The demand for home loans decreased 5.2% for the week ending Nov. 14, according to the Mortgage Bankers Association (MBA). That’s a dip from the week prior when applications registered a 6% increase. The decline comes on the heels of mortgage interest rates ticking up to 6.24% for the week ending Nov. 14, according to … Read more
Abacus Capital broke ground on its Palm Beach Gardens apartment project after nabbing a $77.5 million construction loan. Affiliates of Beverly Hills, California-based Kennedy Wilson and Toronto-based Fairfax Financial provided the financing for Arbor House, a planned 13-story building with 302 units and an eight-story garage with 480 parking spaces at 3701 Catalfumo Way South, … 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
Keystone Development + Investment scored a $62 million loan for its office-to-residential conversions at two buildings near Dadeland Mall, a rare retrofit in South Florida. Office-to-residential conversions took hold in the Northeast, especially in New York, in recent years, marking new chapters for the towers struggling with higher vacancy due to the growth of hybrid … Read more
The Salty Donut isn’t worth its salt, if you ask the confectionary’s lender. City National Bank of Florida sued the Miami-based donut maker, claiming it defaulted on a $4.8 million loan issued in October 2021, according to a lawsuit filed in August in Miami-Dade County Circuit Court. The Salty Donut borrowed the money to develop … Read more
The demand for home loans rebounded with a 7.1% increase for the week ending Oct. 24, according to the Mortgage Bankers Association (MBA). It’s a turnaround from a week ago when mortgage applications decreased by 0.3%. The surge comes as mortgage interest rates dropped to 6.19%, the lowest level in over a year for the … Read more
Sotherly Hotels defaulted on its $49.2 million loan on a Hollywood resort near the ocean. The debt on the 10-story DoubleTree Resort by Hilton Hollywood Beach with 311 keys, at 4000 South Ocean Drive, entered special servicing after missing the Oct. 1 due date to pay off the loan, according to Morningstar Credit and Sotherly’s … Read more
Ian Bruce Eichner’s Continuum Company is being sued by a lender that alleges it’s owed more than half a million dollars in fees tied to the firm’s planned condo buyout in North Miami. Boston-based CW Investment Advisers filed a lawsuit against New York-based and Miami-based Continuum over the financing backing the $61 million buyout of … Read more