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South Florida Business Journal
News in Brief: Beach hotel nabs $80M loan from community bank
Ocean Bank loaned $80 million to FLB Hotel LLC and FLB Restaurant LLC for the Conrad Fort Lauderdale Beach hotel at 551 N. Fort Lauderdale Beach Blvd. The bank also loaned $9.2 million to 499 Ocean Blvd. LLC, led by Marc Dubrow and Jake Waserstein, for the construction of four high-end luxury townhouses at 499 N. Ocean Blvd. in Pompano Beach. www.oceanbank.com.<\p> Northmarq secured the $88 million refinance of the 336-unit Avery Dania Pointe East apartments at 120 N. Compass Way in Dania Beach. www.northmarq.com.<\p>
Broward condo building nabs $24.5M loan, prices start at $2M
Latitude Group obtained a $24.5 million construction loan to build its Terraces condo near the beach in Fort Lauderdale.<\p> Linkvest Capital, through its affiliate LV Lending, provided the mortgage to the Key Biscayne-based developer for the project at 527 Orton Ave. The deal was executed by Camilo Niño, Ricardo Uribe and Alen Hernandez of LinkVest Capital and brokered by AJ Felberbaum, Jay Miller and Spencer Miller of BayBridge Real Estate Capital.<\p>
Michigan automotive business owners sell island mansion for $27M
The family that owns Michigan-based auto parts manufacturer Fisher Dynamics sold a Palm Beach mansion along the Intracoastal Waterway for $27.06 million.<\p> Alfred J. Fisher III, through multiple family trusts, sold the 5,088-square-foot home at 1010 N. Lake Way to the 1010 North Lake Trust, with New York attorney Stephanie E. Heilborn as trustee. Lawrence Moens of Lawrence A. Moens Associates represented the seller in the deal, while Christian Angle of Christian Angle Real Estate worked with the buyer. The price equated to $5,318 per square foot.<\p>
Developer plans 500 apartments after buying site for $39M
Oak Row Equities acquired a development site in downtown Miami, near the Brightline passenger rail station, for $38.5 million.<\p> The Citadel Arena Corp., managed by Daniel Arias in Miami, sold the 37,857-square-foot lot at 49 N.W. Fifth Street and 50 N.W. Sixth Street to New York- and Miami-based Oak Row Equities. The deal includes $32 million in seller financing. The property currently has a three-story, 47,634-square-foot office building constructed in 1996. This is the first time it has sold. <\p>
Firm of former U.S. ambassador sells 100-year-old mansion for $17M
A firm led by Michael Retzer, a former U.S. ambassador to Tanzania, sold a Palm Beach mansion that’s nearly 100 years old for $16.85 million.<\p> The 6,921-square-foot home at 130 Cocoanut Row was sold by 130 Cocoanut Row LLC, managed by Retzer of Greenville, Mississippi. The buyer was Cocoanut Row LP, a company created in Ontario, Canada with an address in Toronto. Christian Angle of Christian Angle Real Estate represented the seller in the deal, while Jennifer Stepan Beqaj of Linda R. Olsson Inc. worked with the buyer. The price equated to $2,434 per square foot.<\p>
Cruise company buys new office for $67M in historic Black neighborhood
An affiliate of international shipping company MSC Group paid $67 million for its new office space in Miami’s Overtown neighborhood.<\p> Block 55 Org Owner LLC, an affiliate of Miami-based Swerdlow Group, sold Unit R-3 in the mixed-use Block 55 at Sawyer’s Walk project at 249 N.W. Sixth Street to ICMC Miami LLC, an affiliate of MSC Group. The commercial condo totals 131,129 square feet, mostly on the seventh floor, according to the building’s declaration of condominium. The price equated to $511 per square foot.<\p>
Exclusive: These are S. Fla.'s 50 fastest-growing companies of 2024
The South Florida Business Journal is proud to reveal its 2024 Fast 50 honorees.<\p> Fifty private companies from the tri-county region are annually touted for their outstanding percentage revenue growth over a three-year period and featured on two lists: those with revenue under $25 million and those with revenue over $25 million.<\p>
Local private equity firm acquires transportation company
Trivest Partners, a Miami-based private equity firm, has secured a majority stake in San Antonio-based Star Shuttle, a more than two-decade-old transportation company.<\p> As part of the deal, Star Shuttle will keep its headquarters in the Alamo City and serve as a platform for additional acquisition opportunities.<\p>
Developer plans 8-story apartment building in Miami (Photos)
A developer has proposed an eight-story apartment building four blocks north of the Douglas Road Metrorail Station in Miami.<\p> The city’s Urban Development Review Board will consider plans for the Mosaic at Douglas Road on the 0.93-acre site at 3700 S.W. 28th Street, plus 2810 to 2828 S.W. 37th Ave. on June 20. Located just west of Douglas Park, it currently has a few homes and vacant lots.<\p>
Last Sears in South Florida could be redeveloped with Live Local Act
A Sears store in Miami, the last of the former retail powerhouse’s locations in South Florida, could be redeveloped into multifamily through the state’s Live Local Act.<\p> The city’s Urban Development Review Board will consider plans for the 8.1-acre site at 3655 S.W. 22nd Street/Coral Way on June 20. Owned by Sunny Isles Beach-based RK Associates, led by retail investor and Miami Heat minority owner Raanan Katz, the property currently has a 192,493-square-foot retail building that was completed in 1954.<\p>
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