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The Real Deal Miami

Gold Krown Financial takes 538 condo units in Midtown Miami

October 13, 2011 04:42PM

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Midtown Miami and Ronald Krongold, managing partner, Gold Krown Financial
Gold Krown Financial acquired 538 condominium units at the mixed-use Midtown Miami complex, located at the corner of NW 36th Street and Miami Avenue, the company announced today.

The package includes 62 condo units in Midtown 2, 304 condo units in Midtown 4 and 172 rental units at Midblock East, of which about 94 percent were occupied.

Shutts & Bowen and Stearns Weaver Miller Weissler Alhadeff & Sitterson represented Gold Krown, which is run by M. Ronald Krongold, in the transaction. New York-based Mission Capital Advisors arranged the financing. Ladder Capital also provided a portion of the acquisition financing.

Jordan Ray of Mission Capital said in a statement that he believes the units’ value could eventually surpass $200 million.

The $2.3 billion project, developed by Midtown Equities’ father-son team of Joe and Jack Cayre, has a total of 3,000 residential units, 600,000 square feet of retail space and 200,000 square feet of offices.

Last week, The Real Deal spotted “Charlie’s Angels” being filmed at the complex. — Adam Fusfeld