The Real Deal MiamiThe Real Deal Miami


    Live like Madonna: The pop star?s former London home is now a vacation rental
    Need a holiday? Madonna’s former home is now within reach as luxury vacation rental for a little under $1,000 per night. The two-bedroom apartment in London’s upscale South Kensington area was home to the pop star and her former husband, director Guy Richie between 1999 and 2003, according to CNN. The apartment includes a library, fully-outfitted kitchen and a limestone bathroom. The property is not as luxurious, however, as the subsequent homes Madonna has since ... [more]

    After upgrades, middle-aged rental complex in Orlando fetches $48.9M
    A 37-year-old apartment complex in Orlando with 296 units sold for $48.9 million. Boston-based Taurus Investment Holdings, LLC, paid $161,993 per unit for Canopy Apartment Villas, which had a 96.3 percent occupancy rate at the time of the sale. ?The significant upgrades made at the property over the last 10 years ? reduced the effective age of the asset,? Jay Ballard of brokerage firm Cushman & Wakefield said in a prepared statement. Ballard and another ... [more]

    Special servicing applied to $67.5M loan secured by Southland Mall in Cutler Bay
    A $67.5 million loan secured by the Southland Mall in Cutler Bay was transferred to special servicing, according to Trepp, a data bank for the commercial real estate industry. The loan was scheduled to mature in May 2016 but provided options for three 12-month extensions of the maturity date. The borrower has exercised all three options to extend the maturity date, which is now May 2019. Built in 1972 and renovated in 2005, Southland Mall ... [more]

    Ocala rental property fetches $49.7M
    A garden-style apartment property in Ocala sold for $49.7 million, or $151,677 per unit. Atlanta-based Cortland Partners sold the 328-unit property, called Deerwood Village Apartment Homes, to Boston-based Westshore LLC. Deerwood Village had a 94 percent occupancy rate at the time of the sale. Built in 2006, Deerwood Village has 40 two-story residential buildings with one-, two- and three-bedroom apartments with an average size of 1,015 square feet. Monthly rents average $1,266 for Deerwood Village apartments, ... [more]

    Owners reopen two Islamorada hotels they acquired just before Hurricane Irma
    The owners have remodeled, renamed and reopened two oceanfront hotels in Islamorada after buying them for $16.1 million just before Hurricane Irma crushed the Florida Keys. Atlanta-based Songy Highroads, LLC, and Washington, D.C.-based Wardman Group spent $5 million to repair and remodel the hotels, which closed after a four-foot storm surge flooded them. Hurricane Irma made landfall in the lower Florida Keys on September 10, 2017 ? about six weeks after Songy and Wardman closed ... [more]

    Construction of 220,000-square-foot spec warehouse starts in Palm Beach County
    Atlanta-based TPA Group broke ground for a 220,000-square-foot warehouse at an industrial park in Palm Beach County after landing an $11.5 million loan to finance construction. Texas Capital Bank provided the construction loan to an affiliate of TPA Group, NHT Palm Beach LLC. Jacksonville-based general contractor Conlan Co. recently notified Palm Beach County that it started building the warehouse. The 18-acre site of the warehouse project is within the 1,000-acre Palm Beach Park of Commerce, ... [more]

    Miami-based firm buys Clearwater Beach hotel with $50M loan from SunTrust Bank
    Miami-based Key International financed its acquisition of a dual-brand hotel in Clearwater Beach with a $50 million loan from SunTrust Bank. Key International used the bank loan to acquire a seven-story, 255-room hotel bearing two Marriott brands, Residence Inn and Springhill Suites. It is the first dual-brand property in Key International?s portfolio of hotels. The Miami-based firm has managed the Clearwater Beach hotel since it opened last year. The seller was Clearpoint Lodging. Terms of ... [more]

    Fox is developing a real estate sitcom inspired by HGTV?s ?Property Brothers?
    One big broadcast network just wasn?t enough for HGTV?s “Property Brothers.” The twin brothers who rose to fame for buying and fixing up homes are now producing a sitcom for Fox. Drew and Jonathan Scott will be executive producers on the show alongside another pair of brothers: Jon and Josh Silberman, who will be both executive producers and screenwriters for the new show, according to Variety. The Silbermans previously worked on ?It?s Always Sunny in ... [more]

    Here are the best and worst places to try buying a home if you?re single
    If you?re single and looking for a home, Edison, New Jersey is the place to be. Edison topped a study from Homes.com of the best cities in the United States to live in for first-time single homebuyers, according to the New York Post. The median price for a one-bedroom home is just $65,000, and the average mortgage for the properties makes up only 8.78 percent of monthly median income in the city. Other solid places ... [more]

    JLL hires former Cushman & Wakefield executive to lead its Florida offices
    Tim Rivers, a former executive of Cushman & Wakefield and Newmark Grubb Knight Frank, joined commercial real estate brokerage firm JLL to lead its offices in Florida. As the Tampa-based Florida market director, Rivers will oversee JLL offices in Coral Gables, Miami, Maitland, Orlando and Jacksonville as well as Tampa. He will lead such JLL business lines as tenant representation, leasing, property management and capital market activities. Rivers worked the last five years with Cushman ... [more]