Edgewater’s Hamilton on the Bay hits the market, Parkland charter school score $15M in EB-5 backed financing: Daily digest

Miami /
Aug.August 27, 2019 04:30 PM

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Victor Ballestas and Eduardo Otaola with a rendering of 1674 Meridian Avenue

Victor Ballestas and Eduardo Otaola with a rendering of 1674 Meridian Avenue

Integra Investments scoops up Miami Beach office building near Lincoln Road. Integra Investments and Constellation Group acquired an office building just off Lincoln Road for $10.1 million. Ivy Realty sold the 31,270-square-foot office building at 1674 Meridian Avenue, property records show. The building includes 5,505 square feet of retail space, according to a release. [TRD]

 

SoFla insurance magnate sold a waterfront Fort Lauderdale home for $8 million. South Florida insurance magnate Richard Hull sold a second Fort Lauderdale house for $8.1 million, a month after selling a waterfront estate that marked one of the city’s most expensive residential real estate sales of the year. [TRD]

 
Listing broker Rani Hussami and Hamilton on the Bay

Listing broker Rani Hussami and Hamilton on the Bay

Arison-developed Hamilton on the Bay hits the market in Edgewater. Carnival Cruise Line founder Ted Arison built Hamilton on the Bay, a waterfront residential building in Edgewater, in the early 1980s. Now, a company affiliated with the Arison family is looking to sell the 271-unit apartment building and surrounding land. [TRD]

 

Parkland charter school scores $15 million in EB-5-backed financing. Academica scored $15 million in EB-5-backed construction financing to start building a new charter school in Parkland. The Miami-based charter school company secured the loan from Jupiter-based GreenAccess to build a school on a 9.9-acre vacant lot at 8401 University Drive. [TRD]

 
Gold Standard of Care’s CEO Michael Verbitsky and 6026 Old Congress Road

Gold Standard of Care’s CEO Michael Verbitsky and 6026 Old Congress Road

Lake Worth senior living facility sells for $6 million. Gold Standard of Care sold a senior housing facility in Lake Worth amid growing investor interest in such developments in South Florida. Fort Lauderdale-based Gold Standard of Care of Greater Palm Beach County sold the 70-unit building at 6026 Old Congress Road for $88,571 per unit, records show. [TRD]

 

Black Salmon heads west, acquires Phoenix office building. Miami-based Black Salmon acquired the U.S. Bank Center in Phoenix for $92 million, with plans to invest an additional $15 million in building improvements and leasing. The 375,862-square-foot, Class A office building is in the city’s downtown submarket. Tenants include U.S. Bank, WeWork and Jacobs Engineering Group. The deal also includes a separate, seven-story parking structure that sits in a designated Opportunity Zone.

 

Home-price growth has been slowing for the longest stretch since 2008. Average home prices nationwide grew 3.1 percent for the year ending in June, down from 3.3 percent a month prior. Mortgage rates, which have fallen by about one percentage point since November, have so far not helped the housing market pick up speed. [WSJ]

 

Developers are finding a new source of financing in PACE loans. The program, originally designed to fund energy-efficient upgrades to existing buildings, is increasingly being used for new construction and gut renovations. With interest rates at about 6 percent to 8 percent, PACE is a more cost-effective way to comply with “Green New Deal”-style laws than traditional financing. [NYT]

 

China City Construction site in North Beach sells to hotel developer for $40 million. A Chinese company that once promised to build a luxury residential building on an oceanfront lot in Miami Beach has sold the site to a hotel developer for $40 million, The Real Deal has learned. CCCC Miami Beach LLC sold the nearly 1-acre plot at 6747 Collins Avenue to Urbanica Management LLC, according to brokers Miguel Pinto and Stefano Santoro of Apex Capital Realty. [TRD]

 

Real estate broker and radio host Jim Fried jumped into the Miami commission race. Lifelong Miami resident and real estate broker Jim Fried is running for city of Miami commissioner, and his message is simple: Miami needs better customer service. Earlier this month, Fried officially entered the race against incumbent city commissioner Ken Russell for District 2, which spans from Coconut Grove to Morningside and includes Brickell, downtown Miami and Edgewater. [TRD]

 

CIM Group starts construction on Wynwood mixed-use project. CIM Group announced that it has begun construction of a mixed-use development on a 1.78-acre site at 2201 North Miami Avenue in Wynwood. The project includes about 27,000 square feet of street-level retail and studio space, 60,000 square feet of office space, 257 apartment units and 480 parking stalls.

 

— Compiled by Keith Larsen


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