Articles by Oscar Nunez

Developers Secure $178 Million Refinancing for Society Wynwood in Miami

8:00 am on August 26, 2024 By Oscar Nunez

National development firm Property Markets Group (PMG), in collaboration with Canadian-based private equity firm Greybrook Realty Partners (Greybrook), has secured $178 million in refinancing for Society Wynwood, a 10-story mixed-use building designed by MKDA at 176 Northwest 25th Street in Miami’s Wynwood Arts District. Eastdil Secured arranged the financing, provided by funds managed by Ares Management and Monarch Alternative Capital. Randy Barcelo from Stearns Weaver Miller represented PMG. Since welcoming its first residents in March, Society Wynwood has experienced rapid leasing velocity.

FAA Approves 637-Foot Height for Edge House Miami at 1825 Northeast 4th Avenue in Edgewater, Miami

8:00 am on August 25, 2024 By Oscar Nunez

The Federal Aviation Administration (FAA) has approved the height for Edge House Miami, a new 57-story condominium tower planned at 1825 Northeast 4th Avenue in Miami’s Edgewater neighborhood. According to an FAA determination letter issued on August 19, the tower can rise 637 feet above ground or 641 feet above sea level. Designed by Kobi Karp Architecture & Interior Design with interiors by Adriana Hoyos Design Studio and developed by Grupo T&C, a prominent developer from Peru, the 734,644-square-foot development will offer around 600 fully finished and furnished residences ranging in size from 375 to 1,242 square feet and include studio, one-bedroom, one-bedroom plus den, and two-bedroom layouts. Features of the units include nine-foot-high ceilings, floor-to-ceiling windows, and, in select residences, private outdoor terraces.

Doral Approves Mixed-Use Development with 552 Units and Retail Space at Midtown Doral in Miami

8:00 am on August 24, 2024 By Oscar Nunez

MG Developer has received approval from the City of Doral for Doral Parc: Midtown Doral Phase IV, V & VI, a mixed-use development that will include 552 units in three 10-story buildings and 22,740 square feet of retail space in two new parking garages. This project is a joint venture between MG Developer and Latin American entrepreneur Ernesto De Lucas.

Site Work Permit Issued for 56-Story ‘Villa Miami’ Condo Tower at 710 Northeast 29th Street in Edgewater

8:00 am on August 23, 2024 By Oscar Nunez

Miami’s Building Department has issued a site work permit for Villa Miami in Edgewater, marking a significant step forward in the development process. The permit, issued on August 2, comes with a revision filed on the same day and allows for excavation, piles, site improvement, and soil improvement. Moss & Associates is listed as the contractor on the permit, covering 22,000 square feet of work at a cost of $66,000. An application for a master construction permit is also in progress, detailing a 358,944-square-foot building with 7,723 square feet allocated for a restaurant and 351,221 square feet for residential space at an estimated cost of $62,817,300 is also in progress. A seawall permit with Ebsary Foundation Company as the contractor, valued at $480,000, is also under review.

$8.36M Bridge Loan Secured for Condo-Hotel Development in Miami’s Arts & Entertainment District

8:00 am on August 22, 2024 By Oscar Nunez

Forman Capital has issued an $8.36 million pre-development bridge loan secured by a residential development site along North Miami Avenue in Miami’s Arts & Entertainment District. The borrower, Royal Palm Companies (RPC), led by Dan Kodsi, plans to develop a 40-story condo-hotel on the properties, likely under the Elevate brand. The transaction was finalized on August 16, with Chief Investment Officer and Partner Scott Mehlman, along with Vice President Ty Regnier, closing the financing on behalf of Forman Capital.

Miami Blue Lagoon Development Site Slated for Auction Following Foreclosure Ruling

8:00 am on August 21, 2024 By Oscar Nunez

A development site in Miami’s Blue Lagoon area, previously approved for apartments and a hotel, is now facing foreclosure and is set to be auctioned due to a $17.9 million lawsuit. Miami-Dade County Circuit Court Judge Thomas J. Rebull granted the foreclosure judgment on August 10 in favor of TIG Romspen US Master Mortgage against 7 at Blue Lagoon LLC and loan guarantor Caroline Weiss. The judgment is tied to a loan with $13.2 million in outstanding principal and additional interest and fees. The court found that the borrower failed to repay the loan by its maturity date on October 1, 2022, and neglected to pay real estate taxes from 2020 to 2022.

Invesca Secures $94M in Additional Financing for Completion of Pixl Apartments in Plantation

8:00 am on August 20, 2024 By Oscar Nunez

Invesca Development Group has secured $94 million in financing to complete the construction of its Pixl apartments in Plantation. The project, located at 4350 West Sunrise Boulevard, will feature 330 apartments. The new funding was necessary to address the maturity of the original construction loan, manage additional costs from hiring a new contractor, and support the project through lease-up, according to Jay Miller of BayBridge Real Estate Capital. Miller, along with Spencer Miller, AJ Felberbaum, and Noah Rothman, facilitated the financing through Madison Realty Group and Taconic Capital Advisors.

Second Phase Of Quail Roost Station Breaks Ground Along Forthcoming Transit Hub In Miami-Dade County

8:00 am on August 19, 2024 By Oscar Nunez

Atlantic Pacific Companies has broken ground on an affordable housing project for seniors at Quail Roost Station in Perrine. This development will be a hub along Miami-Dade County’s forthcoming electric bus rapid transit system and offer direct access to public transportation along the South Dade TransitWay, making it a crucial part of its transit-oriented community initiatives.

Construction Progresses on 70-Story Okan Tower at 555 N. Miami Avenue in Downtown Miami

8:00 am on August 18, 2024 By Oscar Nunez

Construction continues to advance on Okan Tower, a 70-story mixed-use building under development at 555 North Miami Avenue in Downtown Miami. Designed by Behar Font & Partners and developed by Okan Group, the 902-foot-tall, 914,124-square-foot structure will include 399 residences, a 316-key hotel, 64,000 square feet of Class A office space, and a range of indoor and outdoor amenities. The tower is being constructed on a 0.86-acre corner plot bordered by North Miami Avenue to the west and Northeast 6th Street to the north. Witkin Hults + Partners serves as the landscape architect.

Pebb Capital, Sabal Investment Holdings Acquire “The Press” in West Palm Beach, Plans for Major Improvements

8:00 am on August 17, 2024 By Oscar Nunez

Pebb Capital and Sabal Investment Holdings have announced the acquisition of “The Press,” a mixed-use property located at 2751 South Dixie Highway in West Palm Beach, Florida. The transaction, made in an off-market deal with Tricera Capital, includes plans for nearly $80 million in acquisition and repositioning efforts. These plans involve significant capital improvements, such as enhancing the office building’s common areas, completing spec suites, and upgrading the landscape and hardscape along Dixie Highway to attract additional high-quality tenants.

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