Compass sweetens agent stock program for 2020, affordable housing project in downtown Fort Lauderdale lands $27M loan: Daily digest

The stakes are high as Jersey City residents vote on Airbnb, Softbank CEO expresses regret over WeWork investment

Miami /
Nov.November 06, 2019 06:00 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 6:00 p.m.

 

Moody’s dumps stake in Doug Curry’s data firm. Moody’s Analytics has abandoned an investment in a commercial real estate data firm tied to an embattled industry figure. The information-services firm, which oversees a commercial real estate data portal, had taken a 23.8 percent stake in Empirical CRE, a company led by Doug Curry. [TRD]

 

Extending its reach: Limousines of South Florida picks up car dealership in Lauderdale Lakes for $7M. Elan Holdings, managed by Oded Haims, sold the 7.8-acre property at 2000 North State Road 7 for $897,435 per acre. The property is occupied by a Haims Motors dealership, which will continue to operate at the location, according to a release. [TRD]

 

Broward moves to expand affordable housing supply by amending land-use plan. Broward County gave initial approval to a land-use change that would encourage affordable housing construction on commercial sites near major roads. [TRD]

 

Startup HomeLight lands $109M in new funding round. HomeLight, which began its life matching sellers and buyers with real estate agents, has much bigger ambitions. And it’s just raised $109 million in new financing to build up mortgage lending and instant buying operations. [TRD]

 

The doctors will see you now: Co-working medical office space operator plans major expansion. An owner and operator of co-working spaces for doctors has tapped Florida as its next big market for expansion. ShareMD, a San Diego-based investment firm led by President and managing partner George Scopetta, is looking to purchase medical office buildings throughout the Sunshine State’s major cities and convert vacant space into its co-working concept. [TRD]

 

A royal deal: Majestic Plaza shopping center sells in Westchester. A North Miami Beach investor purchased a shopping center in Westchester for $13 million amid a development boom in the western part of Miami-Dade County. [TRD]

 

Affordable housing project in downtown Fort Lauderdale lands $27M loan. Atlantic | Pacific Communities closed on a $26.64 million loan from Bank of America for an affordable housing development in Fort Lauderdale. AP Communities received the financing for Sailboat Bend II, a 110-unit rental project for seniors, ages 55 and older, on the New River near downtown Fort Lauderdale. [TRD]

 

Compass sweetens agent stock program for 2020. Compass is making it easier for agents to cash in on shares of the company stock. The Softbank-backed firm announced changes to its agent equity program, which now allows agents to purchase shares of restricted stock that will vest by 2021 — or sooner if the company goes public. Previously, agents could buy stock options that would vest in four years. [TRD]

 

Softbank CEO expresses regret over WeWork investment. “My own investment judgment was really bad. I regret it in many ways,” Masayoshi Son said at a news conference in Tokyo following SoftBank’s earnings release, according to the Wall Street Journal. Speaking of WeWork co-founder Adam Neumann, who was ousted as CEO in September, Son said, “I shut my eyes to a lot of his negative aspects.” [WSJ]

 

Miami’s District 1 race is heading to a runoff. The District 1 seat for outgoing Miami commissioner Wifredo “Willy” Gort is going to a runoff between former state senator Alex Diaz de la Portilla and auto parts retailer Miguel Angel Gabela, according to the Miami Herald. District 2 incumbent Ken Russell won overwhelmingly on Tuesday in a district that covers downtown Miami, Edgewater, Coconut Grove and Brickell. [Miami Herald]

 

The stakes are high as Jersey City residents vote on Airbnb. After a fraught campaign in which both Airbnb and the hotel lobby were accused of underhanded tactics, Jersey City residents were heading to the polls Tuesday to decide whether to restrict short-term rentals. [TRD]

 

— Compiled by Keith Larsen


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