Billionaire developer Doronin buys Fort Lauderdale assemblage for $63M

Michael Dell’s MSD Partners provided a $33M loan

Miami /
Jun.June 10, 2020 11:30 AM
Vladislav Doronin (Credit: Gesi Schilling via Wikipedia)

Vladislav Doronin (Credit: Gesi Schilling via Wikipedia)

Billionaire developer Vladislav Doronin assembled and closed on three blocks of land in Fort Lauderdale for nearly $63 million, marking his first plan to develop in Broward County.

Doronin’s OKO Group, through a land trust, closed on 6.7 acres south of the New River and Las Olas Boulevard, an area that has attracted a group of developers, property records show. OKO’s seven deals cover 27 parcels, including developer Dev Motwani’s site of the planned 629 Residences, a 34-story, 251-unit apartment building at 629 Southeast Fifth Avenue.

Dev Motwani’s 629 Residences rendering (Credit: South Florida Business Journal)

Dev Motwani’s 629 Residences rendering (Credit: South Florida Business Journal)

OKO Group, based in New York and Miami, is planning a mixed-use project on the assemblage. In a statement, OKO said the area benefits from “an urban grid which lends itself to a pedestrian-oriented development,” as well as strong demographics.

OKO has four major projects in the works in the Miami area, including the Missoni Baia condo tower in Edgewater, Una Residences in Brickell, the WeWork-anchored 830 Brickell office tower, and the planned Aman hotel and condo in Miami Beach. Last week, Doronin announced he brought on Vanessa Grout to lead a newly formed real estate sales and marketing arm of the company.

The largest piece of OKO’s latest assemblage was the $33.16 million purchase of land at 633 South Federal Highway that stretches west to Southeast Fourth Avenue. Scherer Realty LLLP, led by lawyer William Scherer Jr., sold the properties. Another Scherer-led LLC sold a smaller piece for $3.8 million.

Dixie Land Holdings, led by Ceiba Groupe developer Adam Bedzow, sold land on Sixth Avenue and Fifth Terrace for $9.15 million. Motwani’s 616 SE Fourth Avenue LLC sold the site on Fifth Avenue. Members of the Buckley family sold some land for $4.2 million.

Billionaire Michael Dell’s MSD Partners, OKO’s lender for 830 Brickell, provided a $33 million loan for the purchase. (MSD purchased the Boca Raton Resort & Spa for nearly $900 million last year.)

Ackman-Ziff’s Marc Sznajderman, Romano Tio and Chris Gathman arranged the financing for OKO’s Fort Lauderdale purchase.


Related Articles

arrow_forward_ios
Cushman & Wakefield's Denny St. Germain and Robert Given with 1151 Southwest Ninth Avenue in Fort Lauderdale
CushWake brokers’ entity pays $22M for Fort Lauderdale dev site
CushWake brokers’ entity pays $22M for Fort Lauderdale dev site
Jimmy Tate, Sergio Rok and  Jorge Pérez with renderings of the project
Related Group joins $1B-plus Bahia Mar project in Fort Lauderdale
Related Group joins $1B-plus Bahia Mar project in Fort Lauderdale
From left: Len Blavatnik and Vlad Doronin along with a rendering of Aman Miami Beach at 3425 Collins Avenue (Getty, OKO Group, Access Industries)
Vlad Doronin, Len Blavatnik score $242M construction loan for Aman Miami Beach
Vlad Doronin, Len Blavatnik score $242M construction loan for Aman Miami Beach
1635 North Fort Lauderdale Beach Boulevard (Google Maps, Getty)
Mattress Giant founder sells Fort Lauderdale manse for $13M
Mattress Giant founder sells Fort Lauderdale manse for $13M
Up for vote this week: Aman Miami Beach, medical marijuana zoning in Miami
Up for vote this week: Aman Miami Beach, medical marijuana zoning in Miami
Up for vote this week: Aman Miami Beach, medical marijuana zoning in Miami
Manor Oaks at 2121 East Commercial Boulevard in Fort Lauderdaleto be rebranded as The Savoy at Fort Lauderdale Rehabilitation and Nursing Center and Manor Pines Convalescent Center at 1701 Northeast 26th Street in Wilton Manors to be rebranded as The Pearl at Fort Lauderdale Rehabilitation and Nursing Center (Google Maps)
CareRite pays $36M for pair of Broward nursing, rehab centers
CareRite pays $36M for pair of Broward nursing, rehab centers
7850 Southwest Sixth Court in Plantation with Jazwares’ Judd Zebersky and RMR Group’s Adam Portnoy, Rendering of the 830 Brickell office tower with OKO Group’s Vlad Doronin and Cain International’s Jonathan Goldstein (Google Maps, LinkedIn, RMR Group, OKO Group, Cain International)
Check out South Florida’s biggest office leases of 2022
Check out South Florida’s biggest office leases of 2022
Related Group’s Jon Paul Pérez and Jorge Pérez with 600 North Andrews Avenue (Google Maps, Getty)
Related nabs $56M loan to build FATVillage affordable rentals
Related nabs $56M loan to build FATVillage affordable rentals
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...