In 2016, low vacancy rates and high prices stimulated property sales, and all indicators signal this trend will persist, despite a slight Q4 hiccup.
According to newly released market research, Miami’s Class-A market beats Boston’s, DC’s, Long Island’s and Philadelphia’s along the East Coast, trailing only NYC’s hyper-competitive environment in terms of price per square foot.
Further, South Florida’s rent growth prospects are much better than those in DC or New York, which run the risk of oversupply.
South Florida’s relative paucity is creating upward pressure on already record-high Class-A asking rates, and Meridian Capital Group is poised to capitalize on these favorable conditions. We caught up with two of its key people to learn a bit about the local market, recent deals, Meridian Capital Group and the talent it attracts.
Noam Kaminetzky - Managing Director
Bisnow: Give us an overview of your most notable Miami-area financing.
Kaminetzky: My team arranged $40M in financing for the expansion of Hialeah Race Track and Casino to pay off existing gaming leases, acquire new gaming machines and build out and expand gaming facilities, as well as upgrade the entertainment venue.
Bisnow: Where are you from? What did you do before joining the Meridian team?
Kaminetzky: I was born in Silver Spring, Md. I then lived in the New York and New Jersey area for 10 years before moving to Florida 16 years ago. I was working at a telecom company as a project manager before I was recruited by Meridian.
Bisnow: What drew you to Meridian?
Kaminetzky: I like the Meridian culture and the ability to grow professionally. As a managing director in the Florida office, I get to focus on new business development, lender outreach, and debt and equity placement for transactions.
Bisnow: Which piece of technology could you not live without?
Kaminetzky: My iPhone, as I conduct a tremendous amount of business from my phone.
Bisnow: What do you do for fun?
Kaminetzky: I spend quality time with my family and volunteer in my community at local schools, synagogues, my homeowners association and other nonprofit organizations.
Sean McKissic - Senior Vice President
Bisnow: Give us an overview of your most notable Miami-area financing.
McKissic: To date, the most significant financing transaction that I’ve been involved in was for the development of Harbourside Place in Jupiter, Fla. Harbourside Place is a ground-up, $178M mixed-use project on the Intracoastal Waterway. The capital stack for the project consisted of sponsor equity, a substantial EB-5 mezzanine loan, a bond anticipation note and senior secured financing.
Bisnow: Where are you from? What did you do before joining the Meridian team?
McKissic: Proudly born and raised in New York City! Prior to joining Meridian my career had been in commercial real estate within the following disciplines: asset management, acquisitions, dispositions, financial analysis, leasing and property management.
Bisnow: Give us your single best and single worst events, developments or trends witnessed in 2016.
McKissic: For many of us it was a challenge not to have the CMBS market on firm footing for most of 2016. In our business, it’s always important to have a healthy CMBS market that you can go to outside of your other valued lenders.
Bisnow: What can those in the industry look forward to this year? What should pros in the sector be wary of?
McKissic: I think that everyone should be more cognizant of technology that already exists and what’s on the horizon, which will begin to radically alter the commercial real estate space in more ways than we can currently imagine. That may seem a little intimidating but when you start to learn more about it, it is incredibly exciting.
Bisnow: What, outside of CRE, are you passionate about?
McKissic: Outside of my career it’s all about family, faith, and living a happy and balanced existence. Without that, I simply wouldn’t be able to have or enjoy any professional success.
Bisnow: What do you do for fun?
McKissic: I love exercising, golfing and vacationing with my family. Most of all, I actually just love being at home with my wife and two sons while entertaining our good friends.
CORRECTION: JAN.24, 8:45 A.M. ET: Sean McKissic's name and title were fixed.
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