10A — January 15 - 28, 2016 — Financial Digest — M id A tlantic

Real Estate Journal


F inancial D igest

Larson, associate director of NGKF Capital Markets brokers transaction New Jersey’s Silver Arch Capital Partners closes $21million land loan for Miami Waterfront project

ackensack, NJ — The site of the Jockey Club, the Miami social club of the 60’s, will soon be transformed with the addition of the 1 million- s/f luxury resi- dential and hotel development Apeiron at the Jockey Club, thanks to a $21 million loan by Hackensack, based private lender, Silver Arch Capital Partners . Jeffrey Wolfer , president and CEO of Silver Arch Capital announced the company’s com- pletion of the funding for the proposed project. The two-year loan was obtained by Apeiron Miami, LLC, a partnership H

headed by Ritz Carlton Group co-founder and former presi- dent Horst Schulze, former chairman of HBA International Michael Bedner, and former vice president of Related Inter- national Muayad “Mo” Abbas. “We are pleased that we can be part of such an exciting project on such a great site, with a group that will make this out- standing project happen,” said Wolfer; “The team includes individuals with lengthy track records in development, hospi- tality, and management that positions them well to execute on their vision”. David Larson , associate

director of NGKF Capital Markets was the broker on the transaction. Newmark Grubb Knight Frank, is one of the world’s leading commercial real estate advisory firms. Together with London-based partner Knight Frank and indepen- dently-owned offices, NGKF’s 12,800 professionals operate from more than 370 offices in established and emerging prop- erty markets on six continents. “Both development and lend- ing teams were able to come to- gether to realize the extraordi- nary opportunity in the Jockey Club, a project that will once again be a preeminent Miami destination,” adds Larson. “The team at NGKF looks forward to many more deals with Silver Arch Capital Partners.” “Growth in the Miami, Miami Beach and Kendall market continues, with employment expanding into record terri- tory, including strong growth in finance and manufacturing jobs,” said Wolfer. “Tourism and rebounding in-migration are also driving the market’s retail landscape, with addi- tional jobs resulting from that trend. Construction and real estate have benefited from the heightened demand for condominium high-rises, and this project is clearly designed to help meet that strong and growing demand. The site is the remaining undeveloped portion of the Jockey Club sitting directly on Biscayne Bay at 1111 Bis- cayne Blvd. The three existing condominium buildings, Jockey Club 1, 2 and 3, were developed in the 1970’s and 80’s, and the remainder of the site boasts fantastic views and is perfectly situated for the proposed devel- opment. The funding will be utilized for development “soft costs,” including engineering, archi- tecture and planning, for the two-phase mixed-use project of more than 1 million s/f. Phase one of the proposed build-out consists of a state-of-the-art 41-story tower planned to house 120 well-appointed residential condominium units and a 90- room hotel. The initial phase also includes construction of a 417-space, two-story parking structure and reconstruction of an adjacent 38-slip marina. The second phase of the project will be a residential condominium building with a total of 120 units and a 346-space parking structure. n

Apeiron rendering

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