acquisition of three marinas in the Northeast Florida market with $42,000,000 in mortgage loan financings arranged by Thomas D. Wood and Company. Thomas D. Wood Jr. secured financing in the amount of $11,000,000 for the acquisition of St. Augustine Shipyard.
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Shoma Group Closes On $17.6 Million Construction Loan For Ten30 South Beach
South Florida developer Shoma Group has announced that they have closed on a $17.6 million construction loan for Ten30 South Beach. The loan was provided by New York-based ACRES Capital Corp.
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East End Capital & Related Group Secure $136 Million In Refinancing For Wynwood 25 & Wynwood Annex
Partners East End Capital and The Related Group closed on $136 million in financing for its a master-planned, mixed-use developments Wynwood 25 and Wynwood Annex. The financing was provided by Blackstone Real Estate Debt Strategies and is being used to fully satisfy the construction loans for both projects and return equity to the partners. Completed in June 2019, the nine-story building is already nearly 90% leased.
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