The SoFla lowdown: Trump Group’s big loan, spec home partners form amid slowdown and investors target mobile home parks

A breakdown of the biggest deals of the week

Miami /
Oct.October 08, 2018 02:45 PM

Jules Trump, Philip Levine, Alex Ruiz, rendering of The Estates of Acqualina

A Trump-sized loan: It was among the biggest financing deals to hit the South Florida condo market. The Trump Group’s $558 million construction loan for The Estates at Acqualina in Sunny Isles turned heads. Not surprisingly, it was Bank OZK that provided the loan. Formerly Bank of the Ozarks, the deal again shows the Arkansas-based bank’s aggressiveness  in the local condo market, where it has financed much of the recent boom.

With the funding, Jules Trump, (no relation to the president) his wife Stephanie and his brother Eddie now can build both 50-story towers of The Estates at Acqualina, as well as the amenity villa, called Villa Acqualina. That’s a change in direction for the developers. In 2016, Jules Trump had put sales and construction of the $1.5 billion project’s north tower on hold amid the market slowdown.

Trump recently said that sales are above 65 percent for the south tower, which broke ground in May. With markets like Brazil and Russia pulling back on foreign spending, the developers have switched their focus to the U.S., including those markets in the Northeast that have state income tax, he said.

From mobile home to multifamily: As developers search for land, an increasing number are targeting mobile home parks. A joint venture of Prestige Companies and Summit Property Group wants to build a $100 million multifamily community — with up to 800 apartments — to replace a mobile home park near the planned Ludlam Trail in Miami.

Power partners: Amid a slowdown in luxury spec home development in Miami Beach, a new partnership team has formed with an eye on Palm Beach. Todd Michael Glaser, former Miami Beach mayor and one-time gubernatorial hopeful Philip Levine, Scott Robins and Jonathan Fryd bought a Palm Beach site with plans to build two luxury spec homes. It’s the group’s first deal together, and they’re hoping for a big payback. The partners paid $9 million for the site, and intend to spend another $7 million on construction. Once completed, they’ll price the completed spec homes at $15.5 million and $12.5 million, for a total of $28 million — which could net them a $12 million profit.

Off with their price: Now for a reminder that there is a limit to everything, even ultra-luxury home prices. A Versailles-inspired estate in Hillsboro Beach that has been on and off the market for years — and was priced at up to $159 million — is now heading to auction, without a reserve price.


Related Articles

arrow_forward_ios
(Photos courtesy of Miami Historic Preservation, Smith Aerials, Colliers)
Development site near MiamiCentral hits the market
Development site near MiamiCentral hits the market
Alliance Residential Company CEO Bruce Ward and 6595 Morikami Park Road (Google Maps)
Alliance Residential buys site, scores $46M construction loan for senior apartments in Delray Beach
Alliance Residential buys site, scores $46M construction loan for senior apartments in Delray Beach
Arbor Management Acquisition Company heads Ivan Kaufman and Maurice Kaufman with a rendering of Aventura Park (Anillo Toledo Lopez, iStock)
Arbor Management buys multifamily dev site near Aventura for $10M
Arbor Management buys multifamily dev site near Aventura for $10M
(iStock)
South Florida resi construction starts soar in March
South Florida resi construction starts soar in March
Eden Multifamily heads Jay Massirman and Jay Jacobson with Cypress Equity Investments CEO Michael Sorochinsky (rendering courtesy of MSA Architects)
Eden Multifamily, Cypress Equity score $24M construction loan for Tamarac apartments
Eden Multifamily, Cypress Equity score $24M construction loan for Tamarac apartments
(iStock)
Home prices across globe hit records, prompting worries of bubble
Home prices across globe hit records, prompting worries of bubble
Steven and Beth Millner with One Thousand Ocean (Patrick McMullan/Getty, Google Maps)
Private equity honcho pays $5M for Boca Raton condo
Private equity honcho pays $5M for Boca Raton condo
Avra's Nick Tsoulos, the developer Jules Trump and renderings of the restaurant. (Arva, Getty, ArX Solutions)
NYC restaurant Avra coming to Estates at Acqualina in Sunny Isles
NYC restaurant Avra coming to Estates at Acqualina in Sunny Isles
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...