The Miami Beach Monorail Consortium has announced that the global infrastructure investment firm Meridiam has become the lead investment partner for the Consortium’s proposed mass transit monorail that would connect Downtown Miami and Miami Beach.
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WeWork Lawsuit-Threat By Tenants Requesting Rent Relief Sends Shudders Through $5.5 Billion Of CMBS Debt
A group of WeWork’s members have moved toward suing the co-working giant in a letter sent by Walden Macht & Haran demanding that WeWork cease collecting rental fees. Many tenants have already requested rent relief, cancellation of their leases or stopped paying, which has put over $5.5 billion of CMBS loans backed by WeWork occupied properties at risk,
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57 Ocean Condo Secures $58.5 Million Construction Loan from Bank OZK
Miami Beach’s 57 Ocean, a luxury seaside condominium located on Millionaire’s Row and developed by Multiplan Real Estate Asset Management, has announced that it has obtained a $58.5 million construction loan from Bank OZK, arranged by JLL Capital Markets.
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Artefacto Begins Construction on New DOMO-Designed U.S. Flagship In Coral Gables
Brazilian furnishings brand Artefacto has celebrated the groundbreaking of their new US flagship in Coral Gables located on the high traffic US1. The 45,000 SF bi-level structure will feature an eye-catching modernist design by the renowned DOMO Architecture + Design, with interiors by Patricia Anastassiadis.
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Lennar Locks Down $44.8 Million Construction Loan For Wynwood Green
Lennar has locked down a $44.8 million construction loan for Wynwood Green, an 11-story, 189-unit residential rental apartment building which will also feature 17,000 SF of commercial space and 324 parking spaces. The loan was provided by Santander Bank.
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Clockwise from the top-left corner: James Tate, Demetri Demascus, Shahab Karmely and W. Allen Morris.
Why Rent Strikes Are Bad for Everyone and What’s Going to be Done about Unemployment?
Since thousands of businesses were deemed non-essential and forced to shut their doors, reemployment assistance claims over the last six weeks have surpassed two million in South Florida. With a tourism-dependent economy plus an older population, Florida is more vulnerable to economic shock, which is why it is one of the top five states with the highest number of claims.
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Miami City Commission Approves $6.9 Million To COVID-19 Rent & Utility Assistance For Low-Income Households
The Miami City Commission voted unanimously to approve $6.9 million in rent and utility assistance for low-income residents who recently lost their jobs due to the COVID-19 pandemic. Independent contractors such as realtors are not eligible for the loans, neither are those receiving rental subsidies or are behind on their payments.
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Gianluca Vacchi, Italian Millionaire Turned Instagram Sensation, Lists Sunset Harbour Penthouse In Miami Beach
Instagram dance celebrity Gianluca Vacchi has listed his Sunset Harbour penthouse in Miami Beach. From a successful multimillion dollar packaging and machinery company to an Instagram sensation with over 14 million followers going by the title of being a “Pop Artist of a Global Lifestyle.”
Read MoreRewind: W. Allen Morris, Shahab Karmely And Jimmy Tate On Emerging From the COVID-19 Crisis
On April 30, 2020 PROFILEmiami hosted an interactive webinar discussion focusing on emerging from the COVID-19 pandemic and the resulting economic fallout’s impact on the South Florida real estate market. The panel featured South Florida real estate titans W. Allen Morris, Shahab Karmely and Jimmy Tate.
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Developers of The Ritz-Carlton Residences Sunny Isles Beach Pay Off $212 Million Construction Loan
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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