Billionaire developer Jeff Greene has had a busy week obtaining a large construction loan and picking up another potential development site in West Palm Beach, The Real Deal has learned.
A company tied to Greene called Aaron Drive Holdings received a $60 million mortgage from Bank of America last Friday, according to Palm Beach County records. The loan is for a large mixed-use project Greene is developing on Palm Beach Lakes Boulevard. He has City of West Palm Beach approval to build as many as 600 residential units on the 21.5-acre site.
Yesterday, three companies tied to Greene completed the $15 million purchase of 3.3 acres at 550 North Quadrille Boulevard. The companies acquired the land from Paramus, N.J.-based WREC Quadrille, a partnership that includes Vornado Realty Trust. WREC paid $3.2 million for the downtown property in 2005 and at one time had approvals to build a 323-unit condo project.
Bank of America also provided Greene’s companies with a $7.5 million loan for the 550 North Quadrille purchase.
A former U.S. Senate candidate, Greene has focused in recent years on assembling a large portfolio in Palm Beach County. Many of Greene’s purchases have involved distressed properties or sites that were abandoned after the real estate market collapsed. His acquisition spree started in 2011, when a Greene company paid $3.7 million for the historic Palm Beach Post Office building.
The owner of the iconic Miami Tower has added nearly $33 million to an existing loan secured by the 47-story downtown Miami building, The Real Deal has learned.
I&G Miami, short for Income & Growth Miami, received the $92.8 million refinancing from JPMorgan Chase Bank on Monday, according to Miami-Dade County records. The company is managed by Chicago-based LaSalle Income & Growth Fund V. It paid $105.5 million in December 2010 for the 600,000-square-foot tower at 100 Southeast Second Street.
The loan comes due in March 2016.
Designed by I.M. Pei, Miami Tower is known for its colorful LED lighting scheme and is often shown during televised Miami events. It is about to be renamed TotalBank Tower. The bank signed a 60,000-square-foot lease to move its headquarters to the building last fall.
Stephen Ross and Sun Life Stadium
Miami Dolphins owner Stephen Ross has unveiled his revamped proposal for extensive renovations at Sun Life Stadium, with hopes of securing Super Bowl hosting honors the next time the big game is available.
This time, Ross would privately fund the $350 million project and turn the stadium land over to Miami-Dade County in exchange for being exempt from paying property taxes, the Miami Herald reported. The Related Cos. chairman met with county Mayor Carlos Gimenez about two weeks ago to discuss the proposal. The mayor reportedly said he does not want the county’s school board or City of Miami Gardens to have their budgets impacted by the stadium.
Both American Airlines Arena and Marlins Park are on county-owned properties. The Miami Heat and Miami Marlins franchises do not have to pay property taxes.
Ross “wants to be treated like all the other franchise owners from that standpoint,” Dolphins CEO Tom Garfinkel told the Herald.
The Dolphins made an unsuccessful push for publicly funded stadium renovations last year. [Miami Herald] — Eric Kalis
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Soccer legend David Beckham has the backing of Major League Soccer as he pushes to bring a new team to Miami.
MLS commissioner Don Garber confirmed that the league supports Beckham’s efforts to launch an expansion team in South Florida, the Sun-Sentinel reported. Beckham made another visit to the region last week to look at potential stadium locations. He has a $25 million option to buy a new MLS team that expires at the end of 2013.
Beckham’s chances for a Miami-based squad increased after Miami Heat superstar LeBron James acknowledged interest in getting involved as an investor.
South Florida’s previous attempt at MLS was the Fort Lauderdale-based Miami Fusion, which ran out of money and folded in 2001. [Sun-Sentinel] — Eric Kalis
FAU Deerfield Beach research park and Andrew Duffell
Boca Raton-based insurer People’s Trust Insurance Company has signed a lease at the Florida Atlantic University research park in Deerfield Beach.
The 40,000-square-foot building, located at Southwest 10th Street and Interstate 95, has had a hard time gaining tenants compared to its big-sister park in Boca Raton. Credit-reporting firm Experian was the sole tenant there; People’s Trust will begin moving in in December. The insurer will transplant 250 staffers from its 19,000-square-foot space on Broken Sound Parkway.
“This is a very welcome kick-start,” Andrew Duffell, head of an authority at Florida Atlantic University that runs both research parks, told the Sun-Sentinel. “This is going to help us go after more companies. We’ll be able to use this as a shining example and show them how it’s done.”
The 310,000-square-foot Research and Development Park in Boca Raton, founded in 1995, reached 80 percent occupancy in July, as previously reported. [Sun-Sentinel] — Mark Maurer