Multifamily Portfolio Owner Receives Extravagant Financing
by Sep Niakan | April 08, 2014
Owner of the Edgewater Hotel and a three-state multifamily portfolio in South Beach has acquired $172 million in financing.
The portfolio owner has secured over 2,100 apartments in not just Florida, but also Georgia and Illinois. He is currently the owner of the Edgewater Hotel property. He also established preferred equity recapitalization, which boosted value ratio of the loan to 90%. The Carlton Group, a real estate investment banking firm based out of New York, announced the financing in a written statement released on March 31st. Both the borrower and lender were not identified.
According to Miami-Dade County records, El-Ad Edgewater of Plantation is the owner of the Edgewater Hotel located at 1410 Ocean Drive. The Carlton Group chairman, Howard Michaels, organized the deal and the purchase.
by Sep Niakan | November 29, 2016
This is a story of how one Miami condo dweller (that's me, Sep Niakan) gave up his car at the end of his lease and gained freedom (and $$) in its place. If you have been thinking of getting rid of your car or know someone who is, read...
by Sep Niakan | November 24, 2016
Lending, specifically FHA lending, is inching forward in favor of Miami Condos. Before President Trump pulls out any game-changers, I thought it would be the right time to reflect on a Bill passed into law by President Obama this August. The...
by Sep Niakan | November 22, 2016
It’s been almost a year since BrickellHouse’s robotic parking garage blunder, and I’ve been thinking about what this means for the automated parking business in Miami condos. In brief, Boomerang Systems (the robotic garage...
by Sep Niakan | October 31, 2016
From a humble 9-to-5 district to after-dark playground for the it-crowd, Downtown Miami has had quite a turnaround in the past decade or so. According to the latest Miami Downtown Development Authority report, there are now 88,540 residents in...