Homebuyers who bought after the market crash have made billions, Terra closes on $185M construction loan: Daily digest

A daily roundup of South Florida real estate news, deals and more for Sept. 26, 2019

Every day, The Real Deal rounds up South Florida’s biggest real estate news, from breaking news and scoops to announcements and deals. We update this page throughout the day. Please send any tips or deals to tips@therealdeal.com

This page was last updated at 6:15 p.m.


Homebuyers who bought after the market crash have made billions. You read it right — a new report from Redfin shows that people who bought property in 2012, when housing prices hit rock bottom, have since earned more than $200 billion in home equity. [Mansion Global]


WeWork’s cash flow problems are deepening. The company is losing millions each day, and may only have enough cash to last until next Spring, according to a new report. [Bloomberg]


Millionaires fortunes are shrinking. Here’s what that means for real estate. The global population of individuals worth at least $30 million saw their net worth shrink in 2018 for the first time in three years — even as their ranks grew, according to a new report by research firm Wealth-X. [TRD]


Terra closes on $185M construction loan for latest Coconut Grove project. It’s one of the largest construction loans to close in South Florida this year, after the $300 million loan for Vlad Doronin and Cain International’s 830 Brickell office tower and the $225 million loan for The Residences at Mandarin Oriental in Boca Raton, both of which closed in July. [TRD]


Michael Gross, Zvika Shachar, and Roni Bahar (Credit: NOAH Conerence via YouTube,  LinkedIn, Presidio)

WeWork is booting Adam Neumann’s friends. At least two executives were told Wednesday night that their tenure with the company is up, people familiar with the matter told The Real Deal. While a source said some of the execs were still at WeWork as of Thursday afternoon, another source said the company was in the process of negotiating their exit packages. [TRD]


In a sluggish condo market, these Miami developers find a sweet spot. A new product type has emerged that developers claim they can’t build quickly enough: more affordable units that buyers can rent out however and whenever they want, no strings attached. [TRD]


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American Eagle Outfitters CEO snags PH at Ritz-Carlton Miami Beach. The CEO of American Eagle Outfitters bought a penthouse at the Ritz-Carlton Residences, Miami Beach for $6.5 million, in one of the first closings at the luxury condo development. [TRD]


From left: Edward Romo, Ryan T. Shaw and Scott C. Sandelin and the property

From left: Edward Romo, Ryan T. Shaw and Scott C. Sandelin and the property

Assemblage in downtown Fort Lauderdale selling for $12M. An investor is assembling land south of Las Olas Boulevard in downtown Fort Lauderdale for $12 million, with long-term plans to develop the 1.1-acre site. [TRD]


Related Group, Alex Karakhanian and partners drop $32M on Wynwood site. The Related Group, developer Alex Karakhanian and their partners purchased a large property in Wynwood for $32 million, with plans to redevelop the site, The Real Deal has learned. [TRD]


Adam Neumann (Credit: Getty Images, iStock)

WeWork insiders slam Neumann and his enablers: “They created the monster” In interviews with The Real Deal, eight current and former WeWork executives described a circle of top staff around Neumann who enabled his actions and feared running afoul of the charismatic CEO. [TRD]


The Venezuelan government could soon be seeking to confiscate the homes of millions of Venezuelans living abroad. Venezuelan leader Nicolás Maduro ordered a census on how many homes are empty, adding to fears that the homes may be confiscated by the government, according to the Miami Herald. [Miami Herald]


Keys Hospital wiped out by Irma expected to open in 2021. Fishermen’s Community Hospital in Marathon is about to be rebuilt after being destroyed by Hurricane Irma, according to the Miami Herald. The $43 million building is planned to open in summer of 2021. [Miami Herald]


Compiled by Keith Larsen