Birdman lists his Palm Island manse, Michael Stern-led condo project faces financing woes and more…

South Florida briefs

Jul.July 01, 2017 01:00 PM

70 Palm Avenue. Inset: Birdman (Credit: Getty Images) and listing agent Brett Harris

Birdman lists his Palm Island manse for $20M

Rapper and producer Bryan “Birdman” Williams is looking to sell his home on Palm Island, in Miami Beach. The Cash Money Records co-founder, whose estimated net worth is $180 million, listed his waterfront mansion at 70 Palm Avenue for $20 million.

Cash Money includes hip-hop megastars like Drake, Nicki Minaj and Lil Wayne.

Williams bought the 20,000-square-foot, seven-bedroom, 12-bathroom house in 2011 from Rockstar Energy Drink founder Russell Weiner for $14.3 million, and spent millions renovating it, said listing agent Brett Harris of Douglas Elliman. Alex Daguer of Fortune International Realty is co-listing the Williams home.

The 0.7-acre property has 100 feet of water frontage, a volleyball court, movie theater and a pool. Williams combined three bedrooms to create a 3,500-square-foot master bedroom.

Built in 2004, the house was designed and furnished by Mendez Vela Design.

Blackstone’s Fort Lauderdale hotel could fetch $175M

The Hilton Fort Lauderdale Marina just hit the market.

The nine-acre property at 1881 Southeast 17th Street in Fort Lauderdale, on the Intracoastal Waterway, includes a 589-room hotel and 33-slip marina. It is the third largest hotel in Broward County.

CBRE Hotels’ Christian Charre, Paul Weimer and Natalie J. Castillo are representing the seller, an affiliate of the New York-based Blackstone Group, which purchased the property from Host Marriott in 2006.

Charre told The Real Deal that the hotel is not listed with a price, but “we believe the property should trade for around $175 million.” At that figure, it would sell for more than $297,000 per room.

The Hilton Fort Lauderdale was completed in 1981. It has been renovated several times, most significantly in 2008.

South Florida’s hotel industry is having a tough time in the face of the Zika virus threat and the growing popularity of online vacation rentals like Airbnb. Miami area hotel occupancy year-to-date through April averaged 81 percent, down 0.61 percent from the same period last year.

Monad Terrace

Monad Terrace restructuring its financing amid foreclosure suit

The developers of Monad Terrace, a boutique luxury project in South Beach, are restructuring their debt as the lender pursues a foreclosure lawsuit on the property, sources told The Real Deal.

JDS Development Group, Vector Group investment group New Valley, Ackerman Development, Mink Development and others plan to build Monad Terrace, which will be designed by Pritzker Prize winner Jean Nouvel. It would mark Nouvel’s first building in Miami.

In late May, Delaware-based lender EO Monad Terrace filed suit against Monad Terrace Property Owner LLC — which is led by JDS CEO Michael Stern — in addition to McNamara Salvia Inc. and Americaribe Moriarty Joint Venture for failing to pay the $45.8 million mortgage principal on the property.

The developers assembled the development site from 13 sellers and spent more than $51 million on the 14 parcels between 2015 and 2016.

Stern told TRD that Monad Terrace was restructuring its financing and plans to break ground in the next quarter. He declined to provide the loan amount or lender name or to comment on the foreclosure suit.

“During the course of negotiations with the current lender to facilitate that closing, the lender filed this lawsuit, which is entirely without merit,” a JDS spokesperson said.

Sales at Monad Terrace kicked off in February amid a slowdown in the luxury condo market. Units range from two to five bedrooms and prices start at $2 million.

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