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August 09.2025

2 Minutes Read

Acre's $72 Million Refinancing: What This Means for Miami Homeowners

Acre scores $72M refi for Miami waterfront multifamily project

Acre Scores $72 Million Refinance for Miami Waterfront Project

Acre, an Atlanta-based multifamily-focused private equity firm, recently secured $72 million in refinancing for their waterfront project, Adela at MiMo Bay, located in Miami’s historic MiMo district. This substantial loan, provided by Nuveen Real Estate, will support improvements to the 236-unit apartment building at 6445 Northeast Seventh Avenue, which offers a range of living spaces including studios, one, two, and three-bedroom apartments with rental prices ranging from $2,300 to over $4,000 per month.

The Significance of Waterfront Developments in Miami

The waterfront property holds a unique position in Miami's real estate landscape, known for attracting residents who are drawn to scenic views of Biscayne Bay and easy access to urban amenities. The $72 million funding aims not only to enhance the current structure but also to prepare for the addition of 14 new units, demonstrating the ongoing demand for quality housing in desirable locations.

Future Trends: How the Miami Real Estate Market is Shaping Up

The refinancing of Adela at MiMo Bay is part of a larger trend reflecting confidence in the Miami real estate market, which has shown resilience even amidst economic fluctuations. Acre's plans to develop Adela II, a six-story building with 337 additional apartments, indicates an optimistic outlook on the housing market's potential for growth.

Community Impact: Affordable Housing Initiatives

Acre has also committed to making housing accessible by designating 20 units in synergy with the area’s median income levels. This strategic decision addresses the pressing need for affordable housing in Miami-Dade County, where the area median income (AMI) for a one-person household is set at $86,800. Such measures are essential for fostering community diversity and inclusivity.

Conclusion: Why This Matters for Florida Homeowners

The refinancing of Adela at MiMo Bay not only reflects successful investment strategies by Acre but also symbolizes the evolving nature of real estate in Miami—a city where coastal living continues to be highly coveted. Florida homeowners should remain attuned to these developments as they can impact property values and community dynamics in their neighborhoods.

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08.09.2025

Paul Cejas Residential Project on Lincoln Road: A New Housing Vision

Update Paul Cejas Plans Major Apartment Development on Lincoln Road In a significant development slated for the vibrant Lincoln Road area, Paul Cejas, chair of PLC Investments and former ambassador to Belgium, is moving forward with a substantial apartment project. Located at 1600 Washington Avenue and 1601 Drexel Avenue in Miami Beach, the project proposes a 15-story multifamily development comprised of 210 residential units alongside retail space. Details of the Planned Development The ambitious project, known as 420 Lincoln Rd Development LLC, aims to transform a 1.6-acre site by replacing the existing 15,340-square-foot commercial building. In total, it will encompass 217,000 square feet, including 7,000 square feet reserved for retail. The design features a variety of apartment layouts: 36 studios, 144 one-bedroom units, and 30 two-bedroom units, with unit sizes ranging from 560 to 1,100 square feet. Community Impact and Local Support Local attorney Neisen Kadsin, who represents the project, emphasized the community's necessity for market-rate housing rather than luxury condos. He stated, “It’s a realistic project that could be developed in a relatively short period of time for a much-needed market-rate rental product that will be affordable for many of the people who work there.” This sentiment is echoed by members of the community who have recognized the urgent demand for affordable housing in the area. Next Steps for Approval Before breaking ground, the project must navigate through local regulatory processes. It requires two votes of approval from the City Commission and a review from the Historic Preservation Board for the site plan. Cejas, who acquired the majority of the Lincoln Road block for $14.5 million in 1997, has a vision to meet pressing housing needs in Miami Beach while also enhancing the local economy through new retail opportunities. Looking Ahead The project represents a potential shift in the availability of housing options in Miami Beach, which has been grappling with rising housing costs. Developers and city officials alike are now looking at how such developments can help alleviate the pressing housing crisis faced by many residents. With the dual focus of providing rental housing and retail spaces, Cejas’ Lincoln Road project seems poised to play a crucial role. This development could usher in much-needed housing for working-class residents while also revitalizing a key area of Miami Beach. As discussions continue in the community and with city officials, it will be crucial for stakeholders to remain engaged to ensure that the project's impacts are beneficial for both residents and local economies.

08.08.2025

Why Sonny Kahn's $28M Purchase in Manalapan Signals Luxury Demand

Update Developer Sonny Kahn Expands Real Estate Footprint with Major PurchaseIn a significant move within South Florida's luxury real estate market, developer Sonny Kahn and his wife, Suzanne, have purchased a stunning oceanfront estate in Manalapan for $28 million. This acquisition follows the couple's recent sale of their Miami Beach mansion for an impressive $105 million earlier this summer. The Kahn family's growing portfolio demonstrates the ongoing allure of coastal properties in Florida.Luxurious Features of the Manalapan EstateThe newly acquired Manalapan estate spans 1.6 acres and boasts a wealth of luxurious amenities. Built in 1997, this sprawling 18,000-square-foot residence includes seven bedrooms and eight bathrooms, alongside three half-bathrooms. Notably, the property features a tennis court, a boat dock, and an oceanfront pool with a spa, perfect for those seeking both relaxation and recreation. Originally listed for nearly $40 million in February 2024, the estate reflects the high stakes and competitive environment of the high-end real estate market.The Real Estate Landscape in ManalapanManalapan, a wealthy enclave just south of Palm Beach, continues to attract attention from affluent buyers. As the demand for luxurious waterfront properties grows, prices in this exclusive community are progressively rising. One of the most significant listings in the region includes an estate priced at a staggering $285 million—a figure that could break records for home sales in the state of Florida. The sale of Kahn's new property may have set the stage for even more remarkable transactions in the coming years.Key Figures in Florida's Real Estate MarketSonny Kahn is a prominent figure in the Miami-based development firm Crescent Heights, which is known for its projects across major U.S. cities, including New York and Chicago. Alongside Kahn, Russell Galbut and Bruce Menin are other key leaders driving Crescent Heights' ambitious real estate ventures. Their influence on the market highlights a trend where experienced developers are stepping up investments in coastal areas, aiming to capitalize on continued demand.A Bright Future for Florida Real EstateAs real estate prices continue to soar, buyers like Sonny Kahn are making bold moves that signify both confidence in the market and a desire to secure lavish properties. This recent transaction underscores the ongoing trend of high-value purchases in Florida, emphasizing the unique appeal of oceanfront estates for luxury seekers. Florida homeowners and potential buyers should watch closely as this market evolves, presenting opportunities and challenges.

08.08.2025

Reviving Housing Solutions: Lennar's Plan for 7,800 Homes Outside Miami-Dade

Update Major Development Proposal for City Park Outside Miami-DadeIn a bold move to tackle South Florida's housing crisis, Lennar Corporation and its partners have revived a significant proposal for the City Park megaproject, encompassing 7,800 new homes along with 1.4 million square feet of commercial space on a substantial 960-acre tract just outside Miami-Dade County's Urban Development Boundary (UDB). This ambitious plan aims to not only increase the housing stock but also provide much-needed commercial infrastructure in the region.The Challenge of UDB ExpansionsHistorically, the oversight of developments extending beyond the UDB has faced stiff opposition. Environmental advocates voice concerns that expanding the UDB threatens vital ecosystems, including wetlands and farmland crucial for agricultural sustainability. Such sentiments emphasize the growing conflict between development needs and environmental preservation, particularly as urban areas continue to grapple with housing shortages. The City Park project must navigate complex regulatory hurdles, including obtaining a super-majority vote from county commissioners—a process that can prolong project timelines, with estimates suggesting final approvals may not arrive until late 2026 or early 2027.Changes in Market Conditions Affecting Housing DevelopmentThe decision to reignite the City Park proposal comes in the wake of a renewed urgency for housing solutions in South Florida. Ed Easton, a partner in the project, reflected on the previous hiatus saying, "We decided it was not a good time to pursue this project back in 2022 due to a softer housing market." However, shifting market conditions and persistent demand have prompted a reassessment, revealing an increase in need for affordable and accessible homes.What This Means for Local FamiliesFor homeowners and prospective buyers in Florida, the City Park megaproject represents both an opportunity and a concern. On one hand, it could offer a range of housing options and commercial amenities, potentially enhancing property values and lifestyle. On the other, there is a palpable fear regarding the potential environmental impact and the implications of increased traffic and urban sprawl on local communities.Conclusion: A Critical WatchpointAs stakeholders prepare for a lengthy approval process, the outcome of the City Park development will be a pivotal moment for both Miami-Dade County and residents. It serves as a microcosm of larger battles in suburban development, housing needs, and environmental conservation—a balancing act that will shape South Florida's future for generations to come. For homeowners invested in Florida's evolving landscape, staying informed about developments like City Park will be crucial as they could directly influence local living conditions.

Acre's $72 Million Refinancing: What This Means for Miami Homeowners

Acre Scores $72 Million Refinance for Miami Waterfront Project

The Significance of Waterfront Developments in Miami

Future Trends: How the Miami Real Estate Market is Shaping Up

Community Impact: Affordable Housing Initiatives

Conclusion: Why This Matters for Florida Homeowners

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