Developers Bulldozing Dated Miami Condos, New Ones on Way
Northwind Group announced the origination of a $98 million senior secured loan to acquire 1250 West Avenue, an existing condominium building in South Beach, Miami.
Northwind Group originated the loan to support the redevelopment of a prime bayfront site in Miami Beach. Terra is leading the project in partnership with JDS Development Group, Rafi Gibly, and Gianluca Vacchi. The group plans to transform the property into a luxury condominium tower on Biscayne Bay.
The existing asset, a 238-unit condominium built in 1964, had become increasingly challenged by rising common charges driven by insurance costs and deferred maintenance. The sponsorship successfully acquired more than 95% of the units, providing the ability to dissolve the condominium association and proceed with demolition. During this process, the team successfully secured entitlements permitting development up to 330 feet in height, with an anticipated 100-unit luxury residential program.
A Walker & Dunlop team, including Aaron Appel, Keith Kurland, Jonathan Schwartz, Adam Schwartz, Michael Diaz and Sean Bastian, arranged the financing on behalf of the borrower. John Vavas from Polsinelli represented Northwind, and Laura Gangemi Vignola from Gangemi Law Group represented the Sponsor.
Other News
Lewis Group Opens Second NorCal Rental-Home Community in West Sacramento
Independence in West Sacramento, a new gated community of 208 townhome-style rental homes developed by Lewis Apartments, opened its leasing office and model homes to the public on Saturday, Oct. 24. Located in West Sacramento’s Southport/Bridgeway Island area, Independence introduces rental homes designed for residents who want the space and privacy of a single-family home...
Learn more
CBRE Arranges Sale of Future Mixed-Use Development in Wisconsin
CBRE announced the sale of a 4.66-acre parcel at the northwest corner of County Highway MM and U.S. Highway 14 in Fitchburg, Wisconsin. Louisville, Kentucky-based Trilogy Real Estate Fitchburg LLC purchased the property from Fairchild Development LLC for $2.23 million, marking the company’s third location in the Madison market and expanding its footprint beyond its...
Learn more
Northmarq Arranges $96M Refi on SoCal Apartment Portfolio
Northmarq has arranged $95.8 million in refinancing for a six-property, 1,461-unit multifamily portfolio owned and operated by E&S Ring across Los Angeles and San Bernardino Counties. The financing was arranged through Voya Investment Management by Northmarq’s San Francisco Debt + Equity team, led by managing director Nathan Prouty, SVP Andrew Slaton Aand senior investment anaylst...
Learn more
Brokers
View All-
Remax Real Estate Professionals
Re/Max Real Estate Professionals
-
Jared Ennis
Central CA Commercial | California
-
Rick Recckio
Recckio Real Estate & Development
-
Greg Corbin
Northgate Real Estate Group
Lenders
View AllManagement
View All-
Essex Property Trust, Inc.
California
-
Josh A
California
-
Bob Tuteur
-
Andrew Schildcrout