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Category: Business

CGI Merchant hit with M UCC foreclosure on Coral Gables office building, its fourth distressed asset 
Business

CGI Merchant hit with $49M UCC foreclosure on Coral Gables office building, its fourth distressed asset 

December 5, 2024December 5, 2024

Raoul Thomas is having a rough year.  After losing two of his marquee hotels to lenders and facing an auction of a Miami Beach hotel,

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University of Miami beefs up commercial portfolio with M Allapattah purchase
Business

University of Miami beefs up commercial portfolio with $68M Allapattah purchase

December 5, 2024December 5, 2024

The University of Miami expanded its real estate portfolio near its Allapattah medical school campus, picking up three commercial properties for a combined $68 million. 

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Asi Cymbal wins approval for first phase of  .5B project with 1,200-plus residential units and hotel near downtown Fort Lauderdale
Business

Asi Cymbal wins approval for first phase of  $1.5B project with 1,200-plus residential units and hotel near downtown Fort Lauderdale

December 5, 2024December 5, 2024

Developer Asi Cymbal expects to start construction next year on the first two towers of Nautico District, a planned development with more than 1,200 residential

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Harvey Hernandez taps One Sotheby’s to lead Fort Lauderdale condo sales after split with Cervera 
Business

Harvey Hernandez taps One Sotheby’s to lead Fort Lauderdale condo sales after split with Cervera 

December 5, 2024December 5, 2024

Harvey Hernandez’s Newgard Development Group hired One Sotheby’s International Realty to take over sales for Natiivo Fort Lauderdale, a short-term rental-friendly condo project near the

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Harvey Hernandez taps One Sotheby’s to lead Fort Lauderdale condo sales after split with Cervera 
Business

Harvey Hernandez taps One Sotheby’s to lead Fort Lauderdale condo sales after split with Cervera 

December 5, 2024December 5, 2024

Harvey Hernandez’s Newgard Development Group hired One Sotheby’s International Realty to take over sales for Natiivo Fort Lauderdale, a short-term rental-friendly condo project near the

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Ten30 condo association sues Shoma for alleged construction defects
Business

Ten30 condo association sues Shoma for alleged construction defects

December 5, 2024December 5, 2024

Shoma Group developed a shoddy luxury boutique condo project in South Beach, a new lawsuit alleges. The Ten30 Condominium Association is suing the Coral Gables-based

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Solemar closing tops Broward weekly condo sales 
Business

Solemar closing tops Broward weekly condo sales 

December 5, 2024December 5, 2024

Broward County’s condo sales and dollar volume fell over Thanksgiving week.  Brokers closed 83 condo sales totaling $32.3 million from Nov. 24th to Dec. 1st.

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Lore, Element Development to launch boutique condo project in Coconut Grove
Business

Lore, Element Development to launch boutique condo project in Coconut Grove

December 4, 2024December 4, 2024

A joint venture between Lore Development Group and Element Development is moving forward with plans for the Lincoln Coconut Grove, a boutique condominium project.  Brickell-based

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Auto exec sells waterfront Normandy Shores spec house in Miami Beach for M 
Business

Auto exec sells waterfront Normandy Shores spec house in Miami Beach for $16M 

December 4, 2024December 4, 2024

BorgWarner executive Stefan Demmerle sold a waterfront spec home in Miami Beach’s gated Normandy Shores neighborhood in North Beach for $16 million, as South Florida

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Penn-Florida hit with 5M UCC foreclosure on Boca Raton’s Via Mizner, as South Florida multifamily debt woes grow
Business

Penn-Florida hit with $195M UCC foreclosure on Boca Raton’s Via Mizner, as South Florida multifamily debt woes grow

December 4, 2024December 4, 2024

Penn-Florida Companies could lose its 101 Via Mizner apartment building in Boca Raton to foreclosure over its alleged failure to pay off a $195 million

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