Real Estate Blog

October 21, 2008

As Seen on the Florida Real Estate Journal

MET 2 SECURES $250M FOR CONSTRUCTION LOAN

MIAMI - Metropolitan Miami, the $1 billion mixed-use development emerging in the core of Downtown Miami, recently announced that Met 2 Financial Center has secured a $250 million construction loan.

Met 2 Financial Center is a joint venture between Metropolitan Miami’s developer, MDM Development Group, and New York-based MetLife.

Participating Banks include:

- Bank of America, N.A.

- Wachovia Bank National Association

- HSBC Bank USA, N.A.

- RBC Bank

- Bank of Scotland, PLC

Met 2 Financial Center will be comprised of 750,000sf of Class A office space inside an office tower, along with a first-of-its-kind, 42-story JW Marriott Marquis-branded Marriott hotel, and the first Hotel Beaux Arts, the new super luxury hotel of Marriott International luxury group.

Met 2 will also house the famous DB Bistro Moderne, currently only in New York City. DB Bistro Moderne will be the first location Chef Daniel Boulud has planned for outside of Manhattan. Completion of Met 2 is expected for spring 2010.

REALVEST NEGOTIATES $11.2M ACQUISITION

ORLANDO - NAI Realvest recently negotiated the acquisition of 12 acres, including an 81,750sf industrial building and adjacent development site, off South Orange Avenue and Parkline Boulevard in Orlando.

George Livingston, chairman of the firm, and principal Christie Alexander negotiated the transaction representing the Columbus, Ohio-based buyer, Parkline Holding Company LLC.

Parkline paid a total of $11,250,000 for the warehouse building on 6.61 acres at 8350 Parkline Blvd. and adjacent 5.39 parcel planned for future development at 8125 S. Orange Ave.

The seller is McCraney ORL-Parkline LLC of West Palm Beach, represented by David Murphy, CB Richard Ellis senior vice president.

CF NAIOP TO DISCUSS HEALTHCARE DEVELOPMENT

ORLANDO - The Central Florida chapter of NAIOP will discuss healthcare development and construction trends during a luncheon meeting Thursday, Nov. 13, at the Downtown Orlando Marriott, 400 West Livingston St.

Featured speakers include:

- Thaddeus Seymour, vice president and general manager of health and life sciences - Lake Nona

- Jody Barry, administrative director facilities administration - Florida Hospital

- Russ Posey, senior vice president - Alter Group

- Jeff Calvin, vice president/healthcare - Brasfield & Gorrie

Registration/networking begins at 11:30 a.m. Lunch and the program start at noon. Cost is $45 for NAIOP members, $65 for non-members and $20 for students. Parking is free, compliments of NAIOP.