E11even co-owner Marc Roberts and Lynd President and CEO David Lynd and aerial of the enhancement website at 941 North Miami Avenue (Google Maps, Sonya Revell, Lynd, Getty)
Lynd Dwelling acquired a Miami Worldcenter development web-site for $30 million from a organization managed by E11even nightclub co-proprietor Marc Roberts and Titan Capital’s Ira Saferstein.
The San Antonio-based organization is the most recent multifamily developer to be part of the roster of condominium builders at the $4 billion learn-prepared combined-use task spanning 27 acres in the Park West section of downtown Miami.
A Lynd affiliate obtained the practically .5-acre website on Northwest 10th Road and North Miami Avenue, and obtained a $22.7 million property finance loan from TIG Romspen US Grasp Mortgage loan, records show. Kevin O’Grady and Justin Neelis with Concord Summit Funds arranged the funding, and the organization has been retained by Lynd to safe a construction loan, in accordance to a press launch. Harmony Summit also brokered the sale.
Lawyers Michael Gallinar and Jason Camps with Miami-primarily based legislation organization Adams Gallinar represented the seller, IRR Parkwest Investments, led by Roberts and Saferstein.
The development web site is approved for a 650-unit condominium job. “We are organizing a household tower,” claimed Lynd CEO David Lynd. “We are preserving it less than wraps for now. Extra specifics will appear as we get ready to go to sector.”
The vacant large amount was element of a 1-acre assemblage IRR obtained in 2020 for $26.7 million, data display. Roberts and Saferstein nonetheless very own the remainder of the land. Roberts is a former boxing promoter who in the early 2000s was an initial investor in the Miami Worldcenter task with master builders Art Falcone and Nitin Motwani.
In March, New York-centered Naftali Group and Cara Real Estate Administration compensated Chicago-dependent Akara Companions $40.5 million for a 1-acre Miami Worldcenter progress web site at 1016 Northeast Next Avenue. Naftali, led by CEO Miki Naftali, is arranging two household towers, but the company has not disclosed if the buildings will be flats or condos.
In February, WeWork co-founder Adam Neumann scored a $108 million construction financial loan for a new condominium tower on a vacant great deal at Miami Worldcenter. It is adjacent to Caoba, a 40-story multifamily building at 698 Northeast Initially Avenue. Neumann bought the advancement website and Caoba’s possession entity.
