Marina Palms Yacht Club & Residences Closes on $87 Million Construction Loan.

Marina Palms Yacht Club & Residences

Marina Palms Yacht Club & Residences recently closed on an $87 million loan to fund construction of its second condominium tower.  It’s believed to be the largest construction loan made so far this year to a South Florida condominium developer. Marina Palms has now secured a total of $185 million in construction financing for the development of this iconic waterfront property, which includes the closing of a $98 million construction loan on the first tower in 2013. HSBC Bank USA, NA is the administrative agent and arranger with Branch Banking and Trust Company (BB&T) rounding out the lending group.

“Due to the overwhelming success of the north tower we are excited to provide the construction financing for the south tower,” said Michael Wadler, vice president of real estate finance at HSBC Bank USA.

This new financing comes about a month after Marina Palms formally topped off its north tower, a major milestone, and as construction is quickly progressing on the new namesake marina.

Marina Palms“Closing on traditional bank financing for the south tower demonstrates to the community and our buyers the strength of the development team and that we are right on schedule,” said Neil Fairman, president of The Plaza Group, one of the development partners.

“Our efficient capitalization structure and our ability to once again access traditional financing markets has allowed us to provide our buyers with a high quality product at a very attractive price point,” Fairman said. “Private equity and specialty finance lenders would have charged a much higher rate that would have added to the project’s financing costs. We have the financial wherewithal to fund and complete construction of the project’s second tower.”

Marina Palms2Marina Palms Yacht Club & Residences, located in North Miami Beach, features two 25-story towers with a combined 468 residences.

With the north tower sold out and continued demand for residences in the south tower from international and domestic buyers, Marina Palms Yacht Club & Residences has been selling units at a swift pace in the south tower at prices averaging $500 per square foot. The south tower is already approximately 60 percent sold out.

Douglas Elliman Opens Fort Lauderdale Office.

DOUGLAS ELLIMAN DEVELOPMENT MARKETING

Douglas Elliman announced the official opening of its new Fort Lauderdale office, located at 450 East Las Olas Boulevard. The opening marks the continued expansion for the national brokerage around the region bringing the total to 9 offices in the South Florida market following the 2014 launch in Boca Raton, 2014 opening in Palm Beach’s Wellington Village, and the ongoing growth of the firm’s Florida headquarters in Miami Beach. Additionally, this recent news marks the continued growth of Douglas Elliman nationwide with recent openings in Beverly Hills, CA, Aspen, CO and Greenwich, CT.

“Douglas Elliman has made a concerted effort to build a strong infrastructure throughout the state of Florida, a prime location in the global real estate landscape,” said Jay Phillip Parker, CEO of Douglas Elliman’s Florida brokerage. “Our new location in Fort Lauderdale will play a significant role in that further development given the city’s wide array of lifestyles and its appeal to a variety of clientele.”

Douglas Elliman’s Fort Lauderdale office will be spearhead by managing broker, Frank Kirschner, a longtime real estate veteran selected by Parker for his strong breadth of sales and leadership experience. Kirschner will lead the Douglas Elliman Fort Lauderdale network of 40 agents who specialize in high-end homes, condominiums, and waterfront estates in the most sought-after markets. Additionally, like other Douglas Elliman offices, Kirschner’s Fort Lauderdale team will leverage the firm’s global alliance with Knight Frank Residential, the United Kingdom’s largest residential brokerage, which combined offers a network of more than 17,500 real estate professionals located in 52 countries all over the world, to further service clients from around the world.

“Our growth in the Fort Lauderdale market is an exciting progression in the overall evolution of Douglas Elliman, and particularly Douglas Elliman in Florida,” said Kirschner. “We have already seen an uptick in business in the market with some of our new associate brokers and the portfolios they bring to the table. I anticipate that will only continue to surge as we move past our opening and focus further on developing our well-rounded group of talent that I know will allow us to service any type of client need.”

“Douglas Elliman’s recent expansion to the West Coast coupled with the rapid development in South Florida has quickly grown the company to 79 offices with more than 5,500 agents nationwide” said Dottie Herman, President and CEO, Douglas Elliman. “We aim for continuous satisfaction by meeting our client’s real estate needs whether it be buying, selling, financing, relocation services or supplying market data. Our representation in these key markets also allows us to better service our clients while strategically growing our business.”

Howard M. Lorber, Chairman, Douglas Elliman adds, “Douglas Elliman prides itself on offering a premiere real estate experience by offering our agents access to one of the industry’s most comprehensive and competitive listing platforms. Providing our agents with the most advanced tools so they can best service our clients is how the company maintains its position at the top of the market year after year.”

Bruce Davis and Senada Adzem

Bruce Davis and Senada Adzem

David Creps and Ron Alen

David Creps and Ron Alen

Diego Palomo and Drew Backoff

Diego Palomo and Drew Backoff

Don Langdon, Stephen Kotler, Jay Phillip Parker and Frank Kirschner

Don Langdon, Stephen Kotler, Jay Phillip Parker and Frank Kirschner

Douglas Elliman Fort Lauderdale

Douglas Elliman Fort Lauderdale

Douglas Elliman Ribbon Cutting of Fort Lauderdale Office

Douglas Elliman Ribbon Cutting of Fort Lauderdale Office

Jay Phillip Parker, Nicole Oge, Mayor John P. Seiler, Stephen Kotler

Jay Phillip Parker, Nicole Oge, Mayor John P. Seiler, Stephen Kotler

Mayor John P. Seiler and Frank Kirschner

Mayor John P. Seiler and Frank Kirschner

Melanie Kimpton and Jonathan Howard

Melanie Kimpton and Jonathan Howard

Nicole Oge and Stephen Kotler

Nicole Oge and Stephen KotlerDoug