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South Florida

Related Group’s Perez regrets his $60M Omni profit

Related Group CEO Jorge Perez may have made off with a quick $60 million profit on Miami real estate, but he isn’t happy about it, according to the Wall Street Journal. The developer paid $100 million for the first mortgage on the Omni International Mall in May and a few months later Genting bought it from him for $160 million.

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But Perez wanted to develop the site. However, Genting wrestled control of the property by stepping in and buying a $45 million mezzanine loan. Now, it plans to build Resorts World Miami on the property. “I should have pushed harder to gain control of the junior debt,” Perez said. [WSJ]

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GentingJorge PerezReal Estate CompaniesReal Estate GroupsRelated GroupResorts