The Museum of Contemporary Art North Miami (MOCA) Hosts ProjectArt Group Exhibition

The Museum of Contemporary Art North Miami (MOCA) Hosts ProjectArt Group Exhibition

The Museum of Contemporary Art North Miami (MOCA) is hosting a group exhibition of artists from ProjectArt, a nonprofit organization that provides free after-school art classes to underserved…

Billionaire Ken Griffin adds to Palm Beach assemblage with $20M estate

Billionaire Ken Griffin adds to Palm Beach assemblage with $20M estate

10 Blossom Way and Ken Griffin (Credit: Google)

Billionaire Ken Griffin just closed on a property that’s part of his massive assemblage in Palm Beach for $20.25 million.

The deal brings the hedge funder’s total spent on Blossom Way and the surrounding area to about $250 million over the past six years. The estate at 10 Blossom Way adds nearly 2 acres west of South Ocean Boulevard to the 15 acres he already owned, making the assemblage the largest estate by far in the town, according to the Palm Beach Daily News.

The sellers, Roger and Susan Hertog, paid $9.2 million for the 10,800-square-foot mansion in 2003. It was once owned by golfer Raymond Floyd.

Griffin is tweaking his plans for the Billionaires Row project, which would have stretched longer than a football field.  San Francisco-based architect Ugo Sap of Atelier Ugo Sap was handling the design.

Earlier this year, Griffin spent $58.5 million for the top four floors at JDL Development’s unfinished condo tower in Chicago. He heads the Chicago-based hedge fund Citadel, which has upwards of $27 billion in assets under management. [Palm Beach Daily News] – Amanda Rabines

The Designers Bringing Latin Flair to Fashion

The Designers Bringing Latin Flair to Fashion

Ruffles, hothouse florals, off-the-shoulder everything—latin flair is having a major moment in fashion. Meet the next generation of designers bringing that South American sizzle to our w…

Mortgage bonds are getting riskier

Mortgage bonds are getting riskier

It may not be time to panic yet, but investors are starting to buy riskier mortgage bonds.

Homeowners whose mortgages get packaged into so-called credit risk transfer securities (CRTs) have lower credit scores and higher debt levels than they did in recent years, Bloomberg reported.

CRTs, like traditional mortgage-backed securities, are issued by Fannie Mae and Freddie Mac, the government-sponsored mortgage giants. But unlike traditional housing bonds, CRTs aren’t fully guaranteed by the federal government. That means investors have to cover for losses, and makes the recent fall in credit scores worrying to some.

“Underwriting starts out very strict and as time goes on, it’s kind of the proverbial frog in the pot of boiling water,” John Kerschner of Janus Henderson Group told Bloomberg. “The heat keeps going up and up and then you realize, oh, this is really not good.”

The average credit score in Fannie Mae’s most recent two CRT issues was 743, compared to 765 in 2013. Meanwhile borrowers’ average debt-to-income ratio rose to 36 percent, up from 31.7 percent in 2013.

Still, the total volume of CRTs is just $50 billion — a fraction of the $40 trillion bond market — and some observers are more concerned about corporate bonds. Bank of America analysts noted that looser lending standards will be “prudent rather than leading to excesses as seen in the last decade.” [Bloomberg]Konrad Putzier

Keren Eldad Teaches Miami Execs Keys to Success with Award Winning Workshop

Keren Eldad Teaches Miami Execs Keys to Success with Award Winning Workshop

Family to British Royals, daughter to Ambassador of Israel, and former soldier of the Israel Defense Forces, Keren Eldad accompanies all things glitz, glamour, dignity, and confidence. And wit…

Triarch buys North Miami Beach retail building near planned SoLē Mia

Triarch buys North Miami Beach retail building near planned SoLē Mia

14652 Biscayne Boulevard (Credit: Capital Commercial Real Estate Group)

Triarch Capital Group just picked up a retail building along Biscayne Boulevard in North Miami Beach for $6.55 million, property records show.

The 15,000-square-foot retail building at 14652 Biscayne Boulevard is leased to Boga Style Home. Online marketing materials show its lease is set to expire in about three years, with four five-year renewal options that would run through 2044.

The seller, Glazer Entreprises LLC, is a Hallandale Beach-based company led by Ofer Glazer and Ron Davidson. Records show the company paid $6 million for the property in 2005. It sits on nearly a 1-acre lot close to Turnberry Associates and LeFrak’s planned $4 billion SoLē Mia mixed-use project.

Just last month the SoLē Mia partners paid $17 million for a Costco site right across from the Boga Style Home furniture store.

Demand for retail in the area is high, according to a recent Marcus & Millichap report. Net absorption in Aventura totaled 317,000 square feet in the first quarter of 2018, the second highest amount after the Miami Airport submarket, which saw net absorption of 491,000 square feet.

Triarch Capital has grown its commercial investment portfolio since being founded in 1996 by Daniel Halberstein, Mario Grosfeld and Jorge Linkewer. The firm controls about 4.5 million square feet of commercial properties, according to its website.

Earlier this year the company bought two of three adjacent office towers in West Palm Beach for $22.5 million. Houston Astros owner Jim Crane is redeveloping the third into a 190-room hotel.

Here's Why You Shouldn't Miss Dua Lipa in Miami This June

Here's Why You Shouldn't Miss Dua Lipa in Miami This June

With this month’s bayfront park tour stop, dua lipa is serving up catchy hits and some serious girl power.

She inspired us with the smash hit “New Rules” (the single’s…