Miami Heat’s Udonis Haslem proposing affordable housing in North Miami, Crescent Heights and Terra score loan: Daily digest

A daily roundup of South Florida real estate news, deals and more for Oct. 4, 2019

Miami /
Oct.October 04, 2019 05:30 PM

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 [email protected]

This page was last updated at 5:30 p.m.

Udonis Haslem is partnering on a proposed mixed-use project in North Miami. Magellan Housing and its partner Haslem Housing Ventures want to build the development on a former brownfield site at 13780 Northeast Fifth Avenue, according to the South Florida Business Journal. If approved, the North Miami CRA would sell the land to Magellan to build 124 affordable housing apartments, 10,000 square feet of commercial/clinical/office space, and a community garden. [SFBJ]

 

The building

Closings to begin at Adagio Fort Lauderdale Beach. Alco International Group, led by the Coll family, completed the 10-story, 31-unit condo at 435 Bayshore Drive. One Sotheby’s International Realty handled sales of the units, which ranged in price from $1.9 million to $5.2 million. The project includes a private marina with six dock slips, a rooftop pool, cabanas, a gym and yoga studio and club room. Harvey Daniels is leading sales of the project.

 
The home

The home

A Fort Lauderdale spec home hit the market for nearly $14 million. Kevin R. Kreutzfeld of Premier Estate Properties is listing the 11,186-square-foot, six-bedroom estate at 1408 West Lake Drive. The three-story Harbor Beach home features 2,580 square feet of covered terraces, a three-bay garage, a smart-home system and an elevator. Property records show 1408 West Lake Holdings LLC, led by Leslie Melamed, owns the house. It was completed this year.

 

Crescent Heights and Terra secured a $90M loan for the Park on Fifth. The two developers completed the partnership for the South Beach project at 500, 600 and 700 Alton Road, property records show. Crescent Heights affiliates sold the properties to a joint venture between the two companies, and that buyer secured the loan from Venera Finance & Investment. The loan will be used to build the public park, the commercial building, the condo sales center and fund the marketing campaign, Russell Galbut told the South Florida Business Journal. [SFBJ]

 

Inside Grant Cardone’s real estate portfolio and how he raised $15M in 90 minutes at Marlins Park. Cardone boasts an eccentric life on Instagram, but his real estate investing is much more conservative. The speaker, author, business consultant and real estate investor talked to TRD about his investment strategy and how he got into real estate. [TRD]

 

Sarah Boymelgreen sold her Miami Beach estate for $9.3 million. Her husband, Shaya, is an Israeli-born New York developer who was temporarily banned from selling condos in New York alongside his partner, Lev Leviev’s Africa Israel Investments, in 2014. Sarah Boymelgreen, via 4539 Pinetree LLC, sold the five-bedroom, 6,311-square-foot house at 4539 Pine Tree Drive to a Delaware company that lists a Brooklyn address. [TRD]

 

It’s tough to get an apartment in New York City — and even tougher if you’re Adam Neumann? The WeWork founder, whose firm’s attempt at an IPO imploded, was reportedly rejected by at least three different co-op boards, despite the entreaties of Mark Lapidus, his former head of real estate. Neumann and Lapidus deny the account. [NYP]

 

These real estate billionaires made Forbes’ list of richest Americans. Almost 50 industry titans, including Stephen Ross, Charles Cohen and Jeff Greene, made this year’s Forbes 400 list, which ranks America’s wealthiest people. Warren Buffett was tops among those with real estate chops and was number three overall, with a net worth of $80.8 billion. [TRD]

 

Miami-Dade plans to set aside $76M for a Virgin Trains station in Aventura. What does that mean for Tri-Rail? Tri-Rail was intended to be extended along the Florida East Coast rail tracks, and Virgin Trains was going to make express stops to Orlando and farther north, the Miami Herald reported. But now, Virgin is seeking a tax-funded station in Aventura. Javier Betancourt, who heads the Citizens Independent Transportation Trust, is now asking whether Virgin Trains still plans to allow Tri-Rail to use its tracks. [Miami Herald]

 

Manhattan had the top three spots for priciest Zip codes to rent in the U.S. It also had seven of the top 10, according to a new report in RentCafe. New York, L.A. and the Bay Area dominated RentCafe’s list. Boston is the only city outside of New York and California to make the top 50, and it doesn’t turn up until No. 32. [TRD]

 

Forever 21’s bankruptcy was bad news for mall stocks. Macerich, Simon Property Group, Brookfield Property Partners, Taubman Centers and Vornado Realty Trust all saw their stocks take a hit after the news that the fast-fashion retailer said it would close 178 stores this year.[TRD]

 

Meridian Senior Living paid $60.9 million for a community near Boca Raton. A company tied to Capital Health Group sold the 154-unit senior living facility at 21865 Ponderosa Drive. The buyer financed the deal with a $45 million loan from Capital One. [TRD]

 

The stock market sell-off is a boon for homebuyers. Fixed rates on 30-year fixed mortgages are down to 3.62 percent, a 1.25 percent year-over-year change. That means a savings of $225 a month for a $300,000 mortgage.[CNBC]

 

Compiled by Katherine Kallergis


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