Hotel secures $37 million construction loan

The Aloft hotel in the upcoming Aventura ParkSquare mixed-use project has secured a $36.67 million construction loan. Boston-based Citizens Bank awarded the mortgage to Norwich Aventura I LLC, an affiliate of Sanibel-based Norwich Partners of Florida led by David Leatherwood. It will fund the 207-room hotel at 2910 NE. 207th Street. The hotel developer acquired…

5 factors for lenders to consider when taking over mixed-use Latin America hotel projects

Mixed-use hotel projects involve, by definition, a complex interplay of real estate assets, development plans, multiple and diverse operating businesses, stakeholders with diverging interests, and often, residential owners or purchasers. Such projects are often located in environmentally sensitive areas and are almost always characterized by complicated governmental entitlement concessions. Distressed mixed-use hotel projects can quickly…

RelatedISG acquires Wynwood-based brokerage

RelatedISG president Alex Vidal and the Wise Realtors team RelatedISG International Realty acquired Wise Realtors, a Wynwood-based brokerage, as it continues to expand in South Florida. Wise Realtors, founded by Julio Ospina and Jorge Llano, will bring its 19-person team to RelatedISG, a joint venture between the Related Group and ISGWorld. The Wynwood firm, which…

Retail building in Miami’s Coconut Grove sold

A Chicago-based real estate firm acquired a retail building in the heart of Miami’s Coconut Grove for $23 million. RKF Managing Director Benjamin Mandell said he represented L3 Capital in the acquisition of the 28,731-square-foot retail building at 3034 Grand Ave. from Grove Corner LLC, managed by Peter Gardner. The deal equates to $801 per…

South Florida’s industrial markets continue tightening in Q1: Avison Young

Broward County While industrial real estate might not share the glamour of high-rise offices and condos, warehouses and distribution centers play a huge part in the expansion of a region’s economy. In South Florida’s three counties, the industrial real estate market continues to tighten as vacancies drop across the board and rental rates gradually climb,…