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CLIENT NEWS: Coral Rock scores $54M construction loan for Live Local Act project in Allapattah

December 30, 2025

Coral Rock Development Group scored a $54 million construction loan for a Live Local Act project in Miami’s Allapattah. Developers across South Florida have seized on the state workforce and affordable housing law by filing a flurry of proposals, but few have advanced their projects to the financing and construction stage. Coral Gables-based Coral Rock plans to start construction in the first quarter on the eight-story, 227-unit Dulce Vida apartment building on a 1.3-acre site at 1785 Northwest 35th Street,[...]

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CLIENT NEWS: Bizzi+Bilgili, partners score $47M construction loan for office building in Miami Beach’s South of Fifth

January 3, 2024

A pair of development firms scored a $47.3 million construction loan for a five-story office building in Miami Beach’s South of Fifth neighborhood. Bizzi+Bilgili — a partnership between Bizzi & Partners and Turkish investor Serdar Bilgili — and Sumaida + Khurana are developing The Fifth Miami Beach. Former Google CEO Eric Schmidt is a partner in the project. The 60,200-square-foot building, which will include retail and restaurant space, will be at 944 Fifth Street and 411 Michigan Avenue. The Miami[...]

CLIENT NEWS: New owners start $85M renovation of historic South Beach hotel

January 3, 2024

The new owners of Shelborne South Beach are embarking on major renovations at the historic Art Deco-style hotel. Westdale Properties, a Toronto-based real estate developer; King Street Capital Management, a New York-based global investment management company; and Cedar Capital Partners, a London-based real estate investment firm, are putting $85 million into the renovation project, the companies announced in a joint press release. Located 1801 Collins Avenue in Miami Beach, the 82-year-old hotel will have its guest rooms, restaurants, lobby, pool[...]

CLIENT NEWS: Wynwood is getting a huge adults-only, ‘eatertainment’ venue — and there’s mini golf

January 3, 2024

You’ll probably never be able to swing, shoot or putt like Rory McIlroy, but you can give it the old college try next month at one of his favorite bars. It’s called Puttery, and it’s set to open next month in the Wynwood area. McIlroy and his Symphony Ventures team invested about $10 million in this so-called eatertainment concept, with locations already in Dallas, Washington, D.C., and Chicago. The 34-year-old Irishman, who helped with the design and selected all the[...]

CLIENT NEWS: Owner of 37-story Brickell tower proposes new hotel and residence

December 26, 2023

A 37-story building in Miami may be converted into a new hotel and residence if a proposed plan is approved by city officials. One Broadway, a former condominium and short-term accommodation building located at 1451 S. Miami Ave in Brickell, could get a makeover that modernizes the mixed-use property, according to a letter of intent sent to City of Miami Planning & Zoning Departments in late November. The project will be discussed Dec. 20 during an Urban Development Review Board[...]

CLIENT NEWS: New York-based lender provides $34 million loan for Hialeah project

December 26, 2023

A Miami-based developer obtained a $33.75 million construction loan for a mixed-use project near the Tri-Rail/Metrorail Transfer Station in Hialeah. New York-based S3 RE 1025 E25 Funding LLC provided the mortgage to 1025 Hialeah Development LLC, managed by Francisco Alberto Espinosa, Oscar Javier Moreno, Jose Antonio Villegas Velez and Juan Felipe Jaramillo Uribe. The lender assumed a loan granted in 2021 and increased its amount by $30.95 million. The developer purchased the one-acre site at 1025 to 1033 East 25th[...]