Case Study: Inside An $80 Million Recapitalization of a Multifamily In Port Orange, FL

Eyzenberg & Company, a real estate investment bank with offices in Miami, New York and Washington DC, recently arranged a unitranche preferred equity and senior debt package to effectuate the pay off of a general partner buy a foreign limited partner on a mid-lease up multifamily property in Port Orange, FL. PROFILEmiami had the exclusive opportunity explore the process with David Eyzenberg, the founder of Eyzenberg & Co. and one of the industry leaders in ground leases.

Challenges

The general partner was seeking to exit a completed development mid-lease up while the limited partner desired to complete the stabilization of the property and hold until a less volatile capital markets environment. Since the limited partner has no domestic assets, they were not able to directly provide the balance sheet requirements necessary to secure a new senior loan with the GP. Furthermore, a rising interest environment coupled with escalating operating costs was making it harder to qualify for the requisite financial metrics. The closing was very time sensitive as the expiring interest reserve on the original construction loan would have triggered carry guarantees for the general partner.

Solutions

Eyzenberg & Company presented the opportunity to a very limited pool of preferred equity providers who had the structural capability of also providing balance sheet guarantees necessary to qualify for a senior loan. After a broader placement process for bridge financing a revised strategy entailed levering down the senior loan, allowing for a bank execution and getting a second tranche of preferred equity at a fixed cost so that the blended WACC was equivalent to a CLO execution without having to deal with potential structural pitfalls of securitized documentation. All due diligence and closing requirements were coordinated directly since the limited partner was in a different time zone overseas. Analytical, structuring and negotiation support was provided for a partnership buyout, a revised operating agreement and loan documentation.

About Eyzenberg & Co.

Eyzenberg & Company is a commercial real estate investment bank led by David Eyzenberg. Eyzenberg & Co. is one of the industry's leading ground lease and capital advisory firm delivering full capital stack solutions for existing, transitional, and to-be-built commercial real estate projects. Affiliated entities Eyzenberg GroundCap (an institutionally backed private equity vehicle specializing in the creation and acquisition of leased fee positions) and Eyzenberg GreenCap (a joint venture with leading C-PACE firm, Greenworks Lending) provide innovative proprietary capital solutions for CRE transactions. With offices in New York, Miami, Washington D.C. Metro, and Philadelphia, Eyzenberg & Company is one of the fastest-growing real estate capital advisory firms in the U.S.

Coastal Construction Tops Out University of Miami's Centennial Village Student Residence

Coastal Construction Group, one of the largest privately held construction companies in the Southeast, has topped out the University of Miami's Centennial Village, a state-of-the-art student residence that will accommodate over 2,000 students. Phase I of Centennial Village is anticipated to open in fall of 2024, with Phase II anticipated to open in fall of 2026.

This is the fourth construction project Coastal Construction has topped out for the University of Miami, including the Thomas P. Murphy Design Studio Building, which won the title of 2018 Building of the Year by World Architects.

The University of Miami’s Centennial Village, designed by VMDO Architects: Zyscovich Architects, is the second phase of a multi-year plan to modernize campus housing and will serve as a hallmark of the Coral Gables Campus and support the University’s efforts to competitively recruit top academic and athletic talent.

Made up of five residential colleges, Centennial Village will continue the successful First-Year Experience program with live-in faculty as well as professional and student staff who support and enhance the first-year experience. In addition to double rooms and an increased offering of single rooms, the new residential colleges will feature centrally located private bathrooms, shared resident lounges, and collaborative academic spaces.

Additionally, Centennial Village will be positioned to take advantage of the many outdoor and programmatic elements of the Coral Gables Campus surrounding Lake Osceola.

"As a former ‘Cane, I am especially pleased to celebrate the topping out of the University of Miami's Centennial Village. I started my construction career from a UM fraternity house when I was a student, so this project is particularly near and dear to me,” said Thomas P. Murphy, Jr., Founder, Chairman, UM alumnus and CEO of Coastal Construction Group.

Renderings via University of Miami

Is Miami's Population Actually Shrinking? Is The City In Trouble? Not So Fast The Numbers Say...

Last week headlines from news outlets such as the The Wall Street Journal, the Miami Herald and The New York Times rang out that Miami was in trouble and the population was shrinking fast. The articles closely followed a debacle at Business Insider after the outlet published an article claiming that in 2021 more people had moved out of Florida than either New York or California; but, Business Insider later had to retract and correct the story after one of their writers had mistakenly flipped around the numbers and published with the article without double checking. Numerous press outlets and their writers have been fast to attack all aspects of Florida from its politics to its people, climate and even lifestyle.

The recent flurry of articles targeting The City of Miami and Miami-Dade County’s population loss cite US Census Data, citing 79,535 residents moved out of Miami in from 2020 to 2022 and were compiled using a report from Brooking Institute. The report compiles 38 counties with over 500K in population. The report shows that The City of Miami and Miami-Dade County only lost population during the peak of the COVID-19 Pandemic, from July 2020 to July 2021. With same data set after peak the peak Covid-19 Pandemic year, both Miami-Dade and Miami returned to population gain, while New York and Los Angeles did not. Miami-Dade was one of 11 counties of which returned to population growth that year, from 2021 to 2022. The drop in population was contributed to by closed boarders and other factors caused by the pandemic, but the numbers fail to show the claimed multi-year population drop that has consistently been headlined.

One of the targets of the articles was Miami’s real estate market, in which rising prices have driven some residents to look for cheaper housing elsewhere, while local housing is absorbed by high-income earners moving into Miami. IRS data shows that during 2020 to 2021 shows 45,430 people moved into Miami-Dade County, up 15% from the level in 2020, 39,562 people, and up 20% from the level in 2019, which was 37,630. According to a report by Miami REALTORS using IRS data, households that moved into Miami-Dade rose by $10.4 billion in adjusted gross income, which was up 131% from 2020, where the number was just $4.5 billion. During this period households that moved out of Miami had an adjusted gross income of $3.9 billion, for a $6.4 billion gain.

These new high earning residents have driven rent prices up well over pre-pandemic pricing despite the boost in new inventory coming online. Miami ranks 7th in the nation for housing shortages, reflected by its job growth-to-building permits ratio of 20.2. The data shows that the growth of the job market is outpacing the construction of new housing units. As a result, the limited housing supply leads to increased housing costs and affordability challenges for residents. While there may not be the same mad scramble for real estate as in 2021, Zumper data shows that the average rent in Miami for a 1-bedroom apartment in August 2023 is $2,763, an 8% increase over the previous year. The average rent for a 2-bedroom apartment in Miami is $3,800, an a 11% increase over to the previous year.

While Miami’s resident population number may fluctuate as the city grows, one number has shown Miami-Dade County’s strength on a global scale. Data from The Greater Miami Convention and Visitors Bureau showed that in 2022 over 26.5 million visitors came to Miami-Dade County, resulting in $20.8 billion in tourism revenue, up 8% from 2021. Nights booked at hotels were up 12.7% during that period where gross hotel revenue grew by 29% and occupancy up 8%.

The conclusion shows that while The City of Miami and Miami-Dade County's population may fluctuate, especially as the city and county continue to grow and add new jobs and infrastructure, the population is still on the rise and showing positive velocity while high-income earners are moving into the city and driving its growing economy. Miami-Dade County has grown into a global leader for finance and tourism as a new wave of commercial development continues to activate the city. The City of Miami and Miami-Dade County are global hotspots for business, travel and migration, not showing the signs of a troubled metro-area.

Sources:

[1] Wall Street Journal - “Miami Sees Its First Population Drop in Decades”

[2] Fox News - Business Insider corrects story claiming mass migration out of Florida after backlash: 'We got it wrong'

[3] Brookings Institute - Pandemic-driven population declines in large urban areas are slowing or reversing, latest census data shows

[4] United States Census Bureau - Growth in the Nation’s Largest Counties Rebounds in 2022

[5] Analytics.Miami - https://www.instagram.com/reel/CvssQQqtsdN/?igshid=MzRlODBiNWFlZA==

[6] SOI Tax Stats – Migration Data | Internal Revenue Service (irs.gov) SOI Tax Stats – Migration Data | Internal Revenue Service (irs.gov)

[7] Miami REALTORS - “In-Migration Boosted South Florida Household Income by $16 Billion in 2021”

[8] Zumper - https://www.zumper.com/rent-research/miami-fl

[9] The Greater Miami Convention and Visitors Bureau

Focus Reveals Plans For Residential Project At Former Starlite Motel East Site in Brickell

Focus, a Chicago-based real estate development and construction firm, has revealed plans for the redevelopment of the former Starlite Motel East site in Brickell. The project will be Focus’ first project in South Florida and follows the Miami-Dade County Board of Commissioners' recent approval of the rapid transit zone (RTZ) designation for the site where Focus plans to develop a new luxury housing development which blends contemporary design with the city's unique cultural heritage. The project is designed by Gensler and set to include 516 residential units, ground-floor retail, rooftop amenity spaces and 506 parking spaces. Focus acquired the site for $28 million in November 2022.

“We are thrilled to progress our plans and designs in the Southeast region of the United States, focusing on Florida right now," said Tim Anderson, CEO and Founder of Focus. "As Focus celebrates a 30-year history of responsible and sustainable development, we will continue to dedicate ourselves to creating projects that contribute positively to the communities we serve. Miami's vibrant metropolis, with its walkable urban cores, offers a dynamic and energetic environment that aligns perfectly with our mission.”

Celebrating 3 decades in business, Focus holds an exceptional reputation for delivering high-quality, design-driven buildings that seamlessly integrate into their surroundings. Focus’ portfolio includes properties in Chicago, Evanston, Forest Park, Highland Park, Lake Forest, Oak Park, Vernon Hills, Wheaton, and Winnetka in Illinois.

Renderings via Focus

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ONE Park Tower by Turnberry Reveals New Renderings of Amenities And Interiors

ONE Park Tower by Turnberry has revealed new renderings of their amenities and interiors, designed by Arquitectonica and Meyer Davis. Set within the multi-billion dollar, 184-acre master-planned community of SoLé Mia in the heart of North Miami, ONE Park Tower by Turnberry is a luxury condominium reimagined for the next generation. The 33-story tower will deliver 299 bespoke residences overlooking a seven-acre Crystal Lagoons amenity and surrounded by pristine natural landscapes, a beach with private access, amenities created to offer residents a sophisticated lifestyle, and ocean views.

Envisioned by award-winning architecture firm Arquitectonica with interior design by globally recognized Meyer Davis, ONE Park Tower by Turnberry has been thoughtfully designed to offer resort-style, attainable luxury living for families seeking a walkable and connected community to call home.

Consisting of spacious one-, two-, and three-bedroom units plus a collection of penthouses, the residences boast dens and powder rooms and are designed to fit a range of lifestyles, all with connectivity to the outdoors and panoramic views of the stunning turquoise lagoon, Oleta River State Park, Biscayne Bay, the Atlantic Ocean, and the Miami city skyline.

Spanning 900 square feet to 2,100 square feet, residence interiors intentionally blend the natural beauty of the site with the vibrancy of the surrounding urban atmosphere. High ceilings and walls of glass open up to oversized private wrap-around terraces with seamless glass railings. All units will be completely finished with porcelain floors, oversized master bedrooms and walk-in closets (with upgrades available), and master baths featuring wet rooms with shower and soaking tub.

The centerpiece of the SoLé Mia community, a crystal-clear swimmable lagoon the size of 21 Olympic-sized pools, will provide ONE Park Tower by Turnberry residents a dedicated lagoon-front beach with umbrellas and beach chairs. Property staff will offer exceptional, individualized service for which Turnberry is known, including a Beach Concierge to arrange stand-up paddle boards and kayaks for rent and dining from The Lagoon Café and adjacent restaurants.

ONE Park Tower by Turnberry’s healthy lifestyle includes 37 acres of active and passive green space with eight miles of biking and running trails, private swimming pools, pickleball courts, and a state-of-the art wellness center which includes fitness, spa and massage facilities. Residents will also enjoy co-working facilities, a library, private event rooms, a climate-controlled wine room and dedicated children’s playroom. A gated entry, 24-hour security and secured garage parking with electric charging stations complete the offering.

ONE Park Tower by Turnberry is located at 2411 Laguna Circle, North Miami, FL.

Renderings via ONE Park Tower by Turnberry

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'Kiki On The River' Launches 70-Foot Yacht 'Kiki at Sea' For Daily Charters

Kiki on the River has revealed its newest amenity, Kiki at Sea, luxury yacht charter experience available for private charters, bringing the legendary restaurant’s gourmet Greek cuisine, sophisticated party vibes and world-class service to Miami’s scenic waterways. The stunning and spacious 70-foot yacht is elegantly appointed and features four staterooms, three dining areas, marble bathrooms and a super flybridge with retractable roof. There are three levels to spread out on, with a forward deck for sunbathing and sightseeing.

Departing from Kiki on the River’s waterfront location on the Miami River, there are several curated itineraries highlighting Miami’s most iconic waterfront destinations like Marine Stadium, Star Island, Monument Island, Millionaire’s Row, Stiltsville or Fisher Island.

Each charter is staffed by an expert captain and steward, with extra staff available upon request. Kiki at Sea’s professional hospitality team will tailor the charter for every occasion, from food and beverage to entertainment and watersports.

Dining at sea feels more delicious and decadent, especially with popular dishes from Kiki on the River’s world-renowned Mediterranean menu. Chef Steve Rhee’s family-style highlights include Greek Spreads & Dips, Greek Tomato Salad, Lobster Salad, Chicken Skewers, Grilled Octopus, Grilled Whole Fish, Lamb Chops and Lobster Pasta. End on a sweet note with Baklava, Greek Yogurt or a Fresh Fruit Platter.

Cocktail packages with top-tier liquor, Champagne, wine and mixed drinks are available to get the party started. Kiki’s in-demand entertainers will further elevate the festivities, from DJs and a saxophonist to AquaJet performers and even a Champagne gun show. Personalized décor and celebratory items like custom cakes can also be added with advanced notice.

Guests can enjoy music from anywhere on the yacht with a custom-designed, state-of-the-art sound system boasting 25 speakers. The DJ-ready system features multiple plug-ins throughout the ship, which means the entertainment can be stationed practically anywhere. At night, full LED lighting, both interior and exterior, enhances the party ambiance.

Outdoor enthusiasts will want to reserve aquatic toys and inflatables spanning jet skis, a water trampoline, blowup platform, electric surfboard, eFoil, paddleboards, floating lounge or Funboy cabana. A hydraulic swim platform makes it easy to engage in watersports from the aft of the yacht. Or opt for a more relaxing day with massages on board.

Kiki at Sea can accommodate up to 12 guests, and charters range from half- and full-day excursions. There’s no need to bring anything other than a bikini or swim trunks because full plating, silverware and glassware are included with the charter, as well as towels, blankets and custom Kiki bathrobes.

FIRST ON PROFILE: DAMAC Sets The Record Straight Addressing Misconceptions Following Special Commission Meeting, To Proceed With Submission B

FIRST ON PROFILE: DAMAC International, a Dubai-based luxury property developer renowned for setting ambitious standards in design and innovation around the globe, and the developer behind the forthcoming Zaha Hadid Architects-designed ultra-luxury condominium at 8777 Collins Avenue in Surfside, is setting the record straight to address misconceptions and misinformation following the July 25th Town of Surfside Special Commission Meeting in order to promote an informed dialogue. The developer is set to move ahead with Submission B, the wedding cake design which meets all current Town zoning requirements.

In June 2023, DAMAC submitted an application for site plan approval incorporating two design variations by the world-renowned architectural firm Zaha Hadid Architects for 8777 Collins Avenue to the Town of Surfside. As part of the application, DAMAC submitted two design variations with a common theme. The submission was based on alternative interpretations of the Town’s regulations. Submission A features consistent elevations on all sides and Submission B, colloquially referenced as the “wedding cake,” steps in on the South elevation.

Following the Town Commission vote on July 25th not to proceed with an ordinance that would, if adopted, establish a mechanism for Commission to provide setback flexibility for sites in the H-120 zone, DAMAC will be proceeding with Submission B, which is the wedding cake design. Submission B meets with all current Town zoning requirements but the proposed development at 8777 Collins Avenue is not without challenges.

The developer understands the unique and significant sensitivities involved with this property and remains committed to addressing concerns and to maximizing benefits for stakeholders while also ensuring privacy for future residents of its exclusive boutique condominium.

There have been several myths surrounding the proposed development and facts to dispel inaccuracies responded to in a statement provided by DAMAC International to PROFILEmiami can be found below:

MYTH 1:

A nefarious meeting was held in Dubai between the developer and Mayor of Surfside, and the developer bankrolled the trip for its own gain.

FACT:

Not true. As part of a planned journey to Israel for his son’s graduation last year, the Mayor of Surfside had a prearranged stopover in Dubai. During this stopover the Mayor of Surfside attended a meeting, suggested by senior management at DAMAC International, to meet with the DAMAC Chairman. This allowed them to meet for the first time and casually discuss the developer’s plan for 8777 Collins Avenue and how a memorial might be accommodated on site.

DAMAC strongly objects to any inference of wrongdoing. It should also be noted that DAMAC did not pay for any flights, accommodation or any other expenses incurred by the Mayor during his stay.

MYTH 2:

A memorial to the victims of the Champlain Towers South disaster will/should be located in the center of the property.

FACT:

The Town of Surfside and the Town’s Memorial Committee have already agreed to a memorial immediately adjacent to the property on a portion of 88th Street. This decision is memorialized in the Town’s Resolution Number 2022-2853, passed on January 11th 2022, whereby the town manager was directed to pursue all governmental approvals necessary to permanently close a section of 88th Street located in between Collins Avenue on the west and the public beach to the east for a memorial park and pedestrian plaza.

DAMAC purchased the property out of receivership as part of a court-directed process to fund a compensation fund for victim families. There is no condition of the sale requiring a memorial to be located on the site.

Despite being under no obligation to accommodate an onsite memorial, DAMAC has attended and partook in discussions with Surfside Commissioners and members of the Town’s Memorial Committee more than a year ago, to discuss the potential to incorporate a memorial on the property. The ordinance modifications necessary to facilitate a memorial on the site was subsequently rejected by the Town of Surfside on 25th July 2023.

MYTH 3:

DAMAC proposed the potential setback ordinance modifications discussed by the Town Commission on July 25th for its own benefit.

FACT:

The ordinance modification was proposed by Town management following meetings with victim families where some family members had asked for the opportunity for an extension of the public memorial on the property. The ordinance, if adopted, would provide the Town Commission the flexibility to adopt modified setbacks for the property that would, in turn, allow additional space to be created for an extension of the public memorial space. The ordinance change is not necessary for the development of the property as proposed.

MYTH 4:

If the ordinance reviewed on July 25th is ultimately approved, DAMAC would be the sole beneficiary of the ordinance and would receive 37,600 square feet extra buildable area (worth $50 million) as a result.

FACT:

Not true. First, the proposed ordinance would apply to all H-120 zoned land and is not exclusive to the property.

Second, DAMAC’s current plan Submissions are roughly equal in overall size and the application of the proposed ordinance would not result in additional floor area.

The Town Attorney clarified this issue at the July 25th Commission meeting. See link to video here.

Niall Mc Loughlin, DAMAC International Senior Vice President of Communications concluded “We also note comments from the previous Town Commission prior to the sale of the site (and repeated by the former Mayor at the July 25th meeting) that the Town is committed to not “down zoning” the property.”

“Given the upcoming Town elections, DAMAC would not be surprised to see further caustic ‘political theatre” in Surfside, additional grandstanding, and attempts to derail the project and publicly discredit the company for political gain or self-interest. We are confident that the submitted project is consistent with the Town’s regulations and look forward to continuing to work with the Town and stakeholders,” said Niall Mc Loughlin.

Renderings via DAMAC International

This article was published via a statement provided by DAMAC International. PROFILEmiami takes no ownership or responsibility behind any of the statements in the above article. All statements should be independently verified.

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Cher's Former La Gorce Island Home Hits Market For $42.5 Million In Miami Beach

A legacy home on La Gorce Island which was once owned by popstar Cher in the 90’s, has hit the market for $42.5 million. The Spanish contemporary estate is draped in bougainvillea with an idyllic courtyard and was stylishly elevated to modernity by Menin Homes + Designs.

The six-bedroom, nine-bathroom abode features grand dual staircases, Brazilian oak flooring and a foyer with ceilings over 19-feet greet you upon arrival. Designed for hosting, the social rooms and formal salons lead to a chef's kitchen, plus an Art Deco-style bar with custom wallpaper and designated media den.

There are three upper bedrooms and a main level VIP suite, plus guest quarters with two privately accessed suites. A palatial primary is outfitted with a sitting room, marble clad bath with a stunning center shower for two, oversized custom closet, and a sunrise terrace.

Wellness amenities include a top floor fitness studio, cold plunge, outdoor shower, and spa. Outdoors find resort-style features with a 50-foot statement pool, waterside dining, sun deck, a chic Palm Beach style pool house with cabana bath, and ample green space all around. The property also features 158-feet of linear water frontage with a private dock. The ultra exclusive, gated La Gorce Island is home to only 30 waterfront homes and is a 24-hour patrolled community.

64 La Gorce Circle is listed for $42.5 million by Dina Goldentayer with Douglas Elliman.

Images via Become Legendary / Dina Goldentayer

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Lefferts Files Plans For 72B Miami Beach Luxury Condominium Across From Recently Revealed 72 Park

Just weeks after launching 72 Park in Miami Beach, Lefferts, a real estate development firm with properties in Miami and NYC, has submitted an application submission to Miami Beach’s Design Review Board to develop 72B, a 20-story luxury condominium located just south of Surfside. Tentatively named 72B, the condominium is one of four developments the New York City and Miami-based real estate developer is spearheading as part of its long-term commitment to revitalizing this Miami Beach neighborhood. The property will include commercial space, inclusive of food and beverage concepts, on the ground floor.

72B deliver as a 239,424 square foot luxury tower featuring 125-residences, located at 600 72nd Street Miami Beach, and will be designed by Arquitectonica. Exclusive Sales & Marketing will be managed by Douglas Elliman Development Marketing.

Lefferts estimates breaking ground on its latest project in Miami Beach’s desirable North Beach neighborhood in 2024, and expects to complete the condominium in 2027. Last month, Lefferts announced it had partnered with Cervera Real Estate to be the exclusive sales and marketing partner for its new condominium tower, 72 Park, just across from 72B at 580 72nd Street.

72 Park and this new luxury tower comprise two of the four residential developments Lefferts is spearheading as part of its long-term commitment to revitalizing this Miami Beach neighborhood, and ushering in a new era of investment and growth for one of the most desirable oceanfront communities.

“This close-knit Miami Beach community has an undeniable charm that is only exalted by the amazing public recreation spaces and locally owned businesses in the area,” said Jim Hedden, chief development officer of Lefferts. “We are deeply committed to preserving the fabric of the residential community while enhancing the quality of life and options available for families looking to make this slice of paradise their home.”

Renderings via Lefferts

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Case Study: Inside A $95 Million, 10-Acre Ground Lease For A 400-Unit Multifamily Development By Eyzenberg & Co.

Eyzenberg & Company, a real estate investment bank with offices in Miami, New York and Washington DC, recently structured a ground lease and appointed a developer for a $95 million, 10-arce, 500,000+ square foot 400-unit multifamily property, located in Bonita Springs Florida. PROFILEmiami had the exclusive opportunity explore the process with David Eyzenberg, the founder of Eyzenberg & Co. and one of the industry leaders in ground leases.

Challenges

The landowner was master planning a 68-acre mixed-used site and was seeking an alternative structure to monetize the various components of the development. Though the optionality of converting land into a fixed income asset via a ground lease was appealing, the suburban location on the west coast of Florida was perceived to be a deterrent to the structure.

Solutions

Eyzenberg & Company conducted a broad marketing process focused on experienced multifamily developers. To better access a broader market, other intermediaries were invited to present the opportunity to their client base. A ground lease was structured such that potential future economic ambiguity was minimized thus creating an attractive development opportunity for would be builders. Potential bidders and their capital partners were educated on the ground lease structure and its inherent benefits. Ultimately a leasehold developer was selected and all of the lessors desired business terms were achieved.

About Eyzenberg & Co.

Eyzenberg & Company is a commercial real estate investment bank led by David Eyzenberg. Eyzenberg & Co. is one of the industry's leading ground lease and capital advisory firm delivering full capital stack solutions for existing, transitional, and to-be-built commercial real estate projects. Affiliated entities Eyzenberg GroundCap (an institutionally backed private equity vehicle specializing in the creation and acquisition of leased fee positions) and Eyzenberg GreenCap (a joint venture with leading C-PACE firm, Greenworks Lending) provide innovative proprietary capital solutions for CRE transactions. With offices in New York, Miami, Washington D.C. Metro, and Philadelphia, Eyzenberg & Company is one of the fastest-growing real estate capital advisory firms in the U.S.