New Miami-Dade County commercial property listings on MLS reached one of the highest levels in the past 5 years. The 423 new listings level has only been surpassed a half dozen times in the last 5 1/2 years, and even then by a small margin. Additionally, this level, in the upper end of a new normal today, is almost twice as high as what was considered “normal” in 2010 and 2011.
Miami-Dade Commercial Properties 7 Days to July 13, 2015
In the seven days to July 13, 2015, MLS counts 95 new listings for improved commercial/industrial properties within Miami-Dade County, exactly the same, rather coincidentally, as in the prior week ending July 6th.
Other indicators during this period that commercial real estate investors may wish to review are trends in commercial real estate prices and availability. These are influenced by trends nationally as well as by demographic and economic trends and expectations in the area. To get a feel for how the market is today, view Miami area commercial property listings filtered by zip code, price range, or property type.
Midtown Miami Getting Another 700 Apartments At Chiquita Property
Booming Midtown Miami has attracted the attention of a national apartment developer. The result could be yet another massive residential project. AMLI Residential, controlled by Morgan Stanley, has filed plans to build a 12-story, 700 unit project on the former Chiquita Banana distribution facility in the Midtown Miami area.
North Miami Beach to consider The Highlands apartment project
A developer wants to build the 60-unit the Highlands apartment project in North Miami Beach.
The project is set to go before the city’s planning and zoning board on July 13. North Miami Beach recently rezoned a large area to encourage more dense development. Nicover LLC, a Bay Harbor Islands-based company…
Revealed: Architect Charles Sieger’s 76-Story Liquid Lofts Tower Proposed For Downtown Miami
Architect Charles Sieger has submitted plans for a 76-story residential tower in downtown Miami. Sieger’s Liquid Lofts, LLC is proposing to build the tower on a .48 acre lot at 37 SW 1st Street, next to downtown’s Macy’s. It would replace a parking garage. =Sieger owns a 100% stake in the developing entity. If approved, it would include…
Kuwait’s AQARAT Planning To Build 45-Story Yotel And Residences In Downtown Miami
AQARAT, a Kuwait-based Real Estate Company, has submitted plans to build a 45-story Yotel hotel and condo project in downtown Miami – taller and bigger than they originally planned. Miami’s Aria Development Group is a partner on the project, with AQARAT owning a 51% stake. The Yotel is planned for a small lot at 235 NE 2nd…
Pinnacle Housing Group proposes 250 affordable apartments in south Miami-Dade
Pinnacle Housing Group wants to build 250 affordable housing units near Cutler Ridge in southern Miami-Dade County. Caribbean Village, an affiliate of the Miami-based developer, filed a zoning application with the county to build the project on a 3.4-acre site that’s currently a parking lot for the South Miami-Dade Busway…
This 633-Unit Arquitectonica Project Will Promote Metrorail Ridership, Developer Says
The eight story project is to be called River Central. It will include 839,594 square feet of floor area, with 633 residential units and a small amount of ground floor retail. It is also proposed to include 656 parking spaces – fewer than required by code, due to the project being located a quarter of a mile away from the Culmer Metrorail…
Gulfstream Park condo tower halts sales
Gulfstream Park Tower, a condominium proposed at the site of the racetrack casino and retail complex in Hallandale Beach, has halted its sales. Brokerage ISG World listed the project as “cancelled” in its second quarter report on the Miami/Fort Lauderdale condo market. A spokeswoman of ISG World said the sales representatives at…
Proposed ‘Green City’ Would Move Urban Development Boundary, Add Thousands Of Homes
Property owners are proposing to extend Dade’s Urban Development Boundary westward with a massive new project. The project would be called Green City, according to plans submitted last month. It could add about 26,000 new residents and thousands of new jobs near the edge of the Everglades. Planned for the 859 acres include…
Hidden gem in Wynwood sells amid retail explosion
A small, charming and ramshackle home on a street bursting with new commercial activity in Miami’s Wynwood neighborhood has traded for nearly $1 million, The Real Deal has learned. The residence, at 158 Northwest 24th Street, was purchased for $995,000 by Saban Family Properties, attorney and developer Ariel Saban told TRD.
Berger Commercial Realty Brokers Close 4 Lease Deals At Lyons Tech IV
Berger’s Judy Dolan and Greg Milopoulos represented the landlord in the transactions.
Renting and flipping new Miami condos is all the rage
The majority of new condo buyers in Miami have been looking to capitalize on their investments by flipping the units or renting them out, according to research by CraneSpotters.com. Looking at the four largest condo towers completed in greater downtown Miami since construction resumed in 2011, anywhere from 45 percent to 96…
JLL Launches New Online Marketplace For Commercial Real Estate Office Market
HiRise – which launched in Washington, D.C. last week – is the first online, transactional marketplace for commercial real estate, allowing tenants and landlords to connect and complete their entire real estate transaction online.
Fort Lauderdale Beach’s Bahia Mar Resort & Marina has proposed a big revamp and expansion that includes the demolition of a low-rise hotel building, the renovation of the existing and rather brutalist hotel tower (hopefully with bigger windows, although you can’t really tell from these renderings…
FAA Approves 57-Story SLS Lux, Vertical Construction Commences
SLS Lux is going vertical after receiving the blessing of the Federal Aviation Administration. Yesterday, the FAA granted approval for the tower to be built at a height of 648 feet above ground, or 654 feet above sea level. The 57-story SLS Lux was designed by Arquitectonica, and will include 450 residences and 95 hotel suites.
Edgewater Property Owner Proposes 28-Story Residential High Rise
The new owner of a property in Edgewater is proposing to build a residential tower. Union Excalibur, LLC has submitted plans to build a 28-story, 293-foot residential tower at 522 and 526 NE 34th Street. The company purchased the 16,500-square-foot site at the edge of the Bay Point condo parking lot for $3.6 million earlier…
Commercial Real Estate National News Roundup July 13, 2015
The good news on the horizon for CRE doesn’t seem to want to stop, the complicated prospects of marijuana legalization, rents up and cap rates down, and here come the German grocers. It’s all here at the Commercial Real Estate national news roundup…
July 2015 Florida Real Estate Case Law Updates
By: Daniel T. Pascale, Esq. Foreclosure Sale Notice. Skelton v. Lyons, 157 So. 3d 471(Fla. 2d DCA 2015). Background: Debtor filed objection to foreclosure sale of property. The Circuit Court sustained the objection and set aside the foreclosure sale. Third-party purchaser appealed. Holding: The District…
The Road That Time Forgot ~ NE 2nd Avenue Above Design District: The Sequel
Buena Vista Bistro. Shokudo Miami. The Embassy. Lemoni Café. The District. Mandolin Aegean Bistro.
All of these popular eateries can be found within a few blocks of each other along NE 2nd Avenue, just north of the Miami Design District. In fact, seven restaurants can be found on or near NE 2nd Avenue between 43rd…
Miami Isn’t the Only Hot Florida Hotel Market
Beyond Southeast Florida, cities on the other coast are also winning lender confidence. Find out what’s going in in this Southwest Florida city.
Miami’s Urban Design Revolution
These days their concepts permeate the lives of nearly everyone living in Miami-Dade — when you find an astonishing plaza tucked into the Design District, walk out of a Brickell condo building to stroll along a Miami River walkway, or see a Biscayne Boulevard motel refurbished because of a complex sale of zoning rights.
U.S. Treasury Yield Curve Nominal and Real Q2 2015 vs. Q1 2015
At the end of the 2nd quarter of 2015, U.S. Treasury yields, on a nominal basis, were largely unchanged in the shortest maturities versus the quarter prior, but higher as maturities lengthened, about 50 basis points higher on 30-year maturities, but only about 30 basis points higher on the more relevant (to commercial real estate) 10-year maturities. On a real basis, these yields closed somewhat higher across all maturities reflecting a lower inflationary environment.
Interest rates affect commercial real estate in numerous ways (see this, this, and this). Borrowing costs are affected directly, with higher rates increasing borrowing costs and thus negatively affecting demand. Cap rates typically move with interest rates, albeit not in lockstep, with considered analyses generally seeming to conclude that cap rates on average move in the direction of 10-year rates, but only about a third as much. Interest rates affect the economy, which in turn affects vacancy and rents. In short, the interest rate environment is highly important to commercial real estate investment.
View more yield curve quarterly snapshots.
Miami to consider 76-story tower downtown, Little Havana apartments
Two big residential projects are set to go before the city of Miami’s planning, zoning and appeals board on July 15 – a 76-story tower downtown and an apartment project in Little Havana. City staff recommended the denial of both applications but their fate is up to city officials. Charles Sieger, head of Miami Beach-based Sieger Suarez…
Chetrit Begins Demolition At Miami River Project Site
Demolition is underway at Jospeh Chetrit’s Miami River project, according to Golden Dusk Photography and Phillip Pessar. Eventually, the development is to include over 4 million square feet, including thousands of residential and hotel units, along with commercial space (some have wondered whether Chetrit simply intends to flip the project.)
Progress At Met Square, One Of Two New Movie Theaters Coming To Downtown Miami
Work continues at the Silverspot Cinema at Met Square, which is one of two movie theaters under construction in downtown Miami (the other is Cinemex at Brickell City Centre.) In addition to the movie theater and a restaurant being developed by MDM, Met Square will include an apartment complex. Developer ZOM will build…
Miami Design District property to be updated after $15M sale
A New York firm expanded its holdings in the Miami Design District with the $14.6 million purchase of some retail buildings. Tryumph DD LLC, a Miami Beach-based company managed by Robert Curran, sold the buildings at 70 and 74 N.E. 40th Street to an affiliate of ASG Equities. The brokers on the deal were Tony Cho and…
SFBJ Lists Top Residential Developers
Ranked by S. Fla. closings year ended March 31, 2015. Locally Researched by: Gilberto Medina, South Florida Business Journal.
Bay Harbor Islands condo hotel nabs $23M construction loan
The developer of the Esplendor Bay Hotel in Bay Harbor Islands obtained a $23.09 million construction loan. Bay Village Condos LLC, an affiliate of Dario Elrich’s Blue Sky Group, received the mortgage from Texas-based Hall Bay Harbor Islands. It recently broke ground on a six-story, 96-unit condo hotel with a rooftop pool and bar.
Developer Of 100-Acre Industrial Park Awards Multi-Million Dollar Site Development Contract
The expansive South Florida industrial park is moving quickly toward vertical in time for businesses to meet burgeoning trade implications from Panama Canal widening.
Moishe Mana — whose spending spree stretches from downtown Miami to Wynwood — has just added an apartment building to his existing assemblage. Mana paid $9.95 million for Wynwood Gardens, a 50-unit property at 2000 Northwest Fifth Place, and an 115,000-square-foot lot, creating a link from his existing Wynwood sites to 20th…
North Beach’s Ocean Terrace upzoning still up in the air
A proposed zoning change for Ocean Terrace in North Beach that would allow for greater height and density sparked an outcry from some residents at the Miami Beach City Commission meeting on Wednesday. The proposed upzoning would create an overlay district between Collins Avenue, Ocean Terrace, 73rd Street, and 75th Street.
Heron Bay Corporate Center Trades For $20 Million
The two-building, 89,043-square-foot office campus is 100% occupied.
Related completes fifth new condo tower this cycle
The Related Group — South Florida’s most prolific vertical residential developer — has completed its fifth new condo tower since the current real estate cycle began, with nearly a combined 1,100 units located east of I-95 in the tri-county South Florida region.
As restoration and renovation work continues at Hialeah Park Race Track, the track has dropped a slew of renderings showing what’s coming next; a project for which the track just received a $30 million loan to undertake. In the current renderings, the bougainvillea arches are restored, gracefully…
Mindboggling Reveals: Developer’s Grand Plans for ‘Midtown East’ Are Really Boring
After all that time and effort it took developer Alex Vadia to assemble the triangle of property east of Midtown Miami that included the old Chiquita Banana facility, he’s in contract to sell it to a firm called AMLI Residential, which wants to erect 700 completely nondescript looking apartments…
Underline This: James Corner Field Ops. Reveals Plans for the Underline
At a set of two public meetings a few weeks ago, masterplan designers James Corner Field Operations and the Friends of the Underline laid out their initial vision for The Underline, the epic linear park planned to stretch underneath…
Argentine developers pick up North Beach assemblage
A bundle of properties on Harding Avenue in Miami Beach sold for $5 million, according to a deed recorded on Thursday. Harding Excalibur, an LLC led by Andres Goldenberg and Alejandro Eskenazi, bought the four parcels at 8011, 8017, 8021 and…
Conrad Miami, a 203-key luxury hotel, is now for sale, CBRE Hotels announced on Wednesday. The property at 1395 Brickell Avenue is located in the Espirito Santo Plaza in Miami’s Brickell neighborhood, which includes offices, 103 luxury condos and a retail component. No listing price is offered, but CBRE told The Real Deal that…
Miami-Dade ranks second for distressed sales in U.S.
Miami continues near the top of the list of cities with the highest percentage of distressed home sales, this time during the month of April. A total of 23.8 percent of home sales in the Miami, Kendall and Miami Beach areas were distressed properties…
RelatedISG launches new commercial division
RelatedISG International Realty, along with ISG World, launched its commercial real estate division, The Real Deal has learned. Dirk Saecker, who specializes in commercial properties, will head the division. Before he transitioned into real estate, Saecker founded and led a travel agency and hotel marketing firm. The announcement comes…
Iconic Brickell Hotel Hits the Market
“It’s rare that an asset of this caliber on Brickell Avenue, Miami’s most prominent business address, becomes available.”
Review Helped Commissioner Spread Maligning Speech
The chairman of the Miami-Dade County Historic Preservation Board writes to complain of irregularities in the appeal of the historic designation of the Bay Harbor Continental in Bay Harbor Islands.
After dipping to a 3 month low of 2,914, the number of active commercial (improved) listings in Miami-Dade County MLS spiked up to 2,980 in June, the highest level since November of 2014. This is still fairly short of the 5-year peak of 3,500 reached in October 2012, but represents the upper end of a tighter range in recent months.
Among the new commercial real estate listings is an exciting redevelopment opportunity across from Brickell City Centre listed, as of this posting, for $32,877,000. This is one of a couple dozen or so commercial properties, both improved commercial and commercial/business/agricultural/industrial land, in Miami-Dade County that are currently on MLS with an asking price of more than $10 million.
New Player Enters Downtown Miami Monopoly Board Game
A Flagler Street retail asset has traded for more than $550 per square foot.
Firm Tapped To Market Iconic Miami Hotel Property
The property is proximate to some of Miami’s most recognizable attractions, including Bayside, American Airlines Arena, Miami Tower, Port of Miami and Mary Brickell Village.
Citigroup Renews 125,000-SF Lease at Miami Center
Global banking and financial services corporation Citibank signed a 15-year lease for 123,263 square feet in the Miami Center office building at 201 S. Biscayne Blvd. in Miami, FL. The 34-story building totals 786,267 square feet of 4-Star office space on 5.4 acres in the Downtown Miami submarket…
IMC Purchases The Shoppes of Tamiami East for $15.9M
Gemini Real Estate Advisors LLC sold The Shoppes of Tamiami shopping center located at 14138-14150 SW 8th St. for $15.9 million, or approximately $283 per square foot, to IMC Property Management & Maintenance. Delivered in 2004, the 56,204- square feet shopping center is located in western Miami…
Doral Hotel Sells for $15.9M
Baywood Hotels sold the Las Palmas Hotel & Suites at 8436 NW 36th St. in Doral, FL for $15.9 million, or about $154,000 per room, to Schulte Hospitality Group. The 45,158-square-foot, 103-room hotel was built in 1990 and renovated in 2006. The four-story property features a swimming pool…
Palm Square Sold for $17.6M
Bar Invest Group acquired the Palm Square shopping center at 9801- 9965 Pines Blvd. in Pembroke Pines, FL from Pebb Enterprises for $17.6 million, or about $214 per square foot. The center totals 82,063 square feet in southwest Broward County. The asset was 94 percent leased at the time of sale…
Sleeping Around: Downtown Miami Getting a Yotel, Possibly with a Luggage Robot
A Kuwaiti real estate company called AQARAT and Miami’s Aria Development Group have submitted plans for a 45 story combo hotel and residential tower smack dab in the middle of Downtown. The hotel will be a Yotel Hotel, a funky chain known for its small but high-tech rooms…
Mana Downtown Mania: Moishe Mana’s Early Downtown Miami Plans Are Lookin’ Good
Downtown Miami
In its mysterious, totally non-transparent way The Next Miami has scored an early video with renderings “produced by associates of Mana” of developer Moishe Mana’s plans for his many properties in Downtown Miami focused around Flagler Street. What’s revealed is obviously not a full look at the…
The Top Ten Issues Affecting Real Estate Right Now
The impact of retiring Baby Boomers and the rise of the Millennial generation – will likely have the most significant impact on real estate near- and long-term.
Developer of big residential and commercial project in North Miami Beach seeks partner
The owner of the largest development-ready site in North Miami Beach is looking for a partner as it prepares plans for up to 2,300 residential units and 2.5 million square feet of commercial space. Moore 77 LLC, managed by Jacob Elharar, paid $17 million in June 2014 for the former TECO Gas site at 15780 West Dixie Highway. Along with…
Miami Worldcenter Developers Adding 10,000
Miami Worldcenter is already making a measurable economic impact. Find out what happened in Overtown this week.
Related Closes $137M Loan for Doral Project
“This will be a game changer for Doral,” says Steve Patterson, president of Related Development.
Miami-Dade MLS Comm’l/Bus/Ag Land 7 Days to July 6, 2015
In the seven days to July 6, 2015, MLS counts 15 new listings for commercial/business/agricultural land, down from from the prior week ending June 29th, which saw 20 new listings of this type.
Other indicators during this period that commercial real estate investors may wish to review are trends in commercial real estate prices and availability. These are influenced by trends nationally as well as by demographic and economic trends and expectations in the area. To get a feel for how the market for vacant land is now, view Miami area vacant land listings,
Hollywood to consider tower by Related Group, 13th Floor and Key International
A trio of developers are seeking approval to build the Hyde Beach House hotel and condominium in Hollywood. The city’s Planning and Development Board will meet on July 9 to consider the proposal by PRH 4000 South Ocean LLC, a joint venture between Miami developers the Related Group, 13th Floor Investments and Key International.
Email points to broader probe of Miami affordable housing developers
A revealing email spotlighted in a recent federal criminal complaint charging a Miami developer with stealing government money for affordable housing makes a strong case that prosecutors are aiming at bigger targets. The May 2009 email shows how the alleged plot was hatched between two of the most prominent development…
A Sneak Peek at SLS LUX Brickell, Opening in 2017
SLS LUX’s mission is to “indulge the senses,” though “sense the indulgence” also comes to mind. Especially in Miami, with all eyes – certainly ours – on the upcoming SLS LUX Brickell Hotel & Residences. The dynamic duo of sbe and The Related Group, along with partner The Allen Morris Company, can already boast a sellout crowd…
Miami’s Grove Station Shops bought for $12.1M
The Grove Station Shops in Miami’s Coconut Grove neighborhood was purchased for $12.1 million. Marlin Family, a Miami-based company managed by Ann D. Bowen, sold the 18,962-square-foot plaza at 2720 S. Dixie Highway to MAC Grove Station LLC, managed by Michael Comras, of Miami Beach-based Comras Co.
Marriott property in Doral trades for $10.4 million
A Residence Inn by Marriott in Doral sold for $10.4 million, according to Mami-Dade County property records. The 112-key room property at 1212 N.W. 82nd Avenue is no longer under the control of Marriott, according to a representative from the company, meaning the building will likely be rebranded by its new owners.
Palace assisted living center awarded $27M construction loan
The Palace, a high-end assisted living center, obtained a $26.86 million construction loan for its Homestead location. TD Bank awarded the mortgage to the Palace at Homestead LLC, managed by Jacob Shaham. His company also owns the Palace in Coral Gables. The Homestead facility will replace an existing assisted living center…
Casino at Hialeah Park nabs $30M loan from Wells Fargo amid expansion
The Casino at Hialeah Park obtained a big loan to help it complete its expansion. Wells Fargo Gaming Capital, an affiliate of the banking giant (NYSE: WFC), provided a $30 million loan to Bal Bay Management, the owner of the casino and quarter horse race track managed by John J. Brunetti Sr. It’s located on 200 acres at 2200 East 4th Ave.
Schools to issue $200 million in bonds
The Miami-Dade County Public Schools plan to issue about $200 million in bonds this month due to cash-flow needs for district-wide upgrade projects. Up to this point, the school district has been working on smaller projects that were badly needed, but it is rapidly progressing and moving onto larger…
Luxury condos due on water near hospital
A developer hopes to build a new luxury condominium on waterfront property next door to Mercy Hospital in Coconut Grove. The project will require a land use and zoning change, which has gained preliminary approval from Miami commissioners. Two ordinances must receive approval on a final reading late…
A garage like no other has advanced in Miami and will add another 800 parking spaces to the growing Design District. Called Museum Garage, the 7-story building with ground floor retail is planned by Dacra for a stretch of Northeast 41st Street. The city’s Urban Development Review Board on June…
Port Everglades to receive $1.2M for next phase of dredging project
Port Everglade will receive $1.2 million from the U.S. Army Corps of Engineers for the next phase of its dredging project. The next step is the pre-construction engineering and design phase, estimated to cost about $5.6 million. “It has been a long and winding road. But we are much closer to the finish line,” said Port CEO Steven Cernak…
Lester Sola: Spearheading mammoth water and sewer upgrades
Lester Sola always knew he wanted to give back to his community. He worked awhile in banking and construction, but when a professor in his graduate program advised him to apply for county management training in Broward County, Mr. Sola decided to serve Miami-Dade, where he grew up and lived.
County must get Marlins to pay their pittance for stadium
It took less than three years from the time Miami-Dade County approved financing for a baseball stadium for the Miami Marlins to the day it opened in 2012. The Marlins have played 3½ seasons there. Yet it’s still a mystery how much the Marlins are going to pay in the deal. The Marlins…
Streetscape to revamp Miracle Mile
The Coral Gables Streetscape, a $20 million plan to redesign Miracle Mile and a section of Giralda Avenue, is nearing the end of the design phase and construction is expected to begin in January, says Mayor Jim Cason, after a final city commission vote in August. The goal is to revitalize downtown…
Art Basel safe in convention center remake
The $500 million renovation of the Miami Beach Convention Center is to begin in December, but there’s no need for Art Basel fanatics to fret – the art show isn’t going anywhere. Construction is to be completed in phases, each circling around the art show’s annual return.
Aventura ParkSquare’s 40,000 SF Medical Wellness Center Unveiled
CREC to lead sales and marketing for the state-of-the-art tower, targeting specialty healthcare tenants.
Video: Emerging From A CRE Funk
So how do you get yourself pumped up and ready to make more deals?
Federal judge tosses out town’s RICO suit against residents seeking public records
Gulf Stream’s legal offensive against residents Martin O’Boyle and Chris O’Hare suffered a huge setback late last month when a federal judge in West Palm Beach threw out the town’s federal racketeering suit against the two men.
Sleeping Around: Beaux Arts Bank-Turned-Hotel The Langford to Open in Sept.
After years of renovation and conversion of an historic bank building, The Langford Hotel will finally be ready this September, and maybe one of the biggest reason yet to venture Downtown after business hours, reports HotelChatter. Built in 1925 and once home to Miami National Bank, the Beaux Arts…
Commercial Real Estate National News Roundup For July 7, 2015
REITs cautious because of possible interest rate hikes, offices surge in some secondary markets, good news and bad news about Atlanta’s CRE, industrial property will be hot for the rest of 2015. It’s all here at the Commercial Real Estate national…
The Summer 2015 Linneman Letter: ‘The Chirping Continues’
This excerpt covers the shrinking of the U.S. economy in the first quarter of 2015, as well as an in-depth discussion of the GDP, employment and other key economic indicators.
Southeast CRE Sees Strong Push Toward This
There’s a clear movement in the Southeast. Judd Bobilin, CEO of Chance Partners, sees is as plain as day….
U.S. Federal Reserve Discount Rate
About a month ago, we reached out to a couple of our favorite banking contacts to get some current guidelines for financing of Miami area commercial properties. The near zero short term interest rate environment we have enjoyed since the end of 2008, as evidenced by the “Code Blue” chart pattern at right of the Federal Reserve Discount Rate for the past 10 years, presumably cannot go on forever. What follows is a synopsis of these conversations.
The first bank stated a willingness to finance at a loan to value ratio of 65-75% with debt coverage of at least 125%. For non-recourse loans, including non U.S. based investors, which are generally treated as non-recourse, the loan to value ratio would be more like 50% to 60%. They are generally comfortable with up to a 20 year amortization, perhaps 25 years for multifamily. At the time of the conversation in early May, their 3, 5, 7 and 7 year fixed rates ranged from 3.65% to 4.75%.
The second bank gave similar guidance. They stated a willingness to go to an 80% loan to value ratio for multifamily, or 75% for office, also with a debt coverage ratio of 125%. For non-recourse, they stated that the percentages they are willing to finance drop by about 20% as a percentage of the total. They also noted that, “true of all banks,” they will charge a vacancy rate, 3% minimum for reserves, and a 5% minimum management expense for NOI calculation.
We are only relaying a conversation. For actual terms, you would need to speak with the bankers directly. Contact me and I’ll put you in touch with my preferred contacts.
Keyes Commercial Realty
Related Group and Shoma land $137M construction loan for CityPlace Doral
CityPlace Doral, the major mixed-use project by the Related Group, Shoma Homes and Prudential, obtained a $136.9 million construction loan from Regions Bank for its next phase. Located at 8300 Doral Blvd., the project has a mix of retail and residential in the middle of an office-heavy area. The first phase will feature 304 apartments…
Israeli investor Mana expands Wynwood holdings with near $10M deal
Israeli developer Moishe Mana added to his collection of properties in the Miami street art showcase neighborhood of Wynwood with a $9.95 million acquisition. Jersey Art Holdings, a company headed by Mana, purchased Wynwood Gardens, a 47-unit apartment on a 2.7-acre lot at 2000 N.W. 5th Place – right up against Interstate 95.
Firm Closes Four Transactions In Broward And Palm Beach
The deals total more than 16,000 square feet.
Multi-Tenant Retail Center Sold in Delray Beach
David Donnellan and Patricia Friend of CBRE managed the sale on behalf of Pebb Enterprises.
What Miami Office Tenants Really Want
It may not be what you think. Colliers’ Jonathan Kingsley sounds off in this interview.
Moishe Mana Purchases Wynwood Multifamily Asset
The property provides a gateway for Mana’s Wynwood assemblage.
Where Does Miami Office Go From Here?
It’s getting tougher and tougher to find quality class A office space in the Miami area, with ever-increasing demand for prime locations.
Miami-Dade Commercial Properties 7 Days to July 6, 2015
In the seven days to July 6, 2015, MLS counts 95 new listings for improved commercial/industrial properties within Miami-Dade County, down from 127 in the prior week ending June 29th.
Other indicators during this period that commercial real estate investors may wish to review are trends in commercial real estate prices and availability. These are influenced by trends nationally as well as by demographic and economic trends and expectations in the area. To get a feel for how the market is today, view Miami area commercial property listings filtered by zip code, price range, or property type.
Since this video was posted in 2012, a lot has happened in Little Havana, and for that matter Miami overall, related to commercial real estate. These changes are evidenced in the changing demographic and economic data for Little Havana zip codes 33125, 33128, 33130, and 33135, and in the ever higher prices for commercial property in the same zips 33125, 33128, 33130, and 33135.
In recent weeks, Little Havana was put on the National Trust for Historic Preservation list of America’s most endangered places (another article here) as development has ramped up dramatically of late. This development has been driving by upward trends in rents and values in multifamily and office properties in Miami and nearby Coral Gables. These trends are causing developers to see parcels with old single story cigar shops and coffee houses as well short of their highest and best use.
It hardly seems fair to suggest that properties retain use cases that cause them to not realize their full value potential, unless the National Trust wishes to write a check, of course. Nevertheless, many would suggest it seems worthwhile for city planners to make some effort to retain the area historical character.
