The demand for a home loan continues to take an up and down path as applications decreased 1.4% for the week ending Nov. 28, according to the Mortgage Bankers Association. This is down from the week prior when it saw applications increase 0.2%. The total is also adjusted for the Thanksgiving holiday. The Market Composite … Read more
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
Mortgage applications slightly increased 0.2% for the week ending Nov. 21, according to the Mortgage Bankers Association (MBA). It’s a tick up from a week ago when new home loan demand decreased 5.2%. Meanwhile, the refinance share of mortgage activity decreased to 53.4% of total applications from 55.4% the previous week. The adjustable-rate mortgage (ARM) … 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
Naftali Group closed on nearly half a billion in financing for its JEM Private Residences at Miami Worldcenter. The New York-based development firm secured $235 million in C-PACE financing from Darien, Connecticut-based Nuveen Green Capital, and $230 million in traditional construction loans from BHI, the U.S. arm of Israel-based Bank Hapoalim, according to a press … Read more
Kushner Companies is looking to put the squeeze on Harvey Hernandez over alleged nonpayment of a $22.9 million loan tied to a Fort Lauderdale development site. New York-based Kushner, led by Laurent Morali and Nicole Kushner Meyer, on Thursday sued Hernandez in Miami-Dade Circuit Court as the personal guarantor of the allegedly defaulted loan. Kushner … 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 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