Developer buys waterfront La Gorce Island teardown for $8M
A member of the Jack Parker real estate family bought a waterfront Miami Beach teardown for $7.5 million. Clara Homes took out a loan from Maxim Credit Group LLC.
Lissette Calderon Closes on Land for Second Allapattah Project
Calderon, president and CEO of Neology Life, is planning to build 16 Allapattah, with 323 apartments, a 336-space parking garage, about 13,000 square feet of retail space and nearly 7,000 square feet of office space on the site. The Miami Urban Development Review Board approved plans for the 12-story project last month.
Has the Retail-Condo Market Bottomed Out?
Whereas out-of-control prices led to a slow condo-sales market, the high prices investors paid during the recovery may lead to more deals down the line. Buyers who got out over their skis and are holding out for retail rents that they’ll never achieve may be forced to sell, said Brian Steiner, a principal at the alternative lender Maxim Capital Grou
Arch Companies Nabs $45M for Development of Soho Rental Building
Still fresh off a New Year’s launch, Arch Companies has secured a $45 million loan from Maxim Capital Group for the development of its first New York asset—a planned six-story, mixed-use residential building at 11 Greene Street in Soho—the borrower announced Wednesday.
Privé Condo Project Begins Closings
Excerpt from The Real Deal: Developers BH3 and Gary Cohen are recording closings at the luxury Aventura condo complex, property records show. And they expect the two-tower, 160-unit project to sell out for about $500 million, BH3’s Daniel Lebensohn said.
Commercial Lenders Clamp Up
Commercial lenders are banking on the repeal of Dodd-Frank to improve the increasingly tight lending atmosphere in South Florida. While the pace of requests hasn’t slowed down, most lenders The Real Deal spoke to said they are not financing ground-up development at this stage in the real estate cycle. And they are much more selective these days about which ongoing projects they do give loans to.
Privé Developers Get $102M Construction Financing Boost
New York-based Maxim Capital along with Austin-based Prophet Capital Asset Management are providing the loan to the luxury condo project’s developers, Gary Cohen and BH3’s Greg Freedman, Dan Lebensohn and Charles Phelan, according to a press release.
Sam Chang Scoops Up Holiday Inn LaGuardia for $38M
Hotelier Sam Chang’s bet on the hotel market around LaGuardia Airport is taking flight. Chang’s Great Neck-based McSam Hotel Group paid $37.6 million for the Holiday Inn LaGuardia Airport in Queens, property records show. The seller was hotelier Michael Pomeranc, who purchased the property in 1999.
Meliá Costa Hollywood Nabs Construction Loan, New Partner
The Meliá Costa Hollywood Beach Resort obtained a big boost to its construction loan, and a deed was recorded for the property that appears to add a new player in the deal.
New Gen: What You Don’t Know About One of the Nation’s Top Lenders
BISNOW interview with Maxim Capital Group's co-founder, Adam Glick.
Big Greenpoint Development Site Changes Hands
An unidentified buyer snapped up a large development site in Greenpoint known as 49 Dupont Street, where as many as three residential towers could rise adding to several massive apartment projects planned nearby along Brooklyn’s East River waterfront.