Multifamily Portfolio Owner Receives Extravagant Financing
by Sep Niakan | April 08, 2014
Owner of the Edgewater Hotel and a three-state multifamily portfolio in South Beach has acquired $172 million in financing.
The portfolio owner has secured over 2,100 apartments in not just Florida, but also Georgia and Illinois. He is currently the owner of the Edgewater Hotel property. He also established preferred equity recapitalization, which boosted value ratio of the loan to 90%. The Carlton Group, a real estate investment banking firm based out of New York, announced the financing in a written statement released on March 31st. Both the borrower and lender were not identified.
According to Miami-Dade County records, El-Ad Edgewater of Plantation is the owner of the Edgewater Hotel located at 1410 Ocean Drive. The Carlton Group chairman, Howard Michaels, organized the deal and the purchase.
by Sep Niakan | September 27, 2016
Claro Development’s latest at 10 SW 8th Street is going to be a tall order, literally! Fresh-approved by the FAA, the Brickell Market Place is set to rise up to 954 feet above ground, or 960 feet above sea level. Approved after a seven-month...
by Sep Niakan | September 26, 2016
Come year-end, Miami’s Edgewater neighborhood will be home to one of Best Western International’s first boutique hotel brand offerings - Vib. Best Western’s chosen only 20 key urban markets (including Miami) across North America to...
by Sep Niakan | September 23, 2016
The Berkowitz Development Group, describes SkyRise as their “abstract version of the Statue of Liberty”. Approved in 2014, this R-shaped structure is being built in tandem with the revitalization of Bayside Marketplace. The tower will be...