bayshore-grove-capital

Vivian Dimond’s fund acquires oceanfront Manalapan estate previously asking $88M

Fri, 02 Aug 2024 15:19:40 GMT

Lender paid $21.5M for the then-unfinished megamansion in December

A fund led by developer and investor Vivian Dimond acquired an oceanfront estate in Manalapan that was once asking as much as $87.5 million, The Real Deal has learned.

Bayshore Grove Capital bought the entity that owns the recently completed megamansion at 1460 South Ocean Boulevard, Dimond said. The 1.5-acre property recently secured its temporary certificate of occupancy, she said.

Dimond declined to disclose her plans for the property or the price Bayshore paid for the home. The purchase has not yet been recorded.

Records show Edward London’s London Financial South Ocean LLC paid $21.5 million for the then-unfinished home in December. Key Biscayne-based London Financial foreclosed on the home from a Nigerian oil mogul, Onajite Okoloko.

The general contractor that built the house is Coastal Homes of South Florida, led by Chairman and CEO Tom Murphy. Okoloko planned a 25,600-square-foot spec mansion with six bedrooms, eight bathrooms, three half-bathrooms and a tennis court at the ocean-to-lake estate.

Pascal Liguori of Premier Estate Properties previously had the listing, asking $87.5 million last year.

London Financial and Liguori did not respond to requests for comment.

Manalapan holds the record for the most expensive residential sale in Florida. In 2022, Larry Ellison, the billionaire co-founder of Oracle, paid $173 million for the 16-acre Manalapan estate at 2000 South Ocean Boulevard. Billionaire Netscape co-founder Jim Clark sold the compound, which includes 1,200 feet on the Atlantic Ocean and 1,300 feet along Lake Worth.

In April, WeatherTech founder David MacNeil paid $38.5 million for the oceanfront mansion at 1120 South Ocean Boulevard in Manalapan. And a month earlier, the town’s former mayor, Stewart Satter, bought a 4-acre teardown for $27.5 million.

Evacuated Surfside Condos Slated To Be Replaced With 10-Story Luxury Project

Fri, 19 Jan 2024 17:00:31 GMT

A Miami developer is moving ahead on a luxury beachfront condo project in Surfside that was first proposed more than a year ago.

Multiplan Real Estate Asset Management closed on a $64M cash acquisition of the 0.9-acre oceanfront site where it plans to replace a dilapidated condo building with a 10-story tower consisting of 25 for-sale apartments, the firm announced.

Multiplan, led by Brazilian developer Joe Issac Peres, acquired the property at 9309 and 9317 Collins Ave. from an entity controlled by Vivian Dimond, founder of Bayshore Grove Capital and a broker at Brown Harris Stevens Miami.

Dimond had spent $36M between 2020 and 2022 to acquire the property and its condos, which had been the subject of a voluntary evacuation order in July 2021 “following the recognition of unsafe conditions,” The Real Deal reported at the time.

Phil Gutman, owner of the real estate firm Pgutman LLC and former president at BHS, represented Multiplan in the deal.

A 12-story tower with 27 units was previously approved for the site in 2022. The developer declined to give details about whether its current plans differ significantly from the original proposal.

The proposal submitted in 2022, drawn up by design firm Arquitectonica, included two or three units per floor with balconies wrapping around the building’s perimeter.

The proposal envisioned a basement parking deck with 70 spaces above a ground-floor lobby that featured an outdoor area with a lounge, two reflecting ponds and a spa. A second-floor fitness center and resistance pool, along with a rooftop pool deck, were also included.

Marcelo Kingston, executive managing partner of Multiplan, said in a statement that the firm’s plans underscored “the escalating demand for additional high-end residential development in Surfside.”

The average condo sale price across Miami Beach was $1.2M in the fourth quarter, up 8.8% from last year and 6.6% quarter-over-quarter, according to data from Douglas Elliman.

The average price per SF was $904, up less than a percentage point through the year, and the 661 sales in the fourth quarter represented a 16% decline from last year, suggesting buyers are purchasing larger units today.

Kushner Cos. earlier this month won approval for a luxury apartment building at 9300 Collins Ave., across the street from the Multiplan site.

The New York-based developer is planning a three-story project with 87 units and a 1,185 SF synagogue. The inclusion of the house of worship was necessary for Kushner to designate the project as mixed-use, which the developer needed to build a 184-space underground parking garage on the site.

Dubai-based developer Damac International is also moving ahead on a contentious plan to build a 12-story condo development a mile away from Muliplan's project, at the site of the 2021 Champlain Tower South collapse that killed 98 people.

The plan to build 52 condos met with pushback from many of the victims’ family members, who had hoped to build a memorial on the site. After a drawn-out battle, local officials approved the development in September.

Dimond and her partner at BHS, Jeff Cohen, represented Damac in the purchase of the land.

Multiplan pays $64M for oceanfront Surfside dev site

Thu, 18 Jan 2024 17:12:59 GMT

Vivian Dimond-led entity sold the Regent Palace condo site after completing bulk buyout

Brazilian developer Jose Isaac Peres’ firm bought an oceanfront site in Surfside for $64 million, following a complicated condo buyout and termination.

Multiplan Real Estate Asset Management acquired the site at 9309 and 9317 Collins Avenue from R Palace, an entity led by Vivian Dimond. Dimond, principal at Bayshore Grove Capital and broker at Brown Harris Stevens Miami, has been involved in other complex condo buyout deals.

The developer plans a 12-story luxury condo building on the 0.9-acre site. Bernardo Fort-Brescia’s Arquitectonica and Arquitectonica Geo, the landscaping firm, are designing the project. Sales are expected to launch by the end of the year, said Marcelo Kingston, executive managing partner of Multiplan.

The developer hasn’t decided yet if it will work with a brand on the “small-scale, very exclusive” project. It received approval for about 27 condos but will likely build fewer units.

Multiplan’s completed developments include 57 Ocean, Ocean Park South Beach and Il Villaggio, all in Miami Beach.

Kingston said Surfside’s code restrictions that limit the scale of new developments have contributed to the town becoming a destination for developers. The most successful project is likely the Four Seasons Hotel and Residences at The Surf Club, a Fort Partners project where resales surpassed nearly $6,000 per square foot.

Across the street from Multiplan’s site, on the non-waterfront side of Collins Avenue, Kushner Companies recently secured approval for a nearly 90-unit residential project that’s expected to be luxury rentals at 9300 Collins Avenue.

Broker Phil Gutman represented Multiplan in the cash purchase of the Surfside property, which has been in the works since 2022. Gutman said he will work with the developer on sales of the new project.

Dimond’s entity spent more than $35 million acquiring all the units of the Regent Palace Condominium and the land underneath the two existing buildings.

“[Dimond] had worked on the assemblage, and we came in as the capital sponsor,” Kingston said.

In its application to the town of Surfside submitted two years ago, Multiplan said the Regent Palace’s condition could only be described as “dire.” Residents evacuated after the June 2021 collapse of Champlain Towers South, farther south, where nearly 100 people died. Regent Palace, home to 34 units, was built in 1951.

Kingston said the “battle” of acquiring the land was the first phase. Phase two is more exciting and fun, he said.

“We still see the market [is] strong, not only Surfside but for premium high-end luxury product,” he said.

Because of the lack of available oceanfront land, South Florida developers are increasingly looking at acquiring older properties. Those buyout deals have become more challenging following the condo collapse, which resulted in new condo safety legislation statewide. Rising insurance premiums and the cost of required repairs are pushing more owners in older buildings to sell.

Dimond represented the buyer, Dubai developer Damac Properties, in the court-ordered $120 million sale of the collapse site at 8777 Collins Avenue in 2022. Damac plans to build a luxury condo building on the property, which will be adjacent to a memorial for the victims of the tragedy.

Vivian Dimond plans nearly 900-unit workforce housing project near Allapattah

Mon, 11 Dec 2023 17:18:10 GMT

$175M development calls for two 15-story buildings designed by Arquitectonica, next to Metrorail station

Developer and investor Vivian Dimond took over a land lease near Allapattah where she plans a nearly 900-unit workforce housing project, The Real Deal has learned.

Dimond , a principal at the Coconut Grove-based private equity firm Bayshore Grove Capital, said the project will cost an estimated $175 million to develop. It’s expected to include two 15-story buildings constructed next to the Earlington Metrorail Station at 2100 Northwest 41st Street in Miami’s Model City, on the northern border of Allapattah.

Dimond’s Earlington Metro LLC paid $9 million to acquire the 99-year land lease from EH Development, led by Alain Lantigua, in August, records show. EH Development signed the lease with Saint James Community Development Corp. in 2020. Miami-Dade County owns the 7-acre property.

Arquitectonica is designing the project, which will include 856 apartments ranging from studios to three-bedroom units, as well as about 35,000 square feet of retail space, according to a press release.

Dimond, who is also the broker at Brown Harris Stevens Miami, said it will take about a year and a half for the plans and permits to be ready to begin construction. Construction will be staggered so that one tower is completed ahead of the other. The workforce housing development will not restrict rents based on area median income, unlike affordable housing.

Model City and Allapattah are west of I-95, Wynwood and the Miami Design District.

Developer Lissette Calderon has a handful of apartment buildings in the pipeline in Allapattah. Last year she secured a $57.5 million construction loan from Churchill Real Estate for her latest development in the neighborhood. Fourteen Residences Allapattah, a two-building complex with 237 units, is under construction on the site at 1470 Northwest 36th Street.

Other investors in Allapattah include Moishe Mana, Jorge Pérez of Related Group and 1111 Lincoln Road developer Robert Wennett. In 2019, the city of Miami approved Wennett’s plan to build a 1.4 million-square-foot mixed-use development that could include 2,400 co-living units and 637 traditional residential units, or 1,237 traditional apartments, on the site of the Miami Produce Center.

Dimond’s other projects include Le Parc at Lauderhill , a planned 330-unit apartment complex in Lauderhill. Last year, the Lauderhill City Commission approved a larger tax break for the project to offset the increased cost of construction.

Brazilian billionaire proposes oceanfront condos in Surfside

Mon, 22 Aug 2022 16:22:15 GMT

Developer plans to replace 34-unit complex with 12-story, 27-unit tower

Multiplan Real Estate Asset Management is seeking approval of an oceanfront condo building in Surfside that would replace older buildings that are in “dire” condition.

Multiplan, led by Brazilian billionaire José Isaac Peres, plans to build 93 Ocean, a 12-story, 27-unit project at 9309 and 9317 Collins Avenue, according to documents filed with the city. The town’s planning and zoning board will vote on site plan approval for the project at its Thursday meeting.

R Palace Surfside LLC, managed by developer Vivian Dimond , bought out all the units at the development site, home to the existing 34-unit Regent Palace condominium complex, built in 1951. R Palace Surfside spent about $36 million acquiring the units and the land underneath the buildings between 2020 and August of this year, records show.

Multiplan commissioned a traffic study for the site. The developer provided R Palace Surfside with a $25 million purchase money mortgage in late July, according to records.

Multiplan declined to comment, and Dimond did not respond to a request for comment. Broker Phil Gutman of PGutman LLC is involved in the deal, according to a source.

In its letter of intent, the developer said that the property’s condition “can only be described as ‘dire’” and that a voluntary evacuation order was issued for the two buildings “following the recognition of unsafe conditions” in July 2021. The Champlain Towers South condo building collapsed June 23 of last year, killing 98 people.

A number of coastal properties were deemed unsafe following the tragedy. Though developers have long targeted bulk buyouts and terminations of older condo buildings, the trend has accelerated in popularity since the collapse. The high cost of repairs to older buildings is contributing to the movement.

The developer hired Arquitectonica and ArquitectonicaGeo to design the new 93 Ocean building and its landscaping, respectively. The proposed design includes a rooftop pool deck.

Multiplan has built projects in Miami Beach. The company recently completed 57 Ocean , an oceanfront luxury condo where a penthouse sold for $37 million , and is also building Ocean Park , a boutique condo project on Ocean Drive in Miami Beach, that is expected to be completed next summer.

Surfside, a small town north of Miami Beach, has experienced a boom in development in recent years. Fort Partners is moving forward with additional projects near its Four Seasons-branded Surf Club project at 9011 Collins Avenue, where Miami Heat President Pat Riley and his wife Christine sold their unit earlier this year for a record $5,800 per square foot .

On the site of the condo collapse at 8777 Collins Avenue, Dubai-based developer Damac Properties plans to build a Cavalli-branded luxury condo building.

Dimond, who is a broker with Brown Harris Stevens Miami, and her partner Jeff Cohen represented Damac in its purchase of the land.

Lauderhill fattens tax break for Le Parc, Vivian Dimond’s planned 330-unit multifamily development

Thu, 14 Jul 2022 15:32:20 GMT

Lauderhill commissioners increased the property tax break for the project to offset higher construction costs

Developer and broker Vivian Dimond won a bigger tax break to offset the increased cost of building Le Parc at Lauderhill, a planned 330-unit apartment development.

The Lauderhill City Commission this week increased the maximum amount of property tax abatement over 10 years on the 9.9-acre Le Parc development to $9.1 million from $6.3 million.

Dimond , broker and principal of Miami-based Brown Harris Stevens , proposed the fatter tax break to offset a 38 percent increase in the total estimated cost of the Le Parc development, to $72 million from an initial estimate of $52 million.

In 2019, a company controlled by Dimond entered a development agreement with Lauderhill to build Le Parc at Lauderhill. Diamond told The Real Deal on Wednesday that construction hasn’t started yet because she is seeking a $70 million construction loan from the U.S. Department of Housing and Urban Development and the application process has taken longer than expected.

Police officers, health care workers, and teachers are among the types of tenants Le Parc is likely to attract with “affordable, workforce” rents, Dimond said. Le Parc at Lauderhill is designed with 144 garden-style apartments and 186 mid-rise apartments, which will have an overall average size of about 900 square feet. The development will include a daycare center that measures about 2,800 square feet.

Under a revised development agreement with the city that commissioners approved Monday, Dimond must start building Le Parc by the end of the first quarter of 2023 and complete construction in two years — or forfeit part of the project’s property tax break.

Among other clawback provisions, failure to start construction before the end of the third quarter of 2023 could nullify all development incentives for Le Parc, including property tax abatement and waivers of building permit fees and city impact fees.

The Le Parc development site along State Road 7 between Northwest 15 Street and Northwest 13 Street is just north of the Lauderhill Performing Arts Center and within the local community redevelopment agency’s Arts and Entertainment District. Dimond said she bought the land from a bank for $3.7 million in 2015.

She told commissioners Monday night that she has refused multiple purchase offers for the Le Parc site, which may not be her last development in Lauderhill. “We get offers all the time on this land, and I say ‘No, I’m going to build this project, I’m going to stay in the city,”’ Dimond told commissioners. “This is not about just one project. I hope we will be here for a long time.”

Last month, the Lauderhill City Commission advanced a planned 245-unit multifamily development called Arthouse 441 in a commercial zone near the Le Parc site. The commission granted a special exception use development order that allows the construction of residential units on the Arthouse 441 site along State Road 7, also known as U.S. 441.

The Arthouse 441 project is pending negotiations between the development team and the city on property tax abatement for the property. The development team includes Las Vegas-based Schulman Properties and Hollywood-based developer Matthew Jacocks, who has a contract to acquire the development site on the west side of State Road 7 between Northwest 21 Street and Northwest 19 Street.

Vivian Dimond sells Hollywood apartments for $103M

Thu, 23 Dec 2021 16:35:27 GMT

The sale culminated a four-year turnaround of a property originally developed as a condo called H3 Hollywood

Broker, investor, and developer Vivian Dimond closed this week on her $102.5 million sale of Hollywood East, a 247-unit apartment building she acquired four years ago as a distressed asset and turned around, The Real Deal has learned.

New York-based GMF Capital bought the 15-story building at 2165 Van Buren Street in Hollywood for about $413,000 per apartment, in an off-market deal.

“It was never on the market, actually, but offers kept coming in,” Dimond told TRD.

Aaron Jungreis, founder of New York-based Rosewood Realty Group, brokered the deal, representing both GMF Capital and the seller, Hollywood East LLC, controlled by an investor group led by Dimond.

Jungreis said he started trying to broker the sale of Hollywood East about a year ago.

“I’ve been working on it for almost a year. I finally found the right buyer,” he said. “We’ve done seven deals in Florida this year, almost $500 million. Everybody loves Florida now…. We have another [multifamily] deal closing next week for $77 million in Gainesville.”

Like other South Florida rental properties, Hollywood East has gained from the in-migration of new residents from states with high state income taxes, said Dimond, the Miami-area managing broker of Brown Harris Stevens.

“A very high percentage of the tenants that we have are from either New York or California,” she said. “Some of the apartments, they were renting them sight unseen, which is something we are not used to in Miami.”

Hollywood East had a 96 percent occupancy rate as of Dec. 15. Monthly rents start at $2,060 for apartments with two bedrooms and two bathrooms, or with one bedroom and a den.

Dimond and her investor group took over the partially built development in 2017, and finished building it last year as a rental apartment project.

The original developer marketed the project as a condominium under its old name, H3 Hollywood , then stopped paying subcontractors, which halted construction of the 15-story building at the 13th floor.

LB Construction of South Florida, the project’s original general contractor, submitted the winning bid for the project’s assets at a foreclosure auction in April 2017. The general contractor made a successful “credit bid” that was $250,000 more than its $15.8 million court judgment for an unpaid lien against Hollywood Station Investments, the original developer.

LB Construction then transferred ownership of the project’s assets to Dimond and her investor group in exchange for her pledge to pay the invoices of 34 unpaid subcontractors.

Dimond also partially reimbursed people who thought they were buying condos at H3 Hollywood and made deposits on 150 units totaling nearly $20 million. Pre-construction prices started at $250,000 per unit.

To make construction financing easier to obtain, she and her investors paid off a first mortgage on the property that had an unpaid balance of $7.3 million.

The $102.5 million payment for Hollywood East hit her bank account Tuesday morning, Dimond said.

“I came a long way,” she said. “And boy, did I earn it.”

Vivian Dimond, partners acquire Ross-anchored building on Lincoln Road from lender

Tue, 12 Mar 2019 15:59:13 GMT

Buyer financed acquisition with $20M loan from FirstBank

Developer Vivian Dimond and her partners acquired a retail building on Lincoln Road from the property’s lender for about $30 million.

Synovus Bank sold the note at an undisclosed discount to the Dimond’s 230 Lincoln MB Title LLC, she said. Her company also obtained the deed to the property at 230 Lincoln Road and financed the purchase with a $19.6 million mortgage from FirstBank Florida.

The Dimond-led entity bought the $30.6 million note for about $28 million, and paid closing costs, property taxes and other fees, said Jeff Cohen of Brown Harris Stevens, who works with Dimond.

The building is anchored by Ross Dress For Less, which occupies about 60 percent of the building. Ross has about six years left on its lease with four five-year extension options, Cohen said. It’s Ross’ second top performing store in the country, Cohen added.

Ross’ lease generates about $1.4 million in revenue a year, according to marketing materials. The 30,000-square-foot store is on the second and third floors of the building.

The building’s remaining spaces, a 12,000-square-foot retail box on the ground floor and a restaurant shell on the top floor, are available for lease. Diamond said she is in talks with prospective tenants to lease both spaces. The fourth-floor space has 9,400 square feet of indoor dining and about 6,000 square feet of outdoor dining space, but it is a shell that would need to be permitted for a restaurant.

A company led by Bijoux Terner founder Salomon Terner and a company led by investor Simon Karam developed the 51,500-square-foot building on a half-acre lot. It was completed in 2017, according to the property appraiser. It went to auction last year with a starting bid of $12.5 million , according to RE Miami Beach.

No open lawsuits are tied to the property, and Miami-Dade County lists the seller as the Terner and Karam entities. Diamond said the deal closed on March 31. She declined to name her investors, but said it is the same group that invested in a Hollywood apartment development she sold in December, as well as the same group that is buying units at the Bay Park condo tower in Miami’s Edgewater neighborhood.

“[Dimond] was very, very aggressive in her terms and conditions. No one was aggressive enough to come in like she did,” Cohen said regarding the Ross property sale. “We just feel Lincoln Road is making a turnaround. Covid is behind us.”

Lincoln Road, known for its high rents and national operators, has started to see new tenants ink leases and open stores, exhibits and restaurants on the street, following a spate of closures .

Last month, Lighthouse Immersive, which operates the Van Gogh Immersive Exhibit, inked a long-term 23,000-square-foot lease at 420 Lincoln Road , a property owned by Paul Cejas’ PLC Investments. The Cheesecake Factory also signed a 20-year lease, with renewal options, for the 7,000-square-foot corner space at 600 Lincoln Road.

During the pandemic, Showfields, a popular New York City retailer, leased a two-floor, 14,300-square-foot space at 530 Lincoln Road with an indoor/outdoor food and beverage concept, a speakeasy bar, theater, tattoo parlor, piercing stations and more.

Source: https://trd.media/fla/1nQmYv

Arquitectonica-Designed Condo Building Proposed In Surfside

Tue, 12 Mar 2019 15:57:40 GMT

Plans were filed this week with the town of Surfside for a new condo building designed by Arquitectonica, according to the SFBJ

The new building is proposed to rise 12 stories and include:

27 residential units
71 parking spaces

Units sizes are mostly four bedrooms, with a number of two bedrooms also planned.

Amenities will include a rooftop pool, steam room, sauna, and fitness center.

An existing condo building, the 34-unit Regent Palace, would be torn down to make way for the new building. The Regent Palace has been declared unsafe and is vacant, and the new developer has already acquired 32 of the units and terminated a land lease under the building.

R Palace Surfside LLC, managed by Vivian Dimond, is the developing entity. An affiliate of developer Multiplan provided a mortgage on the property. Multiplan is also developing the 57 Ocean project in Miami Beach.

Source: www.thenextmiami.com/arquitectonica-designed-condo-building-proposed-in-surfside/

Unfinished H3 Hollywood scores financing to complete construction as apartments

Tue, 18 Dec 2018 16:37:20 GMT

Construction of 15-story Hollywood project halted in fall of 2016

UPDATED, Dec. 12, 3 p.m.: The new owner of H3 Hollywood, a previously unfinished condo development, just closed on financing to complete the now-luxury apartment building.

Hollywood East LLC, led by broker Vivian Dimond and Cristina Pereyra Alvarez, closed on a $48.65 million construction loan from Trez Forman Capital Group for the unnamed 15-story, 247-unit building at 2165 Van Buren Street in Hollywood, according to a press release.

Dimond and a group of investors took over the project last year, settling with the buyers who had put down deposits at what was then H3 Hollywood , a 154-unit condo project being developed by Hollywood Station Investments. Hollywood Station Investments halted construction in the fall of 2016.

Its general contractor, who won the bid for the project at a foreclosure auction, sold the property in April 2017 to Dimond’s Hollywood East LLC. She said rents are expected to start at about $1,200 a month and the building will have one-, two- and three-bedroom apartments.

Dimond sold Avatar Real Estate Services, a residential real estate brokerage in early 2017 to Brown Harris Stevens and is now a principal and managing broker of Brown Harris Stevens Miami.

Trez Forman’s president and CEO Brett Forman arranged the financing for the Hollywood project, according to the release.

The previous owner built the shell for 13 of the 15 floors. The building will feature a pool deck on the fifth floor, nearly 4,800 square feet of ground-floor retail space and a 433-space parking garage. Kaufman Lynn Construction is expected to complete the building in less than 18 months.

The 1.68-acre property is next to a proposed Brightline station, according to the release. It’s also near Young Circle, where MG3 Development Group is planning Parc Place , a mixed-use project with 433 apartments, retail space and a parking garage.