PROFILE Exclusive Podcast Season 1 Episode 9 Featuring Jacques Bessoudo of Galium Capital

Season 1 Episode 9 of the PROFILE Exclusive Podcast by PROFILEmiami features Jacques Bessoudo of Galium Capital. Jacques serves as Managing Partner of Galium Capital, a Miami-based private equity group which he founded in 2018. Galium Capital invests in and manages over $600 million of commercial property in major markets across the United States. Galium Capital’s portfolio comprises of multifamily, office, and retail assets across various major national markets including Houston, Palm Beach and Washington DC, amongst others.

Previous to founding Galium Capital Jacques oversaw the management of over 200 single-family homes across South Florida and spent eight years with The Boston Consulting Group, one of the top global strategy consulting firms. Jacques holds an MBA from Harvard Business School, and a BA in Finance from ITESM.

The PROFILE Exclusive Podcast by PROFILEmiami, the leader in South Florida residential and commercial real estate news and content, profiles and gets intimate with the movers and shakers in the South Florida real estate industry. Throughout the series we will interview and get inside the minds of South Florida's top developers, investors, brokers, architects, designers, etc. The PROFILE Exclusive Podcast is hosted by Demetri Demascus Co-Founder of PROFILEmiami and Director of Business Development at private equity group Galium Capital as well as Katya Demina, Co-Founder of PROFILEmiami and Development Associate at development firm Royal Palm Companies.

This Podcast is Presented By:

The Allen Morris Company And Xenel International U.S.A. Launch The Residences At Xentury City In Osceola County

The Allen Morris Company, one of the largest diversified real estate firms in the Southeast, and Xenel International U.S.A., a diversified company and long-term landowner, have launched Residences at Xentury City, a $75 million multifamily development located in Osceola County. The project will transform the current site into a thriving multifamily destination. Groundbreaking for the project is scheduled for Q1 2022 and is slated for completion in Q2 2023.

The 293,000 square feet of space will contain five garden-style buildings, 311 residential units, a leasing center and world-class amenities throughout. The project site is located adjacent to the Gaylord Palms Resort and Convention Center.

Dwell Design Studio, an award-winning architecture, planning and interior design firm, and Shim Studios as interior designer will spearhead the project.

“The Osceola corridor has seen some of the largest net in migration in the nation generating demand for quality housing,” said Spencer Morris, Chief Investment Officer of the Allen Morris Company. “The Residences at Xentury City are the first phase of a larger mixed-use vision that will transform this area within Osceola County into a dynamic live, work, play neighborhood with first-class dining, entertainment and residential offerings.

Xenel International U.S.A. and its affiliates own Xentury City which sits on 380 acres of land in Orlando, FL. Tenants of Xentury City include the Gaylord Palms Resort and Convention Center which includes over 1,700 rooms and suites as well as 500,000 sq ft of convention and meeting space.

Xentury City is close to all the theme parks including Disney World and Universal Studios and has developed a major transportation network to access the site. The site is also 30 minutes from Downtown Orlando and 20 minutes from Orlando International Airport.

The Allen Morris Company is one of the largest real estate firms in the Southeast U.S., completing their 85th development project and specializing in office buildings, multi-family residential, hotels, mixed-use developments, leasing and brokerage, and property management. The Allen Morris Company was founded in 1958 and has offices in Miami, Coral Gables, Fort Lauderdale, Orlando, and Atlanta.

Xenel International U.S.A. is a holding company headquartered in Westlake Village, California. It was founded in 1979 and developed and led numerous business ventures. The team has taken companies through all phases of development from conception to maturity in a variety of industries.

Wharton Realty Group Acquires Homestead Pavillion Shopping Center For $82 Million

The New Jersey-based Wharton Realty Group has acquired Homestead Pavillion Shopping Center for $82 million from a joint venture including CREC Capital, Highline Real Estate Capital, MMG Equity Partners, and Lubert-Adler Real Estate funds. CREC Capital’s co-founders Alan Esquenazi and Warren Weiser facilitated the sale of a 298,000 SF retail center located at 2400 NE 10th Ct in Homestead. Danny Finkle and Eric Williams from JLL represented the buyer in the transaction.

“The transaction represents a strategic acquisition for the New Jersey-based real estate company to position themselves in an expanding bustling market,” said Alan Esquenazi, Co-Founder & Partner of CREC Capital. “The purchase further validates the strength of the South Florida retail market and the robust recovery in retail space post-pandemic.”

During the pandemic, the JV ownership group fully leased the property by securing tenants including Sprouts Farmers Market, Target, Dr. Limon, and Body Details. This dominant retail center in southern Miami-Dade County serves Homestead, Cutler Ridge, and the Florida Keys. The joint venture retained ownership of Target, Raising Canes, and Murphy Oil.

“Despite the pandemic’s challenging effects on the marketplace, we were able to line up anchor and in-line tenants which elevated the existing tenant base and supported a favorable execution for both sides of the transaction,” said Warren Weiser, Co-Founder & Partner of CREC Capital.

Wharton Realty Group is a premier real estate company based in New Jersey focused on managing and leasing diversified properties across the country with over one thousand tenants.

The resilience of the South Florida retail market throughout the pandemic has made it a hot spot for retail investors. Investment sales volume for retail assets in Miami-Dade County surged by 164.3% in 2021 reaching a total deal volume of $577 million, compared to the pre-pandemic year 2019 where the total trade volume of retail assets was $218 million.

Black Lion Investment Group Acquires Commercial Units In South of Fifth's Marea Featuring RED Steakhouse And KoSushi Spaces

Black Lion Investment Group (“Black Lion”) has acquired an entire block of commercial condo units at the base of the iconic Marea building in the heart of Miami Beach’s South of Fifth (“SoFi”) neighborhood. The six-story building at 801 South Pointe Drive was originally developed by the famed Related Group and features 30 luxury residential condos atop the commercial units. Black Lion purchased the 19,100 square feet of premium commercial real estate space for $19,000,000 on December 17, 2021. President and Chief Executive Officer, Fabio Faerman, and Executive Director, Sebastian Faerman, of FA Commercial facilitated the transaction.

Existing tenants include RED Steakhouse, a Miami Beach mainstay for over a decade, and KoSushi, the establishment that debuted the Michelin-starred restaurant in the United States after being awarded the distinction in Brazil upon its opening in 2015. Black Lion has the intent of introducing additional flagship restaurants to the property.

“The entire Miami market has rapidly evolved into the epicenter for fine dining and high-end nightlife experiences over the last several years,” said Robert Rivani, president of Black Lion. “Our objective for the investment in Marea is to invite more fine dining restaurants to this culinary and cultural mecca to further elevate Miami’s reputation on a global scale. We have multiple world-renowned food and beverage concepts in the works and anticipate that even more international and domestic visitors will be attracted not only to our restaurants but to the vibrancy of this burgeoning market overall.”

Other notable restaurants in the SoFi neighborhood include Joe's Stone Crab, Smith & Wollensky, Carbone, Papi Steak, and Estiatorio Milos. Celebrity chef Gordon Ramsey recently announced that he'll be opening his first-ever Miami restaurant, Lucky Cat, just steps from the Marea building.

MV Real Estate Holdings and Driftwood Capital Announce JV On $185 Million Riverside Wharf Featuring Dream Hotel On Miami River

Miami Developer Alex Mantecon of MV Real Estate Holdings (MVREH), in conjunction with Driftwood Capital, one of the country’s leading hospitality sponsors, has revealed plans for the Riverside Wharf, a hospitality-driven entertainment complex situated along the historic Miami River that will push the limits of what is known today as hospitality in Miami. The 200,000-square-foot, two-tower development will offer a fully immersive Miami experience anchored by the highly amenitized 165-key Dream Miami luxury hotel. The complex will feature the rebirth and expansion of The Wharf Miami, 16,000 square feet of signature restaurants, a 12,000-square-foot event hall, a world-class 30,000-square-foot nightclub and rooftop dayclub, and a private deep water marina capable of accommodating megayachts.

“Riverside Wharf will be a destination for entertainment unlike any Miami has seen, bringing together world-class entertainment and hospitality offerings to a unique waterfront destination with direct Intracoastal access to the ocean,” said Mantecon. “We are excited to finally bring to fruition the dream and vision Miami has had for its riverfront entertainment district which until now has historically sat vacant and underutilized.”

Added Carlos Rodriguez Jr., COO of Driftwood Capital, “As Miami continues to attract new capital, new world-class tech and financial firms, and new talent from other parts of the country, the demand for one-of-a-kind destinations combining elements of luxury, nature, outdoor adventure and unique dining experiences is poised to escalate rapidly. We’re pleased to be able to contribute several decades of hospitality development and operational expertise to this truly unique development which will enhance Miami’s skyline and elevate the entire Miami River District.”

“Miami is a top international destination for world-class hospitality and entertainment, and continues to set the bar with exciting new experiences for travelers unlike anything else in the world,” said Mayor of Miami Francis Suarez. “Dream Miami at Riverside Wharf will be an unparalleled development in the heart of Miami for visitors and locals alike, and I couldn't be more excited to see it launch."

At 10 stories, the $185 million mixed-use development will rise on the current site of The Wharf Miami and the abutting vacant parcel. The 1.5-acre assemblage is the culmination of the vision established in the City of Miami’s 2016 voter referendum approval, obtained by MVREH, for the development of food and beverage establishments along the waterfront. The roughly 600 linear feet of water frontage will provide for the continuity of the publicly accessible Riverwalk, seamlessly connecting Riverside Wharf between Downtown Miami and Brickell. Riverside Wharf will take on the benefits of MVREH and Driftwood Capital’s best-in-class partners, including Dream Hotel Group’s growing success in highly amenitized luxury food and beverage oriented hotel properties, and Breakwater Hospitality Group’s ongoing success of high-volume entertainment venues.

“There is a natural synergy between Dream Hotel Group and the city of Miami,” said Dream Hotel Group CEO Jay Stein. “Our leading lifestyle brand Dream Hotels continues to expand quickly, just like Miami, offering international hospitality, vibrant entertainment and one-of-a-kind experiences sought by local residents, as well as business travelers and pleasure seekers from across the globe. We are thrilled to take part in this extraordinary project and can’t wait to open our doors in 2025.”

Riverside Wharf will transform the storied Miami River district while paying homage to the historic fishing culture of the neighborhood by celebrating the area’s beloved Garcia’s Fish Market with a pop-up seafood market on the grounds, where locals can get the freshest catch daily.

The development is slated to break ground in 2022 and be completed by 2025. It is designed by Jon Cardello of Cube3 architects with landscape design by Savino-Miller Design Studio.

Forte Capital and Sheridan Capital Partnership Acquires Wynwood Commercial Property For $6.35 Million

Forte Capital, led by Chaim Cahane, and Sheridan Capital have acquired 2830 NW Fifth Ave. in Wynwood from Alex Karakhanian’s LNDMRK Development for $6.35 million. The buyers plan to reposition the existing 14,000-square-foot building at 2830 NW Fifth Ave. into creative offices. DWNTWN Realty Advisors Co-Founders and Managing Partners Tony Arellano and Devlin Marinoff represented both the seller and buyer in the transaction which closed on December 16.

“This property is perfectly positioned within Wynwood’s core pedestrian district and at the intersection of the neighborhood’s high-density main access corridor,” Arellano said. “We successfully marketed the building as an unparalleled adaptive re-use opportunity. The buyers will do a tremendous job executing that plan.”

The property features private gated parking, high ceilings and quick access to highways. It is walking distance to some of Wynwood’s most notable projects and landmarks, including 545wyn, the Wynwood Building, Love Life Café, Morgan’s and the Wynwood Garage.

“Wynwood is the talk of the nation, given the substantial technology and finance migration to the neighborhood,” Marinoff said. “This building will cater to the demand for cool and creative office space in Wynwood. As we head into 2022, there is still incredible demand from the investment world for acquisition and development opportunities here.”

Royal Palm Companies Locks Down 3rd Largest Construction Loan In Florida History For Legacy Hotel & Residences

Royal Palm Companies, led by Dan Kodsi, has locked down a $340 million construction loan from the New York-based Silverstein Capital Partners for the sold-out Legacy Hotel & Residences in Miami Worldcenter in Downtown Miami. Legacy Hotel & Residences broke ground on August 19, 2021. The loan is Silverstein Capital Partner’s first financing deal in South Florida and represents the third largest construction loan in Florida history, following the The Estates at Acqualina’s $558 million in financing and Five Park’s $345 million in financing.

Silverstein Capital Partners is the lending arm of Silverstein Properties, who owns, develops and operates a $10 billion portfolio of high-quality assets including office, residential, hotel, retail and mixed-use properties. Silverstein Properties is known for the redevelopment of the World Trade Center in Manhattan following 9/11.

Legacy Hotel & Residences is located in one of the U.S.’s most ambitious and largest private master-planned communities, Miami Worldcenter (MWC), spanning 27-acres in Downtown Miami. The Kobi Karp-designed tower will sit on 1.3 acres, 60,000 SF, and will feature 310 sold-out branded residences which sit atop a 219-room hotel, which will be managed and operated by Accor under The Morgan’s Originals Portfolio, and a Blue Zones Center medical and well-being center.

Royal Palm Companies broke ground on Legacy Hotel & Residences on August 19, 2021. RPC and OneWorld Properties, led by Peggy Olin announced a $160 million sellout of its 310 residences in May 2021, just 12 months after launching sales.

The Blue Zones Center is a joint venture with Adventist Health and Blue Zones to operate Legacy’s $100 million, 10-floor medical and well-being center in Miami, making Downtown Miami home to the world’s first Blue Zones Center. The JV is one of the largest commercial leases to be executed in Downtown Miami’s history. The facility is expected to become the most technology advanced health and well-being facility in the world, according to Adventist Health.

The center will offer teams of physicians and practitioners, an onsite lab, pharmacy, full AI-powered diagnostic center and rooms outfitted with medical gas and ventilator capabilities, allowing the hotel to remain operational during future pandemics. All aspects of the 50-floor tower, from the hotel rooms and residences to the five restaurants, to the design and programming, will follow Blue Zones methods and guidelines to living long and happy lives.

The luxury skyscraper will also host ground-floor retail, downtown’s largest pool deck set on one acre, the city’s first enclosed seven-floor rooftop atrium with a restaurant bar and lounge, the city’s first Singapore-inspired cantilevered pool soaring 500 feet in the sky, and a members-only international business lounge.

Legacy’s MICROLUXE® residences range from 350 SF to 850 SF with studios to two-bedroom units, offering the functionality of a micro-style home with the high-quality design and superior finishes of an elite condominium.

The Last Development Parcel on The Ultra-Luxury Fisher Island Under Contract to Related Group, Teddy Sagi and BH Group Joint Venture

A joint venture between real estate leaders Related Group, Teddy Sagi and BH Group are under contract on Parcel 7, the last available development parcel in Miami Beach’s historic Fisher Island. The partnership plans to develop an ultra-luxury boutique condominium in what has come to be known as America’s wealthiest zip code. The purchase price was not disclosed.

“We couldn’t be more excited to finally have the opportunity to develop on the island,” said Jon Paul Pérez, Related President. “Fisher Island has such a rich history and unmatched level of privacy; there’s really nothing else like it in Miami or the country. We look forward to delivering a product that pushes the bar even higher for this incredible neighborhood.”

This is the third acquisition for the Related, Teddy Sagi and BH joint venture, closely following high-profile purchases in West Palm and the City of North Miami. The two powerhouse firms continue to aggressively pursue additional joint opportunities throughout South Florida.

BH Group, the Miami-based private investment and real estate company, works in partnership with Globe Invest, a leading real estate investment manager in UK & Europe owned by acclaimed entrepreneur Teddy Sagi.

“We are only interested in the most marquee locations in Miami, and it is impossible to find anything better than Fisher Island,” said Teddy Sagi. “Despite the increasing levels of demand for top-tier parcels, we are bullish on the long-term potential of Florida. There is plenty of runway in this market.”

The 216-acre fisher island is located right off the coast of Miami Beach and is only accessible via ferry or watercraft. It has long been known as one of the country’s most exclusive communities, featuring a private golf course and beach, as well as a variety of lavish amenities, from butler service to a resident’s only restaurant. The man-made island has been home to many of Miami’s most iconic figures, including the heir to railroad fortune William K. Vanderbilt. It has also been home to some of the region’s most high-profile real estate listings.

The Developers of One Thousand Museum by Zaha Hadid Architects Pay Off $90 Million Inventory Loan Following Miami Art Week Sales

The developers of One Thousand Museum by Zaha Hadid Architects have paid off a $90 million inventory loan following a successful Miami Art Week 2021 which saw two units sell for a combined $30 million. A local buyer from Miami purchased a full-floor unit and a foreign buyer purchased a sky townhouse unit. One Thousand Museum is now 90% sold after 76 of the developer units have now been sold. Three furnished developer units remain.

The condo inventory financing was secured March 2021 from Cirrus Real Estate Partners after a Reuben Brothers-led venture, who had bought out the remainder of Fortress Investment Group’s stake in the debt behind the development, had filed a foreclosure lawsuit against the developers. Fortress Investment Group had initially provided a $225 million construction loan in 2016, half of which was later acquired by the Reuben Brothers-led venture, before a portion was paid back by the developers and the property was refinanced by Cirrus Real Estate Partners.

“Satisfying our $90 million loan in eight months comes during a buying frenzy and Miami’s high season, which we expect to take One Thousand Museum to sellout quickly,” said Louis Birdman, co-developer of One Thousand Museum. “Alongside Cirrus Real Estate Partners and our long-time collaborators at ONE Sotheby’s, we’re proud to conclude another chapter in this iconic building.”

“As a testament of the recent success leading to the loan payoff, during Art Week alone, our sales team inked two large sales totaling more than $30 million,” said Kevin Venger, co-developer of One Thousand Museum.

“One Thousand Museum is a unique and iconic property that will be enjoyed by its residents and a significant part of the downtown Miami skyline for years to come, said Joseph McDonnell, Managing Partner for Cirrus Real Estate Partners. “We are extremely pleased that the capital solution we provided to the sponsor group of One Thousand Museum facilitated the property performing to its full potential and, consequently, such quick repayment of our investment. Working with the developer group has been a pleasure and we look forward to collaborating with them again in the near future.”

One Thousand Museum was developed by Louis Birdman, Kevin Venger, Gilberto Bomeny, Gregg Covin and Todd Michael Glaser. The tower officially debuted August 2019 as one of the country’s most anticipated condominiums, with its striking exoskeleton instrumental to becoming the most iconic and identifiable tower in Downtown Miami. The tower was the designed by the late Zaha Hadid and was her first residential skyscraper in the Western Hemisphere. The unique tower features an exoskeleton which was made from glass fiber reinforced concrete imported from Dubai.

One Thousand Museum rises 62-stories and offers 84-units. The building’s luxe lifestyle and exclusive amenities are among its most desirable attractions including a private rooftop helipad, making it Miami’s only residential building accessible via its own private airport. One Thousand Museum is also the first residential building in the world to partner with Forbes Travel Guide to create a hospitality-focused experience for residents and their guests on par with the finest hotel in the world.

Additional amenities include a Sky Lounge for dining and private events; an on-premise bank vault; nearby private Beach Club, Museum Beach; access to a house car service, 1KM wellness center featuring state-of-the-art equipment by Techno-Gym, a Spa with relaxation pods and private treatment rooms for spa services and the Aquatic Center featuring an indoor lap-pool at the 61st Floor.

Photography by Robin Hill Photography

Miami-Based Private Equity Group Galium Capital Continues Rapid Expansion With Acquisition of Hanover Cross Street In Baltimore, MD

Galium Capital, LLC, a Miami-based private equity group, has announced the acquisition of Hanover Cross Street in Baltimore, MD. Hanover Cross Street is a 299-unit institutional-grade multifamily apartment building with an additional 12,000 square feet of retail located in Baltimore, MD. The transaction closed on November 17, 2021. Bill Roohan & Brian Margerum from CBRE brokered the transaction. Stephen West & Matthew Wallach from Walker Dunlop secured debt from Freddie Mac.

“The DC-Baltimore corridor is one the strongest markets for multifamily in the US. Its resilient industry mix and high job growth will directly benefit performance of the rental market over time. We are excited to be acquiring such a premier asset in the heart of Federal Hill – which is among the most attractive neighborhoods of the submarket. The acquisition of Hanover Cross Street allows us to continue our strategy of acquiring irreplaceable assets for value creation and wealth preservation,” said Jacques Bessoudo, Managing Partner of Galium Capital.

Hanover Cross Street is a luxury apartment community in Baltimore, MD which was developed in 2018 and is located at 101 W Cross St, Baltimore MD, 21320. The property features 299 units, world-class amenities and 12,000 square feet of retail.

Units at Hanover Cross Street range from studio to two bedroom floor plans and 557 to 1,312 square feet. Residences feature large bedrooms; custom space-saving double-hung walk-in closets; spacious kitchens with stainless steel appliances and designer custom cabinetry; spa-inspired bathrooms with large soaking tubs, dual-vanity countertops and walk-in showers; wood-style flooring and full-size high-efficiency washer and dryers. Select residences feature private terraces and built-in computer desks.

Residents will have access to world class amenities such as a controlled-access parking garage with dedicated car charging stations, a cyber lounge with high-speed WiFi and iMac computers, conference areas with SMART TV's, a fully-equipped residents' clubhouse, media rooms with large screen TV's and surround-sound, and a 24-hour fitness center with tablet-integrated cardio machines.

Outdoor amenities include a resort-like grand courtyard with outdoor pool, in-pool chaise lounges and areas for sunning; lush landscaping, grilling and dining areas with social spaces for gathering; and an open-air loggia with large screen TV's and cozy seating areas.

“Given the strong market dynamics in the DC-Baltimore region, the Mid-Atlantic region has been a major area of focus for us. We are thrilled to be entering the Federal Hill submarket with this acquisition, which has proved to me one of the most sought-after neighborhoods in the metro,” said Jonathan Slomianski, Director of Acquisitions at Galium Capital.

Hanover Cross Street is located a short distance to Marc Train Camden Station, Cross Street Market, Baltimore's Inner Harbor, and M&T.

Galium Capital, LLC, is a Miami-based private equity group led by Jacques Bessoudo and Iser Rabinovitz. The company owns and manages a portfolio in excess of $600 million of commercial real estate assets across the multifamily, office, and retail sectors in major markets across the United States.

Recently, Galium Capital had been one of the most active buyers in the Houston, TX market. In the past 12 months Galium Capital has acquired over 1,100 residential units and 65K of retail square footage in prime locations throughout Houston’s Galleria submarket. In August Galium Capital closed on the 340-unit, LEED Gold-certified Millennium High Street for the group’s third acquisition in the Galleria-district after closing on on the 431-unit Tate Tanglewood in May 2021 and 361-unit, Fairmont on San Felipe in September 2020.