Ten-year Treasuries remain bargain buys in current fearful capital markets, notes Real Estate Capital Institute®

 

John Oharenko

Chicago, IL – The Fed steadily maintains rates at near-zero levels since the pandemic's beginning.  

However, the Fed recently announced plans to initiate hike rates by 2023, when inflation rises enough to justify such actions.  The markets responded with benchmark rates increasing by about 20 basis points during the past month.

Various fears keep real estate capital markets on edge. The Delta variant of COVID plays into property-type worries, particularly in the retail and hospitality sectors, which have recently seen some slowdowns.

"Favorable financing terms with ample debt reaches nearly all sectors of the realty capital markets," observes The Real Estate Capital Institute's research director John Oharenko.

"Borrowers seeking short and long-term debt have a plethora of options, like never seen before."

  Furthermore, economic concerns send more investors into the real estate sector, exacerbated by tight supplies of desirable properties. 

Lastly, property owners fear rising expenses fueled by increasing labor and material costs, combined with higher energy prices.  Yet such fears create new opportunities, including the following: 

Attractive Yields:  Regardless of rising rates, 10-year treasuries remain bargain buys.  Lower-grade corporate junk bonds hover in the four-percent range.  As a result, yields five percent or more gain investor attention.

Short-term Funds:  Lenders eagerly scour both short and long-term debt deals.  Given the tight supply problem, the current lender demand for products shifts more emphasis on new construction and rehabs. In particular, bridge lenders' abundance allows borrowers to hunt for competitively priced loans of five years or less.

Favorable Payment Format:  In addition to meager rates, borrowers enjoy interest-only payment formats allowing for more pre-tax cash flow as lenders compete to gain loans.  In comparison to amortized loans, such debt typically captures deals at 65% or less LTV ratios.

The Real Estate Capital Institute® is a volunteer-based research organization that tracks realty rates data for debt and equity yields.  The Institute posts daily and historical benchmark rates, including treasuries, bank prime, and LIBOR.  

 

^CONTACT:

John Oharenko 

 Executive Director

john.oharenko@reci.com

^The   Real Estate Capital Institute^®

Chicago, Illinois USA 60622

director@reci.com / www.reci.com

 

M/I Homes Plans 400+ Homes in Master-Planned Winter Garden, FL Community near Disney World

 Newport model – The 5 bedroom, 4 bath Newport_C can be toured at M/I Homes’ nearby Encore at Ovation Community 12025 Encore At Ovation Way, Winter Garden, FL 34787. 

WINTER GARDEN, FL – M/I Homes has purchased the 277-acre lakeside subdivision of Gem Groves and plans to market the proposed 437-home development as Lake Star at Ovation, according to David Byrnes, the company’s Orlando-area president.

 The property, at 17606 Flemings Road , is across from M/I’s Encore at Ovation community.    

Wekiva model  - The 4 bedroom, 3.5 bath Wekiva_C features a rear alley-loaded 2-car garage. Take a virtual tour

 Byrnes said the community will consist of 364-single family lots and 73 lots that will accommodate two-car garage townhomes. Lot widths will range from 32 to 70 feet.

 “We’re moving through the engineering approvals now and land development should begin in April of 2022,” Byrnes said.

  He added that sales – for 1,500 to 1,830 square foot townhomes and 1,800 to 4,500 square foot single-family homes – are expected to begin in the fourth quarter of 2022.  

 David Byrnes

 Sales will be handled from the Encore at Ovation community and prices have yet to be determined.

“The site’s access to roadways like State Road 417, U.S. Highway 292, Interstate 4 and World Drive were a big draw for M/I Homes.

 "It also offers quick connectivity via the new Western Way Expansion to hotspots like employment corridors, airports, shopping, dining and Orlando’s attractions,” he said.

  

Contacts:

 David Byrnes, president M/I Homes’ Orlando Division: 

407-531-5100 or

 Beth Payan, president Larry Vershel Communications Inc, 407-644-4142 or 407-461-3781   beth@larryvershel.com   

 

Mobster Al Capone's Miami Beach Home Sold for $10.75 Million Recently after Capone Paid $40,000 for this Palm Island Property in 1928 -- 93 Years Ago

Hoodlum Al Capone's former home
 on Palm Island, Maimi Beach, FL

 

MIAMI BEACH, FL -- In 1928, Miami Beach’s polite society was rocked with the news that the infamous gangster, Chicago crime boss Al Capone, had purchased a home on Palm Island, one of the city’s newest and most prestigious addresses. 

Gangster Al Capone always enjoyed a good cigar -- between alleged crimes

 Much to the consternation of the city fathers, local organizations and even the state governor, Capone continued to live there until his death in 1947, and his wife, Mae, held onto the house until 1952.

Mae Capone, Al Capone's wife

For decades, accounts of Capone’s connection with the home and Miami Beach have been a colorful part of the city’s history. 

Todd Michael Glaser

However, it has recently been purchased by a developer for $10.75 million, who will likely tear it down and replace it with a two-story modern spec home, according to   TopTenRealEstateDeals.com

 During the early development of Miami Beach, causeways - roads built on landfill and bridges - spanned the distance over Biscayne Bay from Miami to Miami Beach. 

Jeffrey Epstein

Developers also dredged the bay to create man-made residential islands extending off the causeways. 

  With only one gated entry and exit to each island and heavy police security, homes were considered to be very secure.

 

Gloria Estefan

It was an ideal location for Capone. He bought the 1922 home at a distressed sale price of $40,000, two years after the Great Miami Hurricane of 1926 that wiped out much of the city. 

 

He then poured $200,000 - over $3 million in 2021 dollars - to install a gatehouse, a seven-foot-high wall, searchlights, cabana and coral rock grotto. 

Don Johnson

 

 For additional security, he had guards posted on the second floor of the cabana to protect him from anyone arriving by boat and also at the gatehouse. 

 

Safe and secure from his Chicago crime rivals, it was the home where Capone was vacationing, and his alibi, when his gang pulled off the 1929 Saint Valentine's Day Massacre.

Rosie O’Donnell

Capone returned to the home after he was released from prison in 1939, and where he lived until he died in 1947.

   

The Capone home with 6,077 square feet, four bedrooms and a pool has been through several changes in ownership over the years.

 

It is now owned by the same South Florida developer, Todd Michael Glaser, who recently purchased and then demolished Jeffrey Epstein’s Palm Beach mansion.

Sean Combs

 

Similar to the Epstein setting, Capone’s home is on a prime waterfront lot that Glaser plans to tear down and replace with a modern two-story home with eight bedrooms, eight bathrooms, a Jacuzzi, spa and sauna.  

Shaquille O’Neal 

Still one of Florida’s most upscale neighborhoods with home prices ranging from about $20 million to over $40 million, Palm Island and its close neighbors Hibiscus Island and Star Island are accessed from MacArthur Causeway that traverses Biscayne Bay from Brickell Avenue on the Miami side to South Miami Beach. 

Phillip Frost

 It is conveniently located for easy access to South Beach, Key Biscayne and Coconut Grove with a plethora of restaurants, upscale shopping, white-sand beaches and entertainment venues both on the mainland and Miami Beach. 

 

Many celebrities have also made these islands home, such as Gloria Estefan, Don Johnson, Rosie O’Donnell, Sean Combs, Shaquille O’Neal and Phillip Frost.

 

 Contact:

Genelle C. Brown

Content Manager, Media Division
TopTenRealEstateDeals.com
Phone:  336-459-3728
Twitter:  @toptenrealestat
facebook.com/toptenrealestat  

 Photo credit:  EWM Realty International
Sources:  TopTenRealEstateDeals.com  and www.93palm.com
Video: https://youtu.be/58OR1z_qeMk
Video Credit:  Sean Evans, @evvo1991 backtothemovies.com/ 

 

The Keyes Company Strengthens Wellington, FL Office with Addition of Jennifer Schillace as District Sales Manager

Jennifer Schillace

 Wellington, FL, Oct. 1, 2021 – The Keyes Company bolstered its team in Wellington with the addition of Jennifer Schillace, a top producer in the Palm Beach market, as the District Sales Manager. She will oversee the office located at 13920 Wellington Trace and its team of 80+ Realtors.

Schillace brings a wealth of local knowledge to the firm, with 22 years of experience as a Realtor in the area. Most recently, she was affiliated with BEX Realty in Boca Raton. 

Before that, she spent 14 years working as a Realtor for Coldwell Banker’s Residential Real Estate Division, where she cultivated relationships with many Keyes employees. Adding to her illustrious career, she also spent about three years with Keller Williams in their Wellington office.

“Jennifer embodies what Keyes is about due to her knowledge, expertise and care and is a welcome addition to the team in Wellington,” Keyes CEO Mike Pappas said. “She not only brings her ability to connect with customers, but a deep understanding of the Palm Beach market.”

CONTACTS:

Eric Kalis, BoardroomPR

ekalis@boardroompr.com

954-370-8999

Daniel Benjamin

Senior Account Executive, BoardroomPR

dbenjamin@boardroompr.com

O 954-370-8999

C 954-618-8287

Bank of America Plaza | 1776 N Pine Island Road

Suite 320 | Fort Lauderdale, FL 33322

Web | Facebook | LinkedIn | Twitter | Instagram

Metrospaces Appoints Alejandro Laplana to Board of Directors

Alejandro Laplana

 

NEW YORK, NY -- Metrospaces, Inc. (OTC: MSPC), a PropTech company powered by Shokworks, has appointed Alejandro Laplana, founder and CEO of Shokworks, to its Board of Directors.

 Laplana also serves as Chief Technology Officer for Metrospaces.

Laplana’s technology company Shokworks has developed more than 150 digital platforms for some of the world’s leading brands, sports teams and broadcasters.

Oscar Brito 

“We’ve found our partnership with Shokworks to be extremely successful and have been wowed by Alejandro’s expertise and leadership as CTO of our company,” Metrospaces CEO Oscar Brito said. “It was a natural fit for him to join our Board of Directors.”

  Laplana, 32, has directly generated more than $150 million co-investing with clients to develop projects with brands such as Immersity, Cryptobucks, Rivals, Kinesis Money and more.

  Previously, he was managing principal of Nesting Partners LLC, a patent-focused venture capital firm. In 2016, he advised his native Venezuela on intellectual property strategy.

 Contact:

 Sara Burgos

 sburgos@sunwestpr.com

(469) 221-1820

 

Dream Finders Homes’ Model Townhomes to Open in Mid-October at Seminole Crossing in Winter Springs, FL

 Two-story, 1,757-SF Aloma model
at Seminole Crossing
 in Winter Springs, FL

 

 WINTER SPRINGS, FL – Dream Finders Homes is nearing completion of construction on two luxury townhome models that will open in mid-October at its new Seminole Crossing community near Lake Jesup in Winter Springs.

The two-story Aloma and the three-story Seminole offer generous living areas in 1,757 and 2,353 square feet of space, respectively, according to Gerry Boeneman, president of the company’s Central Florida division.

Three-story, 2,353-SF Seminole model
at Seminole Crossing
in Winter Springs, FL 

“We’re excited to offer four very different floor plans at the Seminole Crossing community,” Boeneman said. “Our spacious three-bedroom, two-and-a-half bath townhomes are designed with either a den or an optional fourth bedroom.”

Located along Lake Jesup and the 23-mile Cross Seminole Trail, the tranquil community is only 30 minutes from downtown Orlando and mere steps from dining and shopping at the Winter Springs Town Center .  Attractions and major entertainment are a short drive away.

The stylish townhomes at Seminole Crossing offer an open layout, high ceilings and upgraded designer fixtures, as well as a no-maintenance exterior with an inviting porch, front columns and Hardie Board siding. 

Gerry Boeneman

Amenities include a swimming pool, cabanas and numerous dog stations. Prices start in the mid-$300,000s. 

“I think this community is perfect for anyone – from first-time homebuyers to growing families to retirees – looking for a carefree, luxury lifestyle,” Boeneman said. For more information about homes at Seminole Crossing, please call 888-354-9924 or visit dreamfindershomes.com to join the VIP list for community updates.

 CONTACTS:

Gerry Boeneman, Division President, Dream Finders Homes,

888-214-1164 or

 Gerry.Boeneman@dreamfindershomes.com

 

Samantha Foss, Marketing Manager, Dream Finders Homes, 888-214-1164 

or Samantha.Foss@dreamfindershomes.com

Beth Payan, Larry Vershel Communications,

407-644-4142, 407-461-3781 or beth@larryvershel.com 

 

 

DAUM Commercial Real Estate Services directs $63 million acquisition of Class A industrial asset in Los Angeles County

 

 Jordan Lara

PICO RIVERA, CA – DAUM Commercial Real Estate Services has directed the $63 million acquisition of a 173,134 square-foot, Class A industrial property in the Los Angeles County submarket of Pico Rivera, California.

The asset was purchased by Chicago-based industrial real estate investment company CenterPoint Properties from the occupant in an off-market, sale-leaseback transaction, according to Jordan Lara, an Executive Vice Principal at DAUM Commercial.

Jordan completed the transaction alongside DAUM Executive Vice President Rudy Lara and Vice President Nick Peukpiboon.

Rudy Lara 

“This property is a true core investment, providing the buyer the incredibly rare opportunity to add a high-quality industrial property with long-term stabilization in an infill Los Angeles County location to its portfolio,” explains Jordan.

“We were able to effectively demonstrate the current and future value of the property and its location within an emerging submarket, ultimately closing what is one of the highest per-square-foot industrial sales for a building of this quality and size in the county to date.”

The property is located at 8500 Mercury Lane in Pico Rivera, California, less than two miles from the Interstate 5 Freeway.

Nick Peukpiboon

It features a 32-foot clear-height, 24 dock-high doors with the potential for six additional doors, and an ESFR sprinkler system.

 CONTACTS:

Arleeny Escarcega / Elisabeth Manville  
Brower Group  
(949) 438-6262 
aescarcega@brower-group.com 

www.daumcommercial.com.

 

Four Pillars Capital Markets hires Afshan Kabani as director in Dallas, TX

Afshan Kabani

 

 DALLAS, TX -- Four Pillars Capital Markets, a debt services brokerage that provides debt and equity financing solutions for commercial real estate investment properties, has announced the hire of Afshan Kabani as Director in its Dallas, Texas office.

 Afshan specializes in securing commercial debt financing for various property categories including multifamily, net lease, retail, office and industrial.

 Prior to joining the firm, she served as Associate Director with Marcus & Millichap, where she arranged financing on behalf of both owners and developers.

 

 Farhan Kabani

“We are so proud and excited to have Afshan on our roster of experienced originators,” said Farhan Kabani, Partner.

 “She works hard to share her market knowledge with her clients and colleagues, while leveraging her strong lending relationships into executions for her clients’ transactions.

 "Afshan embodies the core pillars of the firm: Service, Excellence, Collaboration and Access.”

  CONTACT:

  David Ebeling

 Ebeling Communications

 (949) 278-7851

 david@ebelingcomm.com

 

www.fpcm.com.