Sunday, April 21, 2013

3 Condo Towers With 600 Units Proposed For Greater Downtown Miami Area

Proposed Echo Brickell condos rendering, Miami, FL

MIAMI, FL -- With at least 125 new condo towers already proposed for South Florida since the real estate crash of 2007, a trio of different developers have announced plans to build three additional towers with a combined 600 more units in the Greater Downtown Miami market and the neighborhood to the north, according to a new report from

Proposed 4300 Biscayne Boulevard Condos, Miami, FL

The newly proposed condo towers - Echo Brickell, an unnamed project near the Habitat Residences, and the 4300 Biscayne Boulevard - come at a time when a pair of development sites fronting Biscayne Bay have recently traded for at least $29 million each in the Biscayne Boulevard Corridor of Greater Downtown Miami within a two-week period, according to a new report.

Julia Tuttle Causeway, Miami, FL
In the Greater Downtown Miami market, developers are now proposing - or have recently completed - at least 25 new towers with nearly 8,300 condo units in a area that is defined as the Julia Tuttle Causeway south to the Rickenbacker Causeway, and Biscayne Bay west to Interstate 95, according to the Preconstruction Condo Projects Database™ compiled by the licensed Florida brokerage CVR Realty™.

Downtown Miami night skyline
An additional three condo tower with a combined 325 units have been proposed for sites just north of the Greater Downtown Miami boundary of the Julia Tuttle Causeway, according to

Overall in South Florida, developers are now proposing nearly 17,700 units for the tricounty region of coastal Miami-Dade, Broward, and Palm Beach as of April 20, 2013, according to the Preconstruction Condo Projects Database™ compiled by the licensed Florida brokerage CVR Realty™.

For a complete copy of the company’s news release, please contact:

Condo Vultures®
225 Midtown Building
 225 NE 34th St., Suite 209B,
Downtown Miami, Florida, 33137.

Feeling Less Distress: CRE Lawyers Say Their Work Is Shifting Away from Troubled Assets

Michael Bull

 ATLANTA, GA– Commercial real estate lawyers are doing less work with distressed assets and are instead spending more hours on leases and investment sales.

 That was one of the points made by a panel of attorneys on the most recent episode of the “Commercial Real Estate Show” radio program, hosted by Michael Bull of Bull Realty.

The episode provided an enlightening look at the various legal issues confronting the commercial real estate sector. Topics included loan workouts, selling and buying notes, foreclosures and the most pressing lease issues.

Andrew Litvak
  “The last few years have definitely been a turn for the better,” said Andrew Litvak, a partner with the Nelson Mullins law firm. “We’re seeing more of what I would characterize as good work: leasing activity, investment sales and purchases. There’s still a lot of pent-up distressed real estate and problems to be worked out, but it seems to be tapering off.”

Jeffrey Schneider
When faced with troubled assets, many lenders are choosing to sell notes instead of foreclosing on the underlying properties, as foreclosure can be an expensive process that exposes them to the risks and hassles of property ownership. 

Someone thinking of buying such a note should be prepared to perform rigorous due diligence, especially when, as is often the case, the loan was between a bank and a borrower who have enjoyed a long and friendly relationship, said Jeffrey Schneider, a partner with the Weissman Nowack Curry & Wilco law firm.

Michael Ward
 “You’ve got to really drill down on the loan-servicing side,” Schneider said. “Make sure there aren’t any handshake agreements to waive penalties or payments. Get as much loan-servicing information as you can get.”

 Due diligence can become especially complicated and time-consuming when buying a large portfolio of loans, because the underlying assets typically are scattered across several states, said Michael Ward, who is of counsel at the Greenberg Traurig law firm. “From a legal side, the sheer due diligence … can be fairly intensive,” Ward said.

Carter Stout
 Such large loan portfolios usually are aggressively pursued by several bidders, Ward added. “You’re going to have two, three or four large players going after that one portfolio, and they’re very competitive,” he said.

 Lenders generally are more willing to make loans these days but they also have beefed up their loan covenants, said Carter Stout, real estate practice leader at the Stout Atwood LLC law firm. By and large, borrowers don’t have much negotiating power to make those covenants less severe, Stout added.

 “The practical reality is, generally, there are very few sources of money out there, and [borrowers] are stuck with a small group of lenders who are going to insist on certain covenants,” Stout said.

For a complete copy of the company’s news release, please ontact:

Stephen Ursery
The Wilbert Group

Hotel Connections to Move Headquarters to 6100 Waterford at Blue Lagoon in Miami, FL

6100 Waterford at Blue Lagoon, Miami, FL

MIAMI, FL     April 19, 2013 – Hotel Connections, Ltd, a global provider of hotel accommodations for the crews of the aviation and other travel industries, has relocated their corporate headquarters in Miami to 6100 Waterford leasing 8,379 square feet, announced Jeannette Mendoza of Taylor & Mathis the property’s exclusive leasing agent.

Miami International Airport
“A location easily accessible to Miami International Airport was the driving factor in our headquarters search,” stated Hotel Connections CEO Kenneth Shanley.

Ryan Ackerman of CBRE co-brokered the transaction representing Hotel Connections, while Taylor & Mathis’ Jeannette Mendoza represented building owner MetLife.  

 6100 Waterford is located across from Miami International Airport within the 250-acre Waterford at Blue Lagoon corporate park. MetLife owns three buildings referred to as The Atrium Buildings: 6100, 6303 & 6505 Waterford. The properties recently underwent a million dollar renovation.

For a complete copy of the company’s news release, please contact:

Jeannette Mendoza |
(305)267-8062 |

Berger Commercial Realty Broker Judy Dolan Closes Three Leases in Fort Lauderdale, FL and Hollywood, FL

Judy Dolan
FORT LAUDERDALE, FL- Berger Commercial Realty, a full service commercial real estate firm based in Fort Lauderdale and serving clients around the state, announced three new lease transactions from broker Judy Dolan. The properties are:

 3400 S.W. 26 Terrace, Suite A-5/6, Fort Lauderdale, FL 33312 Landlord: Merrill Industrial Center Inc. Tenant: Distinctive Logistics Type: Warehouse Transaction: Expansion Square Footage: 9,321

 3406 S.W. 26 Terrace, Suite C-11, Fort Lauderdale, FL 33312 Landlord: Merrill Industrial Center Inc. Tenant: State Energy Concepts Type: Warehouse Transaction: New Lease Square Footage: 4,071

 1928 Hollywood Boulevard, Hollywood, FL 33020 Landlord: Sarah Baxt, Trustee,  Tenant: Pizza Rustica Type: Retail Transaction: Lease Renewal Square Footage: 1,738

For a complete copy of the company’s news release, please contact:

 Marielle Sologuren
Pierson Grant Public Relations
(954) 776-1999, ext. 226

Annaly and CreXus Announce Final Results of Annaly Tender Offer

Wellington J.
NEW YORK, NY--(BUSINESS WIRE)-- Annaly Capital Management, Inc. (NYSE:NLY) (“Annaly”) and CreXus Investment Corp. (NYSE:CXS) (“CreXus”) announced the final results of the tender offer (the “Offer”), which commenced on March 18, 2013 and expired at 5:00 PM ET on April 16, 2013, whereby through a newly formed subsidiary, CXS Acquisition Corporation (“Acquisition”), Annaly offered to purchase all the shares of CreXus that Annaly does not already own.

Annaly has accepted for purchase 55,225,336 shares of CreXus’ common stock at a purchase price of $13.05206 per share, for an aggregate cost of approximately $720.8 million, excluding fees and expenses relating to the Offer. 

The 55,225,336 shares accepted for purchase in the tender offer increase Annaly’s direct and indirect ownership to approximately 84.5% of CreXus’ common stock.

The final Offer price of $13.05206 per share consists of a price per share of $13.00 plus a payment in lieu of a prorated CreXus dividend of $0.05206 for the period from March 29, 2013 through April 16, 2013 (the date the Offer expired). 

The payment in lieu of a prorated dividend is based on the dividend of $0.25 per share that CreXus paid to holders of record on March 28, 2013, the calendar quarter immediately before the date the Offer expired.

“The expiration of this tender offer and anticipated subsequent closing of a merger between Annaly and CreXus is a meaningful next step in the evolution of Annaly’s capital allocation strategy,” said Wellington J. Denahan, Annaly’s Chairman and Chief Executive Officer.

 “We estimate that this acquisition will be accretive to the 2013 dividend, and the true benefits to the Annaly shareholder will be further realized as we continue to build upon our existing commercial real estate platform.”

For a complete copy of the company’s news release, please contact:

Annaly Capital Management, Inc.
Investor Relations