Just months after a publicly traded pharmaceutical company shifted its focus to cryptocurrency, it is now trading the West Coast for the East Coast.

Stablecoin Development Corp. terminated its lease in California and relocated its headquarters to West Palm Beach, according to the company’s second-quarter financial results filed with the Securities and Exchange Commission.

The company moved in an effort to save on costs, Stablecoin said in its filings.

The company is now located in Suite 800 at 222 Lakeview Ave., according to the filing. An Industrious coworking location occupies the floor.

Related Ross, JZ Capital Partners and Greenmont Group own the 17-story, 256K SF office building, dubbed Esperanté Corporate Center. The landlords refinanced the building with $145M from Hudson Bay Capital Management in March.

Stablecoin Development rebranded in March from NovaBay Pharmaceuticals, a former developer of eyecare, skincare and wound care products, to pursue cryptocurrency. As of the end of July, the company said it held nearly $2.3B in Sky tokens, which is about 10% of the asset’s market share.

CONSTRUCTION AND DEVELOPMENT

Billionaire Miami Dolphins owner Stephen Ross is joining the Live Local Act club.

Related Ross, led by Ross, proposed a 191-unit, eight-story building on a 1.7-acre site at 209 N. Sapodilla Ave. in West Palm Beach. Units would be restricted to households making between 30% and 80% of the area median income, The Real Deal reported.

That is far deeper affordability than state law requires. Live Local provides tax incentives and requires local approval for residential projects that dedicate at least 40% of their units to residents who make between 80% and 120% of the area median income.

The new plans are an expansion from the seven-story, 164-unit project the developer proposed in February.

PEOPLE

Vast Coworking Group appointed two new executives, just a few months after the company was acquired by New State Capital Partners, according to a release.

Vast hired Chris Baszto as chief marketing officer and Ozlem Soyturk as chief financial officer.

Baszto was founder and principal of Pipeline and Purpose, where he worked for just more than a year. Before that, he worked as head of marketing for Industrious. He has also worked in marketing for Papa John’s and Massage Envy.

In his new role, he will oversee the company’s marketing strategy, brand development, demand generation, digital marketing, customer acquisition and franchise marketing.

Soyturk was formerly chief financial officer of Endeavor Schools. She will oversee the company’s financial strategy, planning and analysis, investments and long-term growth.

FINANCING

The Richman Group landed loans totaling $225M from a pair of insurers for three Florida apartment communities, according to a release.

New York Life Investment Management provided a $107M loan for the 395-unit The Marc in Palm Beach Gardens and a $72.5M loan for a 320-unit multifamily community in Naples called Everly. Reinsurance Group of America provided the third loan, which totaled $45.5M, for the eight-story, 226-unit Vista Sur in South Miami.

Affiliated Development landed a $74M construction loan from Pacific Life Insurance Co. for The Cove in Fort Lauderdale, according to a release.

Construction on the 376-unit, eight-story project at 1055 N. Federal Highway is expected to start immediately. Affiliated is building the project under Florida’s Live Local Act. The project dedicates 55% of the building, or 207 units, to families making no more than 120% of the AMI.

On top of Live Local incentives, Fort Lauderdale awarded the project a 100% property tax rebate for a period of 15 years, not to exceed $8.8M. Broward County also awarded a 50% property tax rebate for 30 years, not to exceed $5.5M.

SALES

An entity tracing to Willow Bridge Property Co. purchased a 2.4-acre lot in Fort Lauderdale from an affiliate of Procacci Development Corp. for $24.6M, according to property records provided by Vizzda.

Willow financed the deal with a $14.5M mortgage from Reinsurance Group of America that matures in 2029.

The land at 1040 Bayview Drive has proposals for a 259-unit residential development with 8K SF of commercial space in an eight-story building.

An affiliate of Kimco Realty Corp. purchased two grocery-anchored shopping centers in Broward County from an entity tracing to KPR Centers for a total of $109M, according to property records provided by Vizzda.

Kimco bought the 254K SF Pompano Marketplace, made up of two buildings built in 1991 and 2018, for $53M. It paid roughly $56M for Sunshine Plaza at 4017-4299 W. Commercial Blvd. in Tamarc. A small-format Walmart anchors Pompano Marketplace, while Publix is the anchor for Sunshine Plaza.

CIP Real Estate spent $99M to purchase the 337K SF Lyons Business Park in Coconut Creek, according to property records provided by Vizzda.

CIP bought the industrial park from Industrial Development Co. with a new $66.9M mortgage from BMO Bank that matures in 2029.

The property at 6601 Lyons Road cosists of 10 buildings built in 1989, 1990, 1995 and 1998.

An affiliate of Baywood Hotels sold the 127-key Hampton Inn Miami Airport East to an entity led by Jayeshkumar “Jay” Patel of Sage Development Group, according to property records provided by Vizzda.

The buyer funded the deal with $16.2M of debt from SouthState Bank. The five-story hotel at 3449 NW 42nd Ave. was built in 2017.

An affiliate of Kamson Corp. purchased the Ponte Verde Condominium in West Palm Beach from an entity tracing to Condominium Advisory Group, according to property records provided by Vizzda.

Kamson landed a $70M loan from Prospect Ridge to purchase the 23 two-story buildings with 400 units at 1401 Village Blvd. for $90.5M. The property was developed in 1990.

Mana Common, led by Moishe Mana, purchased the historic Old U.S. Post Office building in Downtown Miami for $20.3M, according to a release.

Colliers’ Mika Mattingly, Bradley Arendt and Cecilia Estevez represented Mana Common, and Alfredo Riascos and Mateo Romero of Gridline Properties represented the seller, Daniel Peña’s Stambul.

The acquisition includes the five-story building at 100 NE First Ave., three blocks west of Bayfront Park, and an adjacent 15K SF vacant lot.

The 35K SF building has been converted into an entertainment complex with bars, breweries, cafés and restaurants.