This Week’s South Florida Deal Sheet: Bank OZK Lends Another $600M For Miami Condos
Related Group and GTIS Partners locked in a $328M construction loan from Arkansas-based Bank OZK to build the Baccarat Residences Miami, a 75-story luxury tower where 95% of the 354 units have pre-sold, according to a release.
The 848-foot skyscraper at 444 Brickell Ave. will have 318 traditional condos, 28 riverfront flats and duplexes, and eight penthouses. The Arquitectonica-designed tower will have more than 75K SF of amenities, a 10K SF waterfront restaurant and a private marina.
Baccarat Residences Miami is slated to deliver in early 2028. Miami-based Related and New York-based GTIS began construction in 2021, but the project was delayed when the remains of an ancient civilization were found at the site after it broke ground. Related agreed to preserve some of the artifacts and display them to the public in exchange for moving forward with the project on a protected historic landmark.
The floating-rate loan was arranged by a Berkadia team that included Scott Wadler, Michael Basinski, Mitch Sinberg, Matt Robbins and Brad Williamson.
Related paid $104M in 2013 for the assemblage, property records indicate. The site will also host a 44-story apartment tower being built with a $164M loan from Truist, as well as a third building that hasn't yet been announced.
FINANCING
Bank OZK also provided a $172M construction loan for a luxury condo tower in SoLé Mia, the 184-acre, master-planned community being developed by LeFrak and Turnberry, according to a release.
The 292-unit ONE Park Tower by Turnberry at 2411 Laguna Circle is slated to rise 33 stories with condos ranging from one to three bedrooms. It was designed by Miami-based Arquitectonica with interiors from New York-based Meyer Davis.
Berkadia’s Scott Wadler, Alec Fox, Mitch Sinberg, Williamson and Robbins arranged the debt on behalf of Aventura-based Turnberry, the sole developer of the tower.
ONE Park Tower will have a beach club for the 7-acre lagoon adjacent to the tower, a social deck, men’s and women’s spas, and a fitness center. The tower is the latest project for the sprawling development, which is slated to include a Mater Academy elementary school and a 363K SF medical center that will be part of the University of Miami’s UHealth system.
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In its third Miami deal of the week, Bank OZK increased its loan for The St. Regis Residences, Sunny Isles Beach by $100M after sales at one of the project’s two towers surpassed $1B, according to a release.
Miami-based Fortune International Group and Aventura-based Château Group broke ground on the south tower of The St. Regis Residences in August 2023. The 62-story tower’s 175 units are 85% sold, including the $55M sale of its penthouse. It is scheduled to deliver by the end of 2027.
Banco Inbursa provided the initial $50M in acquisition financing in 2014, which increased to $85M in 2016. Bank OZK took over the loan in 2020 and increased it to $119M before the recent $100M boost, a spokesperson for the project confirmed.
The north tower is set to rise 62 stories next door at 18801 Collins Ave. and bring the total unit count at the property to 350 condos. The developers put the total sales value of both towers at $3B. A construction loan covering both towers is set to be announced later this year, according to the release.
Fortune and Château paid $113M to buy a hotel and condo complex on the 5-acre beachfront site in 2014, The Real Deal reported at the time.
LEASES
Boca Raton-based Pebb Capital announced that DigitalBridge, an infrastructure investment firm, will relocate its headquarters to a 79K SF built-to-suit office at Sundy Village, the mixed-use project it is developing in Delray Beach.
The office at 100 SE First Ave. is expected to deliver in the fourth quarter of 2025. It will host more than 300 employees for the company, which would relocate from 750 Park of Commerce Drive in Boca Raton.
Sundy Village is slated to include 180K SF of office space and 30K SF of ground-floor retail, with the bulk of the project slated to deliver in the third quarter. The offices in the low-rise development will be split between a collection of private buildings. Pebb Capital and Vertical Bridge, a digital infrastructure firm, are also set to relocate their headquarters to the property.
A slate of retail tenants, including Barcelona Wine Bar and an unnamed restaurant from Philadelphia-based Schulson Collective, have signed for retail space.
Pebb landed a $173M construction loan from Monroe Capital and JPMorgan Chase in January to finish the project. It assembled the property for around $40M in 2019.
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Twin Star Home will open a new headquarters at Boca Colony Two at 750 Park of Commerce Blvd. in Boca Raton, according to a release. The omnichannel seller of home furnishings will relocate from 1690 S. Congress Ave. to nearly 16K SF on the fourth floor of the recently renovated building.
JLL’s Brady Titcomb represented Twin Star Home in its move from Delray Beach. The landlord, WPT Land 2 LP, is a subsidiary of Boca Raton-based Workspace Property Trust. WPT was represented internally by Mike Nathanson.
The space served as a branch office for tech firm Cisco. Twin Star Home took occupancy in January, the South Florida Business Journal reported.
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Miramar Park of Commerce signed 193K SF in leases from healthcare firms over the last two quarters, including 90K SF in new flex office and warehouse deals, according to a release.
The industrial park off Miramar Parkway on North Commerce Parkway was built in 1984 by local developer Sunbeam Properties and is now 98% leased.
Vitas Healthcare, a hospice care provider, increased its footprint by 24K SF and occupies 120K SF at the park. Aveva Drug Delivery Systems expanded to 167K SF after growing its footprint by 24K SF. Memorial Healthcare Systems also renewed multiple leases totaling 93K SF of flex office space at the park.
A Sunbeam team of Peter Apol and Ryan Goggins negotiated the deals on behalf of the landlord.
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Boca Raton-based Pebb Enterprises and Miami-based BH Group landed a 5,500 SF lease with real estate firm Atlantic | Pacific Cos. at 6600 N. Military Trail, the former Office Depot headquarters in Boca Raton.
The corporate office will host more than 20 employees on the building’s third floor, which Pebb and BH converted to spec suites, according to a release. CBRE’s Joe Freitas and John Criddle are handling leasing at the property. Atlantic | Pacific was represented by Sky Jones at Blanca Commercial Real Estate.
Pebb and BH purchased the 650K SF of offices on 29 acres from Office Depot’s parent company for $104M last April.
Office Depot reduced its footprint to 300K SF after the sale, and Pebb and BH are partnering with Related Group on a plan to demolish some of the office space to make way for 500 multifamily units, a 37K SF luxury gym and 42K SF of restaurant space.
SALES
An entity controlled by New York-based Woodhill Real Estate paid $26M for a six-building industrial portfolio in Hialeah, according to property records collected by the data intelligence platform Vizzda.
The properties total 159K SF on just under 6 acres at 215-325 W. 75th Place and 7550-7620 W. Second Court. The seller was Seagall Hialeah Property, an entity managed by Nancy Feldman and Ronald and Alan Seagall in Pembroke Pines.
Nebraska-based Ameritas Life Insurance Corp. provided $15M in debt for the acquisition.
The properties are the subject of a lawsuit between the previous owners and Prestige Cos., which is planning an adjacent mixed-use project with apartments and retail space, The Real Deal reported.
Prestige sued in January, alleging that the properties are a nuisance to the planned development. Seagall said in a response that Prestige had been under contract to buy the properties and only filed suit when the sale fell through, according to TRD.
PEOPLE
Miami-based investment management firm Leste Group appointed four executives to its senior team that will be responsible for growing its North American private equity and real estate credit strategies, according to a release.
Eduardo Karrer joined the firm as a partner in its private equity division after acting as the managing partner of a power plant development portfolio for Brazil-based Cia Positiva de Energia.
Fabricio Bossle also came on as a partner in the private equity department after managing the Brazilian expansion of Ascensus Group, a Pennsylvania-based financial services firm.
Mark Hong joined as a partner in the net lease division where he will work to expand Leste’s triple-net-lease client base. He was most recently executive vice president and chief investment officer at MS Transverse Insurance Group, a subsidiary of MSIG North America.
Haaris Lali joins the firm as a managing director of real estate credit and will focus on business development for the Leste Credit Opportunity Fund. He was a managing director at New York-based Stabilis Capital Management, a private investment firm.
Leste was founded in Brazil a decade ago before moving its headquarters to Miami.
