The 327 Royal Palm condominium project in downtown Boca Raton obtained a $19.7 million construction loan six months after it broke ground. Banks usually don’t grant a developer construction financing until they have enough equity and buyer deposits to complete the project, in combination with the loan. Group P6, led by Ignacio Diaz, said the…
New York developer Moishe Mana increased his collection of holdings in downtown Miami by acquiring the 91-year-old Biscayne Building for $24.5 million. Biscayne Building Inc., managed by longtime owner Dante Fiorini, sold the 153,864-square-foot office building at 19 W. Flagler Street to a company led by Mana. The buyer was represented by Mika Mattingly of…
Moishe Mana, Mika Mattingly and 19 West Flagler Street Moishe Mana is still assembling his downtown Miami Monopoly board. The Miami and New Jersey developer paid $24.5 million to acquire the Biscayne Building. Mana bought the 14-story, roughly 154,000-square-foot building at 19 West Flagler Street, Colliers International South Florida broker Mika Mattingly told The Real…
An estimated 113 jobs are expected to be created at the Royal Palm Office Park in Plantation after seven new tenants and one expanding tenant signed leases there over the past six months. The transactions at 900 and 1000 S. Pine Island Road totaled 28,175 square feet. Blanca Commercial Real Estate’s Tere Blanca, Danet Linares,…
The repossessed Mizner Place office park in West Palm Beach was sold at a 37 percent discount to its foreclosed mortgage. U.S. Bank, representing a commercial mortgage-backed securities (CMBS) trust, seized the four one-story office buildings at 5601 Corporate Way in 2015 after foreclosing on Foundation IV LLC’s $4.98 million mortgage. CMBS analysis firm Trepp…
The Hermès store at 240 Worth Avenue The Palm Beach Town Council approved a request by luxury goods retailer Hermès of Paris to occupy a new two-story building more than double the size of its current location. Hermès is planning to relocate to Royal Poinciana Plaza from 240 Worth Avenue in Palm Beach, where the…
Rendering of 200 North Miami Avenue 1. Mana’s parking-less project in downtown Miami catches praise from officials [Miami Today]2. Florida attorney general goes after alleged foreclosure fraud [Daily Business Review]3. Miami condo developers make push for Chinese buyers [Miami Herald]4. Development decisions trigger Miami initiative on right to sue [Daily Business Review] — Sean Stewart-Muniz
Doral Councilwoman Sandra Ruiz has questioned whether billionaire Republican Presidential Nominee Donald Trump pays enough property taxes on his largest real estate holding in South Florida. Ruiz sponsored a resolution for the Aug. 23 council meeting calling for the Miami-Dade County Property Appraiser to inspect and update its assessment of the Trump National Doral Resort…
The apartment market in the West Palm Beach area is on fire this week with the closing of its third $35 million-plus transaction. The latest deal is the $61.5 million sale of the Turtle Cove Apartments at 825 Cotton Bay Drive, along Summit Boulevard, west of the city. Turtle Cove Apartments LLC, an affiliate of…