Ten-X Commercial laid off half of its workforce, Miami professor who taught class on money laundering allegedly laundered millions

A daily roundup of South Florida real estate news, deals and more for Nov. 19, 2019

Miami /
Nov.November 19, 2019 06:30 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 6:30 p.m.

 

Private equity giant scoops up mobile home park in Hollywood. The Carlyle Group purchased a mobile home park in Hollywood for $25.2 million, another example of private equity firms buying up mobile home communities. [TRD]

 

Gables Residential sells dev site near Shops at Merrick Park. A national apartment builder sold a development site near Shops at Merrick Park in Coral Gables to BF Group, a local developer. Development options for the property include a hotel and office building. [TRD]

 

Copperline Partners closes on bulk co-op deal in Palm Beach. The price was $35 million, and the property could be redeveloped by its new owner into a luxury hotel. [TRD]

 

Grove Isle developers face new lawsuit over proposed project. Grove Isles Associates is facing another legal challenge to its plans for a new condominium complex in the waterfront luxury community in Coconut Grove. [TRD]

 

CMBS loan for Starwood’s Mall at Wellington Green is in trouble. The $680 million CMBS loan for a Starwood mall portfolio that includes a large Wellington property has been sent to special servicing, according to Trepp. [TRD]

 

Why Compass, @properties and tech startups are diving into bridge loans. To help clients increase their purchasing power, a number of residential brokerages have launched bridge loan programs that let clients borrow money to pay for a new home before they sell their old one. [TRD]

 

Long Island politicians want HUD to investigate real estate discrimination. U.S. representatives Kathleen Rice and Thomas Suozzi are drafting a letter to HUD Secretary Ben Carson to call for a probe into the “steering” that a Newsday investigation found was commonplace in the broker community. The representatives will also request that the department end its “harmful rollback of fair housing measures.” [Newsday]

 

Proptech startup Eden completes $25M Series B. Eden, a proptech startup that helps landlords manage parts of the workplace like scheduling cleaning services and ordering snacks, raised $25 million in its Series B funding round. Soho-based venture-capital firm Reshape led the funding round, Eden announced Tuesday. [TRD]

 

Ten-X Commercial laying off half of its workforce. Ten-X Commercial, an online real estate transaction platform, eliminated half its workforce after efforts to sell the company fell through. Close to 100 employees in offices in Texas, New York and California were given notice on Monday morning during a call with executives, according to people on the call and those familiar with the matter. [TRD]

 

Miami professor who taught class on money laundering allegedly laundered millions. University of Miami professor and author Bruce Bagley taught classes on corruption and money laundering, but federal prosecutors are saying that he also helped launder at least $3 million in money from Venezuela through his bank accounts, according to the Miami Herald. On Monday, the 73-year-old Bagley was arrested on one count of conspiracy to commit money laundering and two counts of money laundering. He could face 20 years in jail on each count. [Miami Herald]

 

The New York State Attorney General’s office has launched an investigation into WeWork. The embattled office-space company, which is soon set to lay off thousands of workers, confirmed to Reuters that it had received a request from the state’s AG office, led by Letitia James. [TRD]

 

Compiled by Keith Larsen


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