Surf Legend Laird Hamilton Talks Wellness and Fitness in Miami

Surf Legend Laird Hamilton Talks Wellness and Fitness in Miami

Big-wave surf legend Laird Hamilton visits Miami to talk wellness, fitness and the one thing that truly terrifies him. (Hint: it’s not a 100-foot wave.)

What does it feel like to slide down a…

Mandich Group adds to cold storage portfolio with Orlando acquisition

Mandich Group adds to cold storage portfolio with Orlando acquisition

Michael Mandich

A company run by the sons of late Miami Dolphins football player Jim “Mad Dog” Mandich bought a cold storage warehouse in Orlando for $4 million.

The buyer of the 63,712-square-foot facility was an affiliate of Miami-based Mandich Group LLC, run by Michael, Mark, and Nick Mandich.

Mandich Group financed the acquisition with a $2.8 million loan from City National Bank of Miami.

California-based Taylor Foods, a national producer of fresh-cut fruits and vegetables, leased the entire cold storage warehouse at 1601 Atlanta Avenue in Orlando.

David Podein, a partner of law firm Haber Slade, and Katrina Sosa, an associate, worked with Mandich Group on the property acquisition, the bank financing and the lease deal with Taylor Foods.

Podein and Sosa represented Mandich Group in its $9.62 million acquisition of a 133,000-square-foot cold storage warehouse at 501 Northeast 183 Street in Miami in October 2017.

Podein and Sosa also helped Mandich Group acquire an 18,152-square-foot cold storage warehouse in Doral for $2.8 million in May 2017. The lawyers at Haber Slade also represented the company in the financing and leasing of the property at 1375 Northwest 89 Court in Doral.

Jim Mandich, who died in 2011, played for the Miami Dolphins from 1970 to 1977 and the Pittsburgh Steelers in 1978. After retiring from football, he was a sports talk show host for radio stations WIOD and WQAM. – Mike Seemuth

Chapman Partnership's Illuminations Gala 2018

Chapman Partnership's Illuminations Gala 2018

Chapman Partnership’s Illuminations Gala is an evening of dining, dancing, and entertainment in support of the men, women, and children that reside at the homeless assistance centers. The even…

July house sales rose 5% and condo sales 12% in the Naples area

July house sales rose 5% and condo sales 12% in the Naples area

Brenda Fioretti, managing broker at Berkshire Hathaway HomeServices Florida Realty (Credit: LinkedIn)

July sales of both houses and condos in the Naples area were higher than last year, the Naples Area Board of Realtors reported.

The number of houses sold in July increased to 372, five percent more than in July 2017. Condo sales rose to 366 in July, a 12 percent jump from the same month last year.

The number of pending sales of Naples-area houses and condos in July increased to 796, 11 percent more than last year.

“Economists predict home sales in America during 2018 will not be as good as 2017. However, we’re seeing the opposite in the Naples area,” said Brenda Fioretti, managing broker at Berkshire Hathaway HomeServices Florida Realty, in a prepared statement.

Median sale prices in July increased 6 percent to $435,000 for houses and 3 percent to $255,000 for condos in the Naples area.

The Naples-area inventory of residences listed for sale in July included 2,329 condos, down 2 percent from last year, and 2,542 houses, almost unchanged from last year. – Mike Seemuth

Cure By Design Survivor Fashion Show

Cure By Design Survivor Fashion Show

Presented by Sylvester Comprehensive Cancer Centre, the fashion show will celebrate survivors of all ages who will share their inspirational journey and rock the runway in current fashion tren…

Sign of a slowdown? Wells Fargo cutting 600 mortgage jobs nationwide

Sign of a slowdown? Wells Fargo cutting 600 mortgage jobs nationwide

Wells Fargo CEO Timothy Sloan and a single-family home

Wells Fargo said it would lay off more than 600 employees in its home mortgage business across. The reason: Fewer people are buying homes.

The cuts will affect workers nationwide, including states like California, Florida, North Carolina, and Colorado, according to Bloomberg. The Orlando Sentinel reported that 137 of those employees work in the central Florida city.

In a statement, the bank said: “After carefully evaluating market conditions and consumer needs, we are reducing to better align with current volumes.”

Wells Fargo is also seeing the end of a refinancing boom, as mortgage interest rates rise, according to Bloomberg. Mortgage fees the bank earned dropped to the lowest in more than five years in the second quarter.

The news comes shortly after the National Association of Realtors reported that existing home sales dropped by 0.7 percent in July compared to the same period in 2017. Combined with a decline in June, sales are now 1.5 percent lower than they were a year ago, and have fallen for five straight months on a year over year basis.

One of the reasons for the slowdown could be attributed to steadily rising home prices and may eventually lead to a leveling-off in pricing, experts have said.

In the Northeast, home sales have dipped by 8.3 percent, the most of any region in the country. Prices in the Northeast were also up 6.8 percent over the same time last year. The median house now costs $308,700 there.

Wells’ mortgage business staff cuts come amid a slight overall rise in the number of housing start foreclosures last month across the country. In some markets, those number jumped, like Miami — up 29 percent — and Los Angeles, which was up 20 percent.

Nonbank home mortgage lenders, which the federal government does not regulate as heavily as traditional lenders, are becoming more popular. They accounted for nearly half of all mortgages in the U.S. in 2016, up from 30 percent in 2012, but are considered more risky because of their regulatory status.  [Bloomberg] – Dennis Lynch 

Château d'Esclans Presents: The Ultimate End of Summer Pool Party

Château d'Esclans Presents: The Ultimate End of Summer Pool Party

Summer may be coming to an end but that doesn’t mean the fun has to stop. There’s still plenty of weekends to round up some friends and throw an all our end of summer bash to celeb…

Blue Road scores $17M loan for Miami Beach hotel project

Blue Road scores $17M loan for Miami Beach hotel project

Sadigo Hotel and Blue Road’s Jorge Savloff and Marcelo Tenenbaun

Blue Road just secured a $16.9 million loan from Mercantil Bank to finish renovating the Sadigo Hotel in Miami Beach.

Kobi Karp is designing the renovation and expansion of the hotel at 334 20th Street. The project, which will turn the property into a 30,000-square-foot hotel with 80 rooms, is scheduled to be completed next year.

In 2016, the Miami Beach Historic Preservation Board approved the partial demolition, renovation and restoration of the historic Sadigo Court Hotel, which was originally built in 1936. Blue Road purchased the 30-unit apartment hotel in 2016 from Eisenberg Development Corp. for $12.98 million about two years ago.

Bay Harbor Islands-based Blue Road, led by Jorge Savloff and Marcelo Tenenbaun, owns a number of Miami Beach hotels. In March, the company paid $14.27 million for Park Terrace, a 32-unit apartment building at 355 19th Street.

Last year, the development firm bought the Stiles Hotel at 1120 Collins Avenue from the Carlyle Group. Blue Road also owns the adjacent Ocean Reef Suites at 1130 Collins Avenue.

CitizenM joins Miami Worldcenter project

CitizenM joins Miami Worldcenter project

Rendering of CitizenM at Miami Worldcenter

Netherlands-based citizenM Hotels is joining the Miami Worldcenter project.

The Dutch hotel chain will buy the land, along Northeast Second Avenue between Seventh and Eighth streets in downtown Miami, from Miami Worldcenter Associates, a spokesperson said. CitizenM will build a 12-story, 348-key hotel on the site and be part of the master-planned, mixed-use development.

The 128,000-square-foot hotel will include a sun deck with a swimming pool and rooftop bar on the 10th floor, a fitness center on the 11th floor, 1,850 square feet of creative space and meeting rooms, and a cloudM rooftop bar. Gensler Architects is designing the project.

CitizenM also plans to open locations in Miami Beach, at 1212 Lincoln Road, and in Brickell on the site of Perricone’s Marketplace & Café at 15 Southeast 10th Street and 955 South Miami Avenue.

Property records show Miami Worldcenter’s Miami A/I LLC owns the 61,000-square-foot lot where CitizenM would build its hotel. The developer’s spokesperson declined to provide a sales price or development timeline for the hotel.

Overall, the $2 billion, 27-acre project includes Paramount Miami Worldcenter, a 562-unit luxury condo tower, along with about 450,000 square feet of high street retail, an 1,100-space parking garage and an apartment tower. A 1,700-room convention center hotel and an office tower are also slated to break ground this year. Paramount, which is being co-developed by Dan Kodsi, recently topped off.

The developers recently sold a property near Miami Worldcenter to Chiron Investments, a Los Angeles-based family office, for $16.5 million.

Cerberus launches $500M for single-family rental investments

Cerberus launches $500M for single-family rental investments

Cerberus Capital chairman and former U.S. Vice President Dan Quayle and a single-family home (Credit: Gage Skidmore via Flickr, Wikimedia Commons)

Cerberus Capital Management is diving deeper into the single-family rental market, hoping to seize on the sector’s increased activity nationwide.

The New York-based private equity firm is looking to raise $500 million through a new fund to purchase single-family homes, according to Bloomberg. Cerberus is making the fund evergreen, meaning there is no target date to return capital to investors.

There is growing competition among buyers for single-family rentals, which aren’t selling at distressed prices anymore. An evergreen fund means Cerberus won’t have to sell at lower margins to meet a specific deadline, according to Bloomberg.

Cerberus already manages single-family properties via FirstKey Homes and by the end of 2017, owned 11,000. FirstKey CEO Martin Esteverena has previously said the company has plans to buy up to 40,000 homes.

Last year was a big one for investment in single-family rentals. Large investors including Blackstone Group bought more homes than the previous year for the first time since 2013, when they were scooping up homes at a major discount toward the end of the financial crisis.

In total, investors bought 29,000 single-family rental homes last year.

There’s also more activity on the lower-end of the market. Smaller investors are buying up homes that many larger investors won’t go near because of higher risks.  [Bloomberg] — Dennis Lynch