Residential Real Estate News

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Toll Brothers pays $19M for site to build luxury student housing near FIU

Global City Development sold a site near Florida International University to Toll Brothers, where both companies are planning to partner on building luxury student housing. The homebuilder paid $19 million for the 1.72-acre property next to the former University Bridge Residences site. Global City CEO Brian Pearl said his firm will stay on as a co-developer. The nearly 400,000-square-foot project calls for 293 units with 1,086 beds, Pearl added. It will be similar to the ... [more]
Author: Gregory Prosser
Posted: December 14, 2018, 11:00 pm

Melo scores $142M refi for Square Station apartments

Melo Group just closed on a $142 million refinance for apartments in Miami’s Arts & Entertainment District. Freddie Mac is providing the 10-year, fixed-rate loan. Berkadia’s Miami acted as the seller servicer, selling the mortgage to Freddie Mac, according to a press release. Peter Mekras of Aztec Group arranged the financing, which is interest-only during the term of the loan. Melo completed Square Station, a two-tower, 710-unit apartment development at 1424 Northeast Miami Place, in ... [more]
Author: Gregory Prosser
Posted: December 14, 2018, 10:30 pm

Blue Lagoon could get six new buildings, including two hotels

A hotel and residential project that could transform the landscape at Blue Lagoon near Miami International Airport got an initial seal of approval, despite objections from a neighboring condo association. At a Miami planning and zoning hearing on Thursday, city commissioners approved on first reading a zoning change that would allow the Weiss Group to develop six buildings that would house 888 residential units, 294 hotel rooms and 1,412 parking spaces. Kobi Karp designed the ... [more]
Author: Gregory Prosser
Posted: December 14, 2018, 9:30 pm

National Cheat Sheet: Trump names new FHFA head, Cohen gets 3 years in prison, Sears shops stores … & more

Trump picks Pence’s chief economist to lead Federal Housing Finance Agency The Federal Housing Finance Agency is getting a new director. President Donald Trump plans to nominate Mark Calabria, chief economist for Vice President Mike Pence, to lead the agency after current head Melvin Watt departs at the beginning of 2019. Prior to taking his current job, Calabria was a senior aide on the Senate Banking Committee and a deputy assistant secretary for regulatory affairs ... [more]
Author: Kerry Barger
Posted: December 14, 2018, 8:30 pm

Miami commission gives preliminary nod to Brickell City Centre expansion

Brickell City Centre won the initial green light to expand its footprint, creating two new mixed-use towers within a more than 100,000-square-foot annex to the $1.05 billion project. The Miami City Commission on Thursday approved on first reading an amendment to Brickell City Centre’s special area plan that adds 15 properties owned by Colombian businessman Carlos Mattos, who is partnering with Brickell City Centre developer Swire Properties on the 104,287-square-foot expansion. According to documents submitted ... [more]
Author: Gregory Prosser
Posted: December 14, 2018, 7:30 pm

Denver firm buys affordable housing property in West Palm Beach

Denver-based Grand Peaks Properties paid $21.4 million for a 252-unit affordable senior living facility in West Palm Beach. A company tied to Hollywood real estate developer Scott Daiagi sold the Mangonia Residence Apartments at 2210 North Australian Avenue for nearly $85,000 per unit to GPAI Uptown 22 LLC. Daiagi purchased the 8-acre property in 2013 for $4.1 million. The 82,500-square-foot complex was built in 1997. Apartment rents are subsidized by a low-income housing tax credit. ... [more]
Author: Gregory Prosser
Posted: December 14, 2018, 6:30 pm

On the scene: Master Brokers Forum celebrates the holidays & more

Master Brokers Forum celebrates 2018 at Metropica The Gold Coast Master Brokers Forum celebrated the past year at the sales gallery for Joseph Kavana’s $1.5 billion Metropica project underway in Sunrise. Master brokers donated more than 60 new, unwrapped toys and raised nearly $500 for the Pantry of Broward, an organization providing food and support services to low-income seniors in need, and to grandparents raising their grandchildren. Coral Gables Trust Company hosts luncheon with real ... [more]
Author: Gregory Prosser
Posted: December 14, 2018, 5:30 pm

The Agency expands to Aventura, Coral Gables

The Agency is opening offices in Miami-Dade County and expanding its new development division. The Beverly Hills-based brokerage expanded to South Florida in October with an office in Boca Raton, and is now targeting other key markets in the tri-county region with locations in Aventura and Coral Gables. Chris Franciosa and Jared Ringel are leading the company’s South Florida expansion. The Agency is leasing about 1,000 square feet at 20900 Northeast 30th Avenue in Aventura, ... [more]
Author: Gregory Prosser
Posted: December 14, 2018, 4:30 pm

Compass launches West Coast tech campus in Seattle

Compass is launching a technology campus in Seattle geared toward building “real estate’s first-ever end-to-end platform,” and plans to hire at least 100 engineers. The SoftBank-backed brokerage, which has been in expansion mode, announced the West Coast Product & Engineering Campus in a Facebook post this week, according to Geekwire. The move came about two weeks after Compass brought on former Microsoft and Amazon executive Joseph Sirosh as its new chief technology officer. The firm’s ... [more]
Author: Gregory Prosser
Posted: December 14, 2018, 3:30 pm

L. Milton scores $18M construction loan for apartments near Magic City Casino

UPDATED Dec. 14, 2:25 p.m.: An affiliate of L. Milton Construction just scored an $18 million construction loan to build an apartment complex near Magic City Casino. L. Milton Construction secured the financing from Wells Fargo. The eight-story, 120-unit apartment building, called Monte Cassini Apartments, will be built on a 39,072-square-foot site at 3930 Northwest Seventh Street, county records show. The 194,695-square-foot development will replace two apartment buildings and a parking lot. The developer filed ... [more]
Author: Gregory Prosser
Posted: December 14, 2018, 2:45 pm