Stalled development project sold for $13 million

A long-stalled transit-oriented development project at the South Miami Metrorail Station has been sold to a new developer. Hometown Station Ltd., managed by Machado Ford President Gus Machado, assigned the lease with Miami-Dade County Transit for $13 million to TREO Somi Station LLC, an affiliate of Miami-based the Treo Group. The buyer is managed by…

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…