Real Estate Developer Relists Miami Beach Penthouse for $39.9 Million

Continuum Development Corporation | November 26, 2019

Real estate developer Ian Bruce Eichner is trying once again to part with his Miami Beach penthouse apartment after relisting it Tuesday for $39.9 million. The triplex penthouse sits within a two-tower oceanfront development that Mr. Eichner’s Continuum Co. completed in 2003, a year before he bought the property for $3 million, records with PropertyShark show. Mr. Eichner, 74, first listed the pad in 2011 with a $35 million price tag, and it has been on and off the market a number of times since, with the asking price peaking last year at $48 million, listing records show.

Spotlight

McEnearney Associates - Old Town Alexandria - Dave Hawkins, Managing Broker

Spotlight

McEnearney Associates - Old Town Alexandria - Dave Hawkins, Managing Broker

Related News

REAL ESTATE TECHNOLOGY

Leading Commercial Real Estate Financing Platform Online Lev Secures $30 Million in Series A Funding

Anurag Khadkikar | July 29, 2021

Lev, the leading online commercial real estate finance transaction platform, announced a $30 million Series A investment led by Greenspring, with participation from First American Financial. In addition, existing investors such as NFX, Canaan Partners, JLL Spark, Animo Ventures, and Ludlow Ventures participated in the round. The amount raised is one of the largest in the commercial real estate (CRE) financing space to date, and it will help Lev's mission of assisting CRE investors in obtaining the best financing for their properties by combining the collective knowledge of Lev's expert team with hundreds of millions of data points. The funds raised will be utilized mainly to expand Lev's team, both at their New York City headquarters, Miami R&D center, and Los Angeles outpost, as well as via remote positions. In addition, continued investments in product development and service expansion will be made. Lev closed about $100 million in loans in its first year of operations in 2020 and is expected to close more than $1 billion in 2021. Lev is a full-stack transaction platform for the commercial real estate investment lifecycle, from analysis, financing, and closing through monitoring, servicing, and, when the time comes, disposition. Lev products are developed in-house by a team of experts that combine their knowledge of capital markets with cutting-edge technology, processing a huge amount of loan data through custom machine-learning software to manage even the most complicated transactions. Lev products are developed in-house by a team of experts that combine their knowledge of capital markets with cutting-edge technology, processing a huge amount of loan data through custom machine-learning software to manage even the most complicated transactions. ABOUT LEV Lev assists commercial real estate owners and investors in obtaining the best financing possible for their properties. Lev's capital markets experts use machine learning technologies to analyze your portfolio better, find the appropriate lender for each transaction, and close deals fast while keeping clients informed at all times. Lev, founded in 2019 and based in New York City's SoHo area, transacts across all asset types throughout the country.

Read More

REAL ESTATE INVESTMENT

Standard Real Estate Investments and Belay Investment Group Announce Strategic Investment Program

Standard Real Estate Investments | September 21, 2021

Standard Real Estate Investments, LP , a minority-owned real estate private equity firm focused on providing joint venture equity to developers, has formed a strategic investment program with Belay Investment Group, LLC (Belay). We are proud to be aligned with Belay. They are a thoughtful, experienced team that shares our vision for how commercial investment actions can affect positive social change. Only two percent of professionally managed real estate is managed by minorities or women. This needs to change. Standard is just one part of a broader mobilization across the industry working to make it happen. - Jerome Nichols, President of Standard The investment program will leverage Standard's expertise in development to invest joint venture equity in ground-up projects nationwide, across asset types with emerging regional and local experts that have unique access to deal flow. As part of its investment program with Belay, Standard recently closed on an investment in a 244-unit multifamily development project located at 75 West 18th Street in Downtown Indianapolis, IN. The 2.1-acre site is located within walking distance of the expanding Indiana University Health Methodist Hospital. The Developer is Arrow Street Development, an Indianapolis-based, emerging, minority-owned development company led by industry veteran, Rodney Byrnes. Belay is an investment manager focused on the deployment of institutional capital through strategic partnerships with emerging managers and market sector specialists across a variety of value-add strategies and property types. The firm's strong fiduciary culture and track record are matched only by its commitment to manifesting social and environmental progress through the investments it makes. Current ESG strategies include investments in adaptive re-use of former big box retail space, workforce housing featuring on-site social programming initiatives designed to educate and empower its lower-to-middle class tenant base, and a multifamily debt portfolio curated with an eye towards bolstering the supply of attainable housing, while narrowing the affordability gap in Southern California. Belay's collaborative culture is a great fit with our long-term plans and will be an asset to our platform. In the end, we will measure our success based on the performance of our investments and the impact we have in helping to increase diversity and inclusion in commercial real estate. - Robert Jue, Chief Executive Officer of Standard. About Standard Real Estate Investments Founded by Robert Jue and Jerome Nichols, Standard Real Estate Investments (Standard) is a minority-owned and controlled real estate private equity firm that manages capital on behalf of institutions and allocates joint venture equity to developers. The firm operates nationally across property sectors and risk profiles with an initial focus on the development of market rate attainable housing while also accelerating positive socio-environmental impact. The leadership team at Standard has invested in assets valued at $7 billion in total. About Belay Investment Group Belay Investment Group, LLC is a majority woman-owned Los Angeles-based investment management firm that pursues debt and equity investment opportunities, primarily middle-market infill properties in urban/suburban transit hub markets, on behalf of its institutional investors. Belay implements its investment strategies through long-term relationships with high caliber, local operating partners and sector specialists. The firm has earned a reputation in the industry for supporting the growth and development of operators and emerging managers (including MWBE firms), beyond providing investment capital.

Read More

REAL ESTATE INVESTMENT

Orion Real Estate Partners Acquires 155-Unit Value-Add Apartment Complex in San Marcos, Texas (Austin MSA)

Orion Real Estate | December 30, 2021

Los Angeles-based Orion Real Estate Partners ("Orion") announced today that it has acquired The Timbers, a garden-style apartment community in San Marcos, Texas. Orion purchased the 155-unit apartment community from The Jacobson Company who owned it since 2016 and plans to invest approximately $1.7mm in interior and exterior improvements. The Property sits on a nine-acre, irreplaceable hilltop site overlooking downtown San Marcos and Texas State University (TXST), home to 38,000 students. San Marcos is well positioned as an increasingly attractive and affordable alternative to Austin, home to over 2.1 million people with notable employers such as Apple, Facebook, Oracle, Google, Dell, and Tesla. The Timbers is located just 30 minutes away from downtown Austin. This is Orion's sixth acquisition in the central Texas corridor, spanning from Austin to San Antonio, and the firm is focused on expanding its portfolio in the area. Orion has a favorable long-term outlook on central Texas and expects that the corridor will continue to outperform the nation in both job and population growth. CBRE Multifamily Capital provided an acquisition loan through East West Bank, and Orion engaged Peak Campus, a national leader in student-housing, to provide property management services. About Orion Real Estate Partners: Orion Real Estate Partners is a private real estate investment firm that targets value-add multifamily assets in Western US markets with strong demographics and job growth. Utilizing proven institutional processes to source and manage investments, we identify assets with capital and operational repositioning opportunities to provide attractive returns for our investors.

Read More