This Week's South Florida Deal Sheet: Loan Secured For Rishi Kapoor’s Former Miami Beach Property
Two entities, Pakman Miami Beach LLC and Pakman Intracoastal LLC, secured a $21.5M cross-collateralized loan from Altamar Financial Group to acquire two properties, according to a release.
The cross-collateralized loan, which matures in January 2027, covers a Miami Beach property formerly owned by Rishi Kapoor and the Marina Mar property at 3100 E. Oakland Park Blvd. in Fort Lauderdale, which Pakman Intracoastal LLC purchased in 2023 for $21M, The Real Deal reported.
The Miami Beach property at 1234 and 1260 Washington Ave. was purchased from Kapoor’s former Urbin Miami Beach Owner LLC entity for $17.5M, part of a court-ordered sale overseen by Securities and Exchange Commission appointee Bernice Lee.
Kapoor, the former CEO of Location Ventures, recently settled allegations of a $93M fraud with the SEC tied to his companies and connected entities.
Pakman Miami Beach, led by Prakash Patel, Andrew Beachler and Bradley Williams, plans to redevelop the 0.77-acre site.
In 2020, Kapoor had proposed a redevelopment that included a six-story building with 49 residential units, 56 hotel rooms and retail space, according to Vizzda records. However, those plans were abandoned due to a series of lawsuits.
The loan transaction was arranged by Wilson Alers of Dwntwn Realty Advisors.
FINANCING
A joint venture between Related Group and 13th Floor Investments secured $58M in acquisition financing to purchase the 285-unit Arium Lincoln Pointe property in Aventura, Commercial Observer reported.
The loan was originated by Madison Realty Capital. The property at 17900 NE 31st Court was purchased from RMR Group, which acquired it in 2023. The garden-style community, built in 1991, includes one- and two-bedroom units with a pool, waterfront sun deck, game room and fitness center.
SALES
Los Angeles-based Ares Management sold its Wellington Bay senior living facility to AEW Capital Management for $100M, according to records provided by Vizzda.
The 424-unit retirement community, built in 2022 at 2590 Wellington Bay Drive, sold to Boston-based AEW with the assumption of $81.7M in debt from Capital One.
The 36.1-acre site totals 750K SF and holds 15 residential buildings and villas, with three one-story garages, a one-story clubhouse, a one-story guardhouse and a pool. A new residential building that would feature an additional 38 units and a 20K SF wellness clinic are also proposed, according to Vizzda.
***
An entity linked to River Oak Properties purchased a restaurant named Catch in Miami Beach’s South of Fifth neighborhood for $28.2M, according to a release.
The 23K SF property at 200 South Pointe Drive was last purchased by Los Angeles-based Black Lion for $11.5M in 2022. The two-story building, built in 2014, neighbors the Continuum South Beach condo complex and The Hills at South Pointe Park on the edge of the water.
The restaurant began as a standalone in New York City’s Meatpacking District in 2011. It opened in Miami last summer with indoor-outdoor rooftop dining designed by Rockwell Group.
JLL Capital Markets’ Alex Sharrin and Jeffrey Cicurel represented seller Black Lion in the transaction. Pegasus Investments' David Chasin and Daylin Ackerman represented River Oak Properties.
***
7th Avenue Rental Apartments LLC, led by Joseph Maiuro, sold its Cresthaven Apartments to Cresthaven Villas LLC, an entity linked to James Caserta, for $14M, according to property records provided by Vizzda.
The 3.5-acre property at 2920-2961 and 3031-3231 NE Seventh Ave. in Pompano Beach holds 62 multifamily units across 19 buildings built between 1966 and 1967.
Daniel Cunningham, Evan Richardson, Dillon Majeski, River Rhoads and Cory Sanchez of Marcus & Millichap’s Fort Lauderdale office represented the seller.
***
Accesso Partners purchased the Sawgrass Lake Center, a 239K SF office building in Sunrise, for $36.5M, nearly $21M less than its 2018 purchase price of $57.4M, the South Florida Business Journal reported.
Accesso financed the acquisition with a $21M loan from Kawa Capital, which matures in June 2026, according to Vizzda records.
The property at 13450 W. Sunrise Blvd. includes a six-story building built in 2001 on almost 7 acres. It also includes a five-level parking garage, a fitness center and a tenant lounge. CBRE’s Christian Lee and team represented seller Foundry Commercial.
LEASES
Peruvian-inspired restaurant La Mar by Gastón Acurio is relocating from the Mandarin Oriental Brickell Key, owned by Swire Properties, to commercial space at the base of La Mare Hotel and Residences development, according to a release.
The restaurant will be in 10K SF at 1451 S. Miami Ave. in Brickell. The deal was handled by Comras Co.’s Jeff Evans and Michael Silverman.
***
Codina Partners has leased an entire wing of its Downtown Doral retail expansion to the University of Miami Health System, according to a press release.
UHealth will occupy 11K SF at the intersection of Northwest 87th Avenue and Northwest 53rd Terrace, now designated as UHealth Way. This lease is part of a 25K SF retail expansion in the 250-acre mixed-use community developed by Codina Partners.
The new wing is set to break ground in the first quarter and is slated for completion in early 2026. It will feature specialized services, including physical therapy and eye care provided by the Bascom Palmer Eye Institute.
PEOPLE
Cushman & Wakefield has named Kenneth Krasnow as its new vice chair, based in the firm's Boca Raton office.
Krasnow will specialize in providing advisory services to local public sector entities and higher education institutions.
His career began in 1987 at Cushman & Wakefield’s New York City office, and he spent 20 years with the firm. Krasnow also worked at CBRE and most recently served as vice chairman at Colliers, where he worked for 10 years, leading the international institutional investor services platform in Florida.
THIS AND THAT
Charleston-based restaurant Rodney Scott’s Whole Hog BBQ is opening its doors in 4K SF in Miami’s Little River neighborhood, according to a release.
The restaurant at 7100 N. Miami Ave. was once an automotive repair warehouse built in 1958. Benjamin Weprin’s AJ Capital Partners purchased the property for $2.4M in 2021, according to Vizzda.
The restaurant will be led by James Beard award-winning pitmaster Rodney Scott.
The restaurant has locations in Alabama, South Carolina and Georgia, according to its website.
