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South Florida Business Journal
Fannie Mae provides $18M mortgage to buyer of 153 apartments
The Summerfield Apartment Homes in Sunrise sold for $30.46 million, registering a nice gain in value.<\p> Las Olas Bay Properties 3200 84th Ave LP, managed by Sandy Poklar of Toronto-based Firm Capital, sold the 153 apartments at 3220 N.W. 84th Ave. to Sunrise Lake Views LLC and Sunrise Lake Views 2 LLC, both affiliates of Aventura-based Manoucheri Properties. The buyer assumed an $18.37 million mortgage from Fannie Mae, with Moshe Yormark, Avraham D. Manoucheri and Aaron Manoucheri listed as a new loan guarantors. Property data firm Vizzda confirmed the parties involved in the deal. <\p>
Airline launches local service to Midwest city
Allegiant Air launched a new route that connects Fort Lauderdale-Hollywood International Airport to Northern Michigan.<\p> The Nevada-based airline (Nasdaq: ALGT) recently announced it added a twice weekly service to Cherry Capital Airport in Traverse City, Michigan.<\p>
Workers with learning disabilities face stigmas in the workplace
There remains a big stigma facing workers seeking workplace accommodations for certain disabilities — and those employees worry asking for help will hurt their careers. <\p> A new survey by The Harris Poll on behalf of nonprofit Understood.org, which works with people who have learning and thinking differences such as Attention Deficit Hyperactivity Disorder (ADHD) and dyslexia, found while 69% of workers know their employers must provide reasonable accommodations for disabilities, about 60% said there is still a stigma around asking their employer for support.<\p>
Bradford Marine will take over operations at local marina
Bradford Marina will assume management of the operations of the Sunrise Habor Marina in Fort Lauderdale on Aug. 1.<\p> Julie Fisher Berry and Sheila Roux with CBRE Marina Group advised the landlord in leasing the marina at 1030 Seminole Drive to Fort Lauderdale-based Bradford Marine. The facility is currently managed by Suntex Marinas of Dallas. The landlord is Sunrise Harbor Multifamily, an affiliate of Dallas-based Invesco that also owns the neighboring apartment complex. <\p>
Health care company to cut more than 50 jobs in Miami-Dade
A health care company announced the layoffs of more than 50 employees in Doral.<\p> According to a May 20 WARN notice from Sanitas USA, Inc. – a subsidiary of Keralty Co. – 56 jobs were cut at its Doral facility in 8400 NW 33rd St., Suite 201, between May 17 and May 20. <\p>
Developer CEO sells oceanfront mansion for $21M (Photos)
Developer Stuart I. Meyers, the CEO of Meyers Group, once sold 144 apartments in South Florida for $42.85. He recently obtained $21 million for selling a single home – his own.<\p> Meyers sold his 8,857-square-foot homestead residence at 655 Ocean Blvd., along the ocean in Golden Beach, to the 655 Ocean Boulevard Land Trust, with Christian Gaston Taratuta as trustee. A veteran media and digital advertising executive, Taratuta is CEO of Aleph Holding, the parent company of Miami-based Internet Media Services (IMS). <\p>
Brightline monthly ridership dips in April ahead of passholder change
Brightline Trains Florida has once again achieved higher year-over-year ticket sales and ridership, according to the company’s April revenue and ridership report.<\p> The Miami-based train service operates the 235-mile passenger rail system that connects South Florida and Orlando through six stations.<\p>
Kaufman Rossin co-founder James Kaufman dies
James R. Kaufman, a co-founder of Miami-based accounting firm Kaufman Rossin, died at his Coconut Grove home over the weekend, at the age of 88. <\p> He founded the accounting firm in 1962 with Jay Rossin, his fraternity brother from the University of Florida. Kaufman was living in Georgia working for a client in the real estate and tobacco business when he asked Rossin, who was already working in public accounting, to start a firm together.<\p>
New abandoned building law enacted in this city
An amended abandoned building ordinance that includes higher registration fees for empty buildings taller than three stories is now officially law in the city of Miami.<\p> The new code was unanimously approved by the Miami City Commission on second reading on May 9. It was officially enacted into law on May 20. <\p>
286 apartments, retail planned at transit station (Photos)
Oakland Park officials will consider plans for apartments and retail near the Cypress Creek Tri-Rail Station.<\p> The city’s Development Review Committee will consider the site plan and several waivers for Cypress Crossing on May 23. The project would be developed on 8.5 acres of the Park-and-Ride lot on the west side of Interstate 95 and Cypress Creek Road. The Florida Department of Transportation (FDOT) has leased the property to private parties since 1999 and the current leaseholder, and the applicant for this project, is Cypress Creek Leaseholder LLC, managed by James Fratangelo of Avail Holding. <\p>
Area's largest bank taps former TD leader for senior executive role
BankUnited, the largest South Florida-based bank by assets, has named a former TD Bank executive to lead its consumer, small business and commercial banking teams.<\p> The Miami Lakes-based regional bank (NYSE: BKU) announced May 20 that Ernie Diaz will serve as the senior executive vice president for consumer, commercial and small business banking effective May 29. Diaz will succeed Gerry Litrento, who previously held the role for over 12 years before transitioning in April to Locality Bank as its new senior vice president and chief revenue officer.<\p>
WeWork retains 4 local offices, 2 locations up in the air
Coworking giant WeWork confirmed new lease agreements with landlords of four out of its six Miami-Dade locations as it strives to depart Chapter 11 bankruptcy. <\p> However, the status of two branches – in downtown Miami and South Beach – remains uncertain. <\p>
Local hotel starts beach club renovations, to reopen in fall
A multimillion-dollar renovation has started at The Seagate Beach Club in Delray Beach.<\p> The two-story property announced it closed its 3,500-square-foot oceanfront clubhouse on May 20 and anticipates an October reopening.<\p>
Island mansion sold for $150M, largest local home sale so far in 2024
A firm led by luxury homebuilder Todd Michael Glaser sold a Palm Beach mansion on its own private island for $150 million – the biggest home sale in South Florida so far this year.<\p> The 21,406-square-foot home at 10 Tarpon Isle was sold by 10 Tarpon Island LLC, managed by Glaser, to MCI Properties, managed by New York attorney Christian D. Curtis, with West Palm Beach attorney Bradley McPherson as authorized signatory. Bank of America provided the buyer with a $75 million mortgage, which was for a second home. <\p>
Public company dismisses Marcum, hires new accounting firm
Electric vehicle charger maker Blink Charging dismissed Marcum LLP as its independent registered public accounting firm on May 14. <\p> The company's audit board decided to replace Marcum last week, according to a U.S. Securities and Exchange Commission filing. The dismissal occurred after the accounting firm gave an "adverse opinion" report on the effectiveness of Blink's internal controls over financial reporting, a U.S. Securities and Exchange Commission filing stated.<\p>
Seaport generated billions of dollars for local economy in 2023
A new economic impact study indicates PortMiami generated $61.4 billion in 2023.<\p> Martin Associates, a Lancaster, Pennsylvania-based economic and transportation consulting firm, evaluated PortMiami’s cruise and cargo activities to determine the 520-acre seaport’s economic impact on Miami-Dade County and Florida.<\p>
Affordable housing breaks ground in Broward with $27M in loans
The Housing Authority of Pompano Beach broke ground on an affordable apartment complex for seniors after obtaining $27.5 million in construction loans.<\p> Golden Acres Senior Apartments, care of the local Housing Authority, obtained a $21 million tax-exempt bond from the Broward County Housing Finance Authority and two loans for a combined $6.5 million from Broward County. It covers the 4.36-acre site at 1050 and 991 N.W. 18th Drive. <\p>
Broward company files for bankruptcy after death of founder
ECI Pharmaceuticals filed for bankruptcy protection in the wake of the death of its founder, John S. Copanos. <\p> The company filed for Chapter 11 bankruptcy on May 3 in the U.S. District Court for the Southern District of Florida while it prepares for a sale. <\p>
University breaks ground on $54M residence hall
St. Thomas University is expanding housing on its Miami Gardens campus with the construction of another residence hall.<\p> The nonprofit university recently broke ground on “New New Residence Hall” with Miami-based Link Construction Group serving as general contractor. It will total 121,000 square feet, with 545 beds, plus a 7,000-square-foot food and bowling venue with eight lanes. The project will cost $53.6 million. <\p>
Regional bank taps ex-Truist exec as South Florida market leader
Seacoast Bank named a former Truist and BB&T executive to lead its South Florida operations.<\p> The Stuart-based regional bank (Nasdaq: SBCF) announced May 20 that Antonio "Tony" Coley will serve as its regional president for South Florida.<\p>
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