This Week's South Florida Deal Sheet: Cymbal DLT Lands $114M For Live Local Project
South Florida-based Cymbal DLT Cos. secured $114M in financing for its recently completed Laguna Gardens multifamily project in Miami Gardens, according to a release.
The developer finished construction at 20775 NW 17th Ave. in May before landing senior and mezzanine loans from Apollo Global Management and RXR Realty Investments. The new debt paid off the development's $102.5M construction loan provided in 2022 by Related Fund Management.
The project was delivered using tax abatements from the Live Local Act, providing units to tenants earning at or below 120% of the area's median income. The development holds 341 units, offering one- to three-bedroom rooms that range between 650 SF and 1,330 SF starting at $2K per month.
Bilzin Sumberg’s Adam Lustig led financing and Anthony de Yurre aided Cymbal with legalities connected to the Live Local Act.
CONSTRUCTION AND DEVELOPMENT
Coconut Grove-based Housing Trust Group broke ground on the $185M Rainbow Village mixed-use development with 310 affordable housing units, according to a release.
The development at 2000 NW Third Ave. is reserved for residents who earn at or below between 80% and 30% of the area median income. Apartments range between one, two and three bedrooms starting at $793 per month up to $2,634 a month.
The project will hold 30 studio apartments, 163 one-bedrooms, 85 two-bedrooms, 28 three-bedrooms and 4 four-bedroom units. The development will include about 12K SF of retail, more than 50K SF of amenities and 442 parking spaces.
Construction is expected to finish at the beginning of 2027, while leasing is expected to begin in late 2026.
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Landau Properties topped off its Indian Creek Residences & Yacht Club on Miami’s Bay Harbor Islands, according to a release.
The eight-story, nine-unit development, designed by Kobi Karp, is 80% sold with only two residences remaining, with prices starting at $11M. The residences range between three and five bedrooms and span up to 5,600 SF.
The development also has six yacht slips, a spa with treatment rooms, a fitness center, an outdoor yoga lawn, an entertainment lounge with a sound system and bar, a rooftop terrace with a pool, a dining area, an outdoor kitchen and a screening pavilion.
LEASES
Greenberg Traurig is relocating one of its offices to Broward, the South Florida Business Journal reported.
The law firm is moving from 8400 NW 36th St. in Doral to a 12K SF office in Miramar Tech Center at 2900 Monarch Lakes Blvd. Their new office is a three-story office building built in 2019 with 56K SF of office space and 180 parking spaces, according to records provided by Vizzda.
The new location will hold 45 employees who work in administrative operations like accounting, finance and payroll, the SFBJ reported.
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Morgan Stanley renewed its 42K SF lease at Aventura Corporate Center, a 250K SF office complex at 20801, 20803 and 20807 Biscayne Blvd., according to a release.
The complex was purchased by Adam Neumann’s Flow and Israeli real estate firm Canada Global for $116.2M in November. The campus has six buildings built between 1986 and 2007 on almost nine acres.
Blanca Commercial Real Estate’s Christina Stine Jolley represented the landlord in the lease renewal and JLL’s Adam Bernstein and Zach Wendelin represented Morgan Stanley.
Massachusetts-based Bolton Global Capital, a financial advisory firm, has expanded its Miami location at 1441 Brickell Ave., the Four Seasons Office Tower, according to a release.
The company leased 30K SF on the 17th floor, part of the 250K SF of office space the tower offers, in a deal that finalized in early 2024. The company also secured the rights to exterior building signage. The 70-story highrise, built in 2003, encompasses more than 1M SF and also holds hotel and apartments, according to LoopNet. Savills’ Steve Woodworth and David Browne facilitated the transaction.
MILESTONES
BH Group, Pebb Enterprises and Related Group obtained final site approval from the City of Boca Raton Council for their mixed-use redevelopment of the former Office Depot headquarters.
The 29-acre site at 6600 N. Military Trail is planned to include 405K SF of office across two buildings, 43K SF of retail and restaurant space spread across four buildings, 37K SF for a fitness facility, and 500 multifamily units.
The approval allows the team to move forward on securing building permits and beginning construction, which will come in phases.
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MG Developer launched sales for Alhambra Parc, its mixed-use project at 33 Alhambra Circle in Coral Gables, according to a release.
The eight-story, 170K SF development would span 78 residences, 13K SF of office space and about 18K SF of retail space on the ground floor. Prices on the units, which range in size from 860 SF one-bedrooms to 2,800 SF three-bedrooms, start at $1.1M.
MG Developer tapped One Sotheby’s International Realty for marketing and sales for the project.
PEOPLE
Katalina Cruz has been named CEO of Miami-based KW Property Management & Consulting and Jorge Lago was promoted to president and chief operating officer, according to a release.
KWPMC was originally founded in 2004 by Paul Kaplan and Robert White, then was acquired by Swedish property firm Odevo in 2022 for the company's first expansion outside of Europe.
Cruz, who has been with KWPMC since its founding, will oversee amenity and ancillary service for the company’s U.S. business, which includes Florida-based companies Water Restoration Group and Sharpe Project Developments.
