The Related Group obtained a $92.7 million construction loan for its GranParaiso condo tower in Miami’s booming Edgewater neighborhood. Bank of the Ozarks (NYSE: OZRK) awarded the mortgage to PRH Paraiso Two LLC, an affiliate of the Miami-based condo developer, for the project along Biscayne Bay at 480 N.E. 31st Street. It broke ground in…
Mill Creek Residential has broken ground as it secured a $39.39 million construction loan for the second phase of its Modera Douglas Station apartments in Miami. HSBC Bank USA awarded the mortgage to MCREF Bird Road Development Phase II, an affiliate of Boca Raton-based Mill Creek Residential. The project at 3090 S. Douglas Road will…
An apartment complex in Miami’s Coconut Grove sold for $11.1 million, a 72 percent gain from its previous trade three years ago. Grove 66 LLC, managed by Anibal J. Duarte-Viera in Coral Gables, sold the 66-unit project at 2890 Virginia Street along U.S. 1, to Virginia Miami Realty LLC, a New York-based company managed by…
The Learning Experience signed a deal to relocate its headquarters and about 100 employees from Boca Raton to Deerfield Beach. The preschool operator signed a 39,000-square-foot lease at the Hillsboro Technology Center that will include 28,000 square feet of office space and 11,000 square feet for its new Academy of Early Education. The business park,…
The five-story Northpoint Corporate Center in West Palm Beach has sold for $15 million. The Realty Associates Fund VIII, an affiliate of Boston-based TA Associates, sold the 98,903-square-foot office building at 701 and 491 Northpoint Parkway to Smithfield, Rhode Island-based Douglas Pike Associates. The deal was brokered by Marcus & Millichap’s Douglas K. Mandel and…
The Paramount Fort Lauderdale Beach condo project nabbed a $63.62 million construction loan from Bank of the Ozarks. The Little Rock, Arkansas-based bank (Nasdaq: OZRK) provided the mortgage to Belmar Development Associates, an affiliate of Boca Raton-based Falcone Group. Daniel Kodsi is managing the project at 701 North Atlantic Blvd. and the general contractor is…
The developer of the Meliá Costa Hollywood Beach Resort boosted its construction loan to $70 million as the project nears completion. Eastern Union Funding senior loan consultant CJ Danziger and managing partner Meir Kessner helped developer Moses Bensusan obtain the mortgage from Madison Realty Capital. In September 2015, the project at 777 North Ocean Drive…
The Parrot’s Landing apartment complex in North Lauderdale traded for $53.75 million, a discount to its last sale. Dedicated Parrots Landing, an affiliate of Toronto, Canada-based Brass Enterprises, sold the 408-unit apartment complex at 7900 Hampton Blvd., to Parrot’s Landing LLC, managed by Indra Singh in Lauderdale Lakes. Arbor Realty provided a $48.6 million mortgage…
SunCap Property Group secured a $25.1 million construction loan to build a FedEx package distribution facility that would create dozens of jobs near Homestead. Miami-Dade County sold the 48.9-acre site at the southwest corner of Southwest 127th Avenue and Southwest 272nd Street for $4.45 million to SunCap Miami, an affiliate of Charlotte, North Carolina-based SunCap…
Miami Dade College is in negotiations to buy a city-owned fire station in downtown Miami, according to sources at both the city and college. The city’s Planning, Zoning and Appeals Board is set to consider rezoning the 28,000-square-foot site at 144 N.E. 5th Street from “community facilities” to “central business district” on July 6. That…