Edgardo Defortuna’s Fortune International Group and Manuel Grosskopf’s Château Group closed on additional financing for their under-construction St. Regis Residences in Sunny Isles Beach. Little Rock, Arkansas-based Bank OZK increased the existing loan by over $200 million to $418.3 million, completing the project’s construction financing, according to property records and a news release. Bank OZK … Read more
Allen Morris Company secured a $138.5 million construction loan for its mixed-use Ziggurat development in Coconut Grove, The Real Deal has learned. Coral Gables-based Allen Morris and its partner, the Espinosa family that owns the property at 3101 Grand Avenue, secured the financing from BDT & MSD Partners and BHI, the U.S. arm of Israel-based … Read more
Pebb Enterprises and the Toledano family’s BH Group scored an $89.9 million loan for a portion of their mixed-use redevelopment of Office Depot’s headquarters campus in Boca Raton. Boca Raton-based Pebb and Aventura-based BH Group will use the debt to refinance an existing loan, and also for the development of an Equinox facility and to … Read more
13th Floor Investments and Key International scored a $79.2 million construction loan for a 327-unit apartment complex in Delray Beach. The financing comes amid continued lending for new rental projects in South Florida, despite a multifamily supply overhang in the tri-county region. Coconut Grove-based 13th Floor and Brickell-based Key International started construction of the Skye … Read more
The share of homebuilders offering price cuts on newly built homes reached a new five-year high in November, as builders grappled with headwinds from economic uncertainty. This month, 41% of builders reported cutting prices, a record high in the post-Covid period, according to the National Association of Home Builders/Wells Fargo Housing Market Index released Tuesday. The … Read more
Chris Whitten has three children in their late teens and early 20s who are edging into adulthood, but it’s not the prospect of becoming an empty nester that keeps him up at night—it’s the fear that none of them will be able to buy or even rent a home in their home state of Rhode … Read more
Voters in New York City have approved three ballot initiatives intended to speed the construction of more residential housing units, in a step toward addressing the city’s dire housing shortage. The amendments to the city charter appeared on the ballot Tuesday, when voters also elected Zohran Mamdani as mayor, after the progressive Democrat campaigned heavily … Read more
Dezer Development landed a $630 million construction loan for the oceanfront Bentley Residences condo project in Sunny Isles Beach, marking the largest financing in South Florida so far this year. New York-based Madison Realty Capital, led by managing principals Brian Shatz, Josh Zegen and Adam Tantleff, is the lender, according to a press release. Berkadia’s … Read more
Yamal Yidios’ Ytech secured $565 million in financing for the firm’s 70-story luxury condo tower that’s under construction in Miami’s Brickell. The construction loan marks one of the largest to close in South Florida this year. J.P. Morgan is the senior lender, and Sculptor Real Estate is the junior lender, according to a press release. … Read more
In an effort to build more and build fast, off-site construction is gaining traction as developers seek to speed up production while maintaining quality and controlling costs. Villa, a California-based leader in factory-built housing, is proving just how far the model can scale. “There are a number of challenges when doing modular homebuilding,” says Sean … Read more