Cain International Lends Related Group $240M For Miami Tower (November 11, 2023)
London-based Cain International provided a $240M construction loan for Casa Bella Residences by B&B Italia, a 319-condo tower being built by Related Group and Alta Developers in Downtown Miami’s Arts & Entertainment District, according to a release.
Courtesy of Related Group
The view from a penthouse at Casa Bella Residences by B&B Italia, being built by Related Group and Alta Developers.
The 56-story Casa Bella tower at 1400 Biscayne Blvd. broke ground earlier this month with more than 80% of its units sold. Condos at the property range from 711 SF studios to 2,187 SF four-bedroom units as well as 10 penthouses. The remaining units have prices starting at $1.2M, with sales being led by a Fortune International team led by Olga Monson.
Related acquired the 2.8-acre site adjacent to the Adrienne Arsht Center for the Performing Arts in 2014 for $57M, the Miami Herald reported at the time. Casa Bella is expected to deliver in 2026.
The debt was arranged by a Newmark team of Jordan Roeschlaub, Dustin Stolly, Nick Scribani and Holden Witkoff. It adds to Cain’s existing investments in Miami, which include the under-construction 830 Brickell office tower, the 47-story Una Residences and the 194-room Delano South Beach hotel.
FINANCING
Codina Partners secured a $115M construction loan from Goldman Sachs to build Regency Parc, an 18-story apartment building in Coral Gables, South Florida Business Journal reported. Coral Gables-based Codina has also contributed $75M in equity to the project.
Regency Parc, located at 2601 Salzedo St., will have 122 apartments and a 5,500 SF ground-floor restaurant space. Units will range from 1,768 SF to just under 6K SF, along with three 12K SF penthouses. Armando Codina, the longtime leader of the development firm, told SFBJ he plans to lease the top-floor apartment and a local CEO has committed to leasing the unit below him.
Site work on Regency Parc, designed by Nichols Architects, has begun and the project is slated to deliver in 2025. An entity registered to the same address as Codina Partners acquired the site in March 2021 for $16.5M across two transactions, property records indicate.
CONSTRUCTION AND DEVELOPMENT
Oak Row Equities and Lndmrk Development released the final design plans for a 324-apartment tower in Miami’s Edgewater neighborhood following the project’s Nov. 15 approval by the Urban Development Review Board.
The 38-story tower, planned on 1.5 acres at 401 Northeast 29th Terrace, will be called 2900 Terrace. The Arquitectonica-designed project included one- and two-bedroom apartments, ground-floor retail and more than 500 parking spaces. Its two amenity decks have “wellness as a guiding principle,” according to the release, and will include a fitness center, podcast studio, content creator rooms, sauna, golf simulator, pool and two padel courts.
Miami-based Lndmrk and Oak Row, which has offices in New York and Miami, acquired the 12-lot assemblage for the development in October 2022 for a combined $22.5M, property records indicate.
Courtesy of @evan_schiller_photography
Panther National opened this month. The first phase of 218 homes around the course are slated to deliver next year.
Panther National, a golf course designed by Jack Nicklaus and Justin Thomas, opened on Nov. 17. It’s the first new private golf club to open in Palm Beach County in two decades, according to a release.
The course, located off Northlake Boulevard in Palm Beach Gardens, includes an 18-hole championship course, a 9-hole practice course and a putting course. A clubhouse with a restaurant, tennis complex and pools is slated to deliver in 2024 along with the first of 218 homes on around 400 acres surrounding the course. All of the homes are expected to be completed by 2028.
Nicklaus’ development firm announced in July 2022 that it had secured $125M in home sales contracts for the project’s first phase and $250M in contracts overall. Homes in the first phase are priced between $2M and $5M.
Centaur Holdings, led by Dominik Senn of Switzerland-based Centaur Group, is the project’s developer. Chicago-based Monroe Capital provided $170M in construction financing in May 2022 to build the course and community, with $80M in the form of an infrastructure loan and a $90M revolving line of credit, the SFBJ reported at the time.
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Related Group completed the Solemar Residences, a 105-condo development in Pompano Beach, according to a release. All of the units are sold at the 20-story tower on a 2.7-acre oceanfront parcel at 1116 North Ocean Blvd.
Solemar was designed by Arquitectonica with interiors by New York-based Meyer Davis. Condos range from 1K SF to 4,630 SF and were priced at around $800 per SF when sales launched in March 2020. The property sits on 300 linear feet of beach access, with amenities including private elevators, sunrise and sunset pools and a wine-tasting salon.
Related secured a $91M construction loan for the project in September 2021 from CIBC Bank USA, a subsidiary of Canadian Imperial Bank of Commerce in Toronto, the SFBJ reported at the time.
The 84-key Crystal Beach Suites Miami Oceanfront Hotel sold for $24M.
SALES
Aventura-based BH Group and Kolter Hospitality, a division of Delray Beach-based Kolter Group, paid $24M to acquire the Crystal Beach Suites Miami Oceanfront Hotel, The Real Deal reported. The seller was an entity managed by Carrie Garazi, Jennifer Sheppard and Hillel and Judith Meyers.
The 84-key property at 6985 Collins Ave. in North Miami Beach was built in 1950. It last sold in 1991 for $4.5M. Cary Pollack at Meridian Capital arranged financing from New York-based Cerco Funding for the acquisition.
LEASES
Two restaurants have signed leases at the recently completed Oaklyn apartments in Broward County’s Oakland Park, according to a release.
La Birra Bar will serve up craft beer and burgers in a 2,500 SF space, the second U.S. location for the Argentine chain that has 16 locations throughout Latin America and Europe. La Birra Bar’s first U.S. location is in North Miami Beach. The chain is also planning a Wynwood outpost.
Imperial Moto Café will open a 1,500 SF location, serving coffee, baked goods and branded merchandise in a motorcycle-themed space. The café is slated to open before the end of the year, according to the brand’s website, joining locations in Miami’s Little River and at the Aventura Mall.
Residents began moving into the 11-story Oaklyn at 3333 North Federal Highway in October. The property, which has 274 apartments and 19K SF of ground-floor retail, was built on parking lots surrounding an office property called the Kennan Building. Fort Lauderdale-based Newrock Partners built it after purchasing the site for $5.2M in 2021 and securing a $67.5M construction loan from New York-based S3 Capital Partners.
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South Florida-based café brand Pura Vida opened its 19th location in a 5K SF space at the 701 Brickell Ave. office tower, according to a release. The café is the second Pura Vida to open in Brickell, and its opening follows recent renovations at the 33-story tower that included a lobby redesign and the addition of a conference facility, fitness center and tenant lounge.
The property is owned by Nuveen, the investment arm of TIAA, which was represented by JLL’s Zach Winkler in the café lease. The tower’s 678K SF of office space is 95% leased, with Cushman & Wakefield as the listing agent.
THIS AND THAT
Fortune International Realty opened a Boca Raton office, its first South Florida location outside of Miami-Dade County. The office, located at 101 Plaza Real South, will specialize in new construction luxury homes and condos, according to a release. It’s led by Marie Mangouta and Adam Elmer from The Worth Group.
Fortune International Realty, founded in 1983 by Edgardo Defortuna, has 12 Miami offices and nine outposts across Latin America. It announced plans earlier this year to open its first office in Broward County. The brokerage is the exclusive affiliate of Christie’s International Real Estate in Miami-Dade and Broward counties, but the new Boca Raton office is not part of the partnership.
