Author: Mattoni Group

CBRE has arranged $66.8 million in financing for the development of Century Town Center, a new mixed-use project in the Doral submarket of Miami, FL.

Marcos Minaya and Amy Julian with CBRE represented the borrower, a partnership between Century Asset Management (Century Homebuilders Group and Constructora Conconcreto) and an affiliate of the Mattoni Group. The loan was provided by Pacific West Bank.

“Century Town Center sits the heart of Doral and will feature two residential buildings with 326 units and structured parking, a state-of-the-art clubhouse and approximately 35,700 square feet of retail and restaurants,” described Minaya. The property is a few miles away from Miami International Airport.

Century Town Center, which has an expected completion date of 2024, will be located within the Midtown Doral master planned community known as Midtown Doral. When fully developed, Midtown Doral will include residential, business, recreational and retail uses.

Two six-story buildings will have a total of 326 units

A group of developers scored a $66.8 million construction loan for an apartment project at Midtown Doral.

Sergio Pino’s Coral Gables-based Century Homebuilders is partnering with Ricardo Caporal’s Mattoni Group and Colombian construction giant Conconcreto to build a pair of six-story buildings with a total of 326 units. The development will be directly north of the existing Midtown Doral condo complex, according to Mattoni Group.

Construction is already underway at the 3.8-acre site on the southeast corner of Northwest 107th Avenue and Northwest 82nd Street, and is expected to be completed in the fourth quarter of 2023, Caporal said. Pacific Western Bank provided the construction financing.

The project will have 36 studios with 547 square feet; 138 one-bedroom apartments, ranging from 625 square feet to 773 square feet; 131 two-bedroom units, ranging from 890 square feet to 980 square feet; and 21 three-bedroom units with 1,220 square feet, according to Mattoni.

This is the first part of a two-phase development. In total, the development trio plans 675 units, meaning the second phase will be 349 units, although it is yet to be decided whether they will be condos or rentals, Pino said.

Amenities for both project phases will include retail and restaurant space, two garages and a three-story clubhouse spanning roughly 47,000 square feet with a gym, spa and event space on the third floor, he said. The clubhouse will serve the new buildings and the existing condos.

Miami-based Mattoni Group, founded in 2009, is a private equity real estate investor, according to its website. Conconcreto, which has offices in Medellín, Bogotá and Barranquilla, is a construction engineering firm led by CEO Juan Luis Aristizabal Velez, according to its website. Conconcreto is both an investment partner and the general contractor in the apartment project, Pino said.

Century Homebuilders developed the four-building Midtown Doral with 537 condo units and two garages, Pino said. All of the condos were sold out.

When the project began in 2014, the plan was for all condos, which worked well for the first four buildings. They were completed and sold at a time of a strong Venezeulan buyer pool, with some of the units selling for more than $750,000, Pino said.

The market has since changed, prompting the switch to apartments for the next two buildings.

“There’s not a market in Doral for high-end condominium units, so we shifted to what the market is asking for, which is rentals,” Pino said.

Doral, once a residential community with industrial real estate, has morphed in recent years into a mecca for mixed-use development.

Codina Partners, based in Coral Gables and led by Armando Codina and Ana-Marie Codina Barlick, is the master developer of the 250-acre Downtown Doral, which includes offices, retail and apartments.

Jorge Pérez’s Related Group, Shoma Group and PGIM Real Estate Investors opened the master-planned, mixed-use CityPlace Doral on 55 acres about five years ago. It includes 250,000 square feet of retail space with more than 40 dining, shopping and entertainment venues, according to the project’s website.

CityPlace also has several apartment towers, with the development trio selling The Flats, a two-tower complex at 3555 Northwest 83rd Avenue, for $100 million in 2020.

Century Homebuilders Group broke ground on the second phase of the Midtown Doral mixed-use project thanks to a $66.8 million construction loan.

Pacific Western Bank granted the mortgage to Century Town Center 1 LLC, a partnership between Century Homebuilders, Mattoni Group and Constructora Conconcreto. It covers the 3.8-acre site at the southeast corner of Northwest 107th Avenue and Northwest 82nd Street. It’s directly north of the first phase of Midtown Doral. CBRE’s Marcus Minaya and Amy Julian helped the borrower secure the loan.

Conconcreto Construction in Coral Gables recently filed notice with Miami-Dade County that it started work on the project. It will be called Century Towne Place.

The site was approved for 326 residential units in eight stories and 35,700 square feet of commercial space. The clubhouse would total 47,000 square feet in three stories, including a large fitness center, a spa with a steam room and sauna, a rooftop pool deck, and a banquet hall.

Doral-based Pascual, Perez, Kiliddjian & Associates is the architect of the project.

A third phase of the project is planned for later on a site located just north of the second phase.

In addition, the developer agreed to donate about 50 acres nearby to the city for use as a passive wetland park. That was in exchange for more density at Midtown Doral.

Apartment rents have been climbing throughout Miami-Dade County, and Doral has some of the highest rental rates in the area. It is one of the fastest growing cities in the county and has one of the largest concentrations of offices and industrial parks.

Yes, the weather is amazing, and yes, she loves how peacocks roam around her neighborhood. But, a main reason that Danielle Zighelboim ’13 has settled in Miami and has no plans to leave is the many entrepreneurial-minded people she knows there.

Zighelboim moved to Miami just two days after her graduation from Babson College, as she and her brother were starting Coconut Cartel, a premium Latin rum brand. She soon found others launching ventures, many of them hanging out in co-working spaces and warehouses and trying to make their way in a place where landing a traditional job at a big company wasn’t necessarily possible.

“Miami was always just a party town. We didn’t really have an industry outside of hospitality. If you wanted to be here, you had to pave your own way,” Zighelboim says. “I always felt that Miami had so much opportunity for those who wanted to make it for themselves.”

That’s exactly what Zighelboim and her fellow entrepreneurs did. They grew their ventures while forming a community that continues to have each other’s backs.

“This is a small town. Somehow, we all still end up in the same rooms or connected by mutual friends,” she says. “I love this, because starting a business is really hard and lonely, and what has made it better has been working alongside peers who are living their dreams and building their companies. We give feedback to each other, we share resources, and we really do help each other with no strings attached.”

Deep Babson Ties

That can-do, we’re-in-this-together entrepreneurial spirit is a hallmark of Miami, a booming, sun-kissed city with deep ties to Babson. A large number of alumni make their home in the area, and the College’s popular Miami location offers a variety of educational programs, including a Blended Learning MBA. The latest installment of Babson Connect Worldwide—the premier entrepreneurship summit and a signature College event—was planned for Miami in February until the pandemic’s omicron surge forced a postponement to a future date.

In conversations and over emails, Babson alumni in Miami describe why the region is such a great place to start and grow a business. They mention the weather, of course, and the stunning surroundings. They also discuss the area’s burgeoning tech scene, its cultural amenities, its status as a gateway to Latin America, and its favorable tax policy. “It’s very pro-business,” says Ricardo Caporal ’00, president and founder of the Mattoni Group, a private equity real estate company. “You put more money in your pocket here as an entrepreneur.”

Most of all, they mention the city’s people, who are a diverse, energetic, and dedicated group. Zighelboim is happy to have so many of them in her life. “We started alongside so many other incredible entrepreneurs who now, years later, have built this city into the world city it is today,” she says. “Miami is just getting started, and I wouldn’t want to be anywhere else besides here, with the same crew.”

A Rich Diversity

Wake up in Miami, and the day can feel filled with possibility. “Every day, I open my window, and it is an amazing day,” says Diego Lowenstein ’89, P’21 ’22. “You wake up happy every day. The weather allows it.”

Lowenstein knows Miami well. His family’s business, Lionstone Development, was founded by his grandfather and has been doing business in South Florida since 1966, the year it bought its first hotel in Miami Beach.

Back then, Miami was a pleasant but sleepy tourist town, and through the years, Lowenstein has witnessed its struggles and triumphs. The 1980s were a particularly tough time. “Those were the Scarface days, the ‘Miami Vice’ days. There were drugs and shootings,” says Lowenstein, the  CEO of Lionstone, the developer, owner, and manager of hospitality and residential properties. “It was an amazing destination that went sour. There wasn’t a lot of organic investment.”

With the limited amount of quality commercial space remaining in Brickell, Red Phone Booth has signed a new lease for 4,516 square feet of retail space at 1010 Brickell Avenue in Miami. The 1920’s prohibition-era themed speakeasy restaurant, bar, and cigar lounge currently has locations in Atlanta, Texas, and Tennessee. This will be the company’s first franchise location. 

Jonathan Rosen, Director of Colliers South Florida’s Retail Services team, represented the new franchisee owner of Red Phone Booth, Johnny Weber, in negotiating the lease valued at around $4 million. Rafael Romero and Katie Fernandes Espinoza at JLL represented the landlord, Mattoni Group. 

“1010 Brickell was a perfect fit for Red Phone Booth due to its central location to Brickell’s critical mass and its proximity to Brickell’s most successful restaurants and bars,” said Rosen. “The space is slightly hidden, which will nicely complement Red Phone Booth’s ’speakeasy’ feel and adds another exciting attraction to the vibrant Brickell nightlife scene.”

Red Phone Booth joins a plethora of restauranteurs relocating or expanding their concepts to the South Florida region. Restaurants were initially lured by looser COVID-restrictions over the past two years, but now opportunity abounds with continued mass in-migration. In Brickell alone, the population is expected to grow to 39,200 over the next five years, an increase of 15 percent. The popularity of Brickell’s retail market is demonstrated by a restaurant space vacancy rate that compressed 150 basis points to 10.8 percent in the past year.

“We are actively exploring new markets, and at the top of our list are Fort Lauderdale, Delray Beach, Naples and Tampa. We will consider other markets with strong office, hotel, and residential density in South Florida as well. A lease agreement in Palm Beach Gardens is being finalized,” said Weber. 

Slated to open at the end of summer 2022, guests will enter the genuine prohibition-era themed experience after securing a secret code and dialing it into a restored antique London-style red phone booth at the entrance. Red Phone Booth first launched its flagship location in Atlanta in 2016 and it quickly became a city favorite for its unique atmosphere, cocktails, delicious food and exceptional cigars. The concept was inspired by co-owner Stephen de Haan, whose grandfather held secret legendary lake house parties during the Prohibition Era. 

With plans for further expansion in the South Florida market, Red Phone Booth has retained Jonathan Rosen at Colliers to assist in their active search for more locations.

Miami, is London calling? Or is it the past?

A London-style red phone booth will soon be arriving in Brickell, offering a gateway to the 1920s.

Red Phone Booth, a high-end bar and restaurant modeled after a prohibition-era speakeasy, inked a 10-year lease to occupy 4,516 square feet lease at 1010 Brickell Avenue. An anachronistic red phone booth will be stationed at the entrance, and guests will be let into the establishment by dialing a phone number. 

Rest assured. The code is “just meant to add to the experience. It’s not meant to keep people out,” said Colliers’ Jonathan Rosen, who represented the tenant. Nearby condominiums and hotels with concierge services will have the number on hand for interested patrons, the broker explained. A $300 annual membership, which grants priority for reservations, will also solve any entry queries. 

The concept comes from Atlanta, the brainchild of restaurateur Stephen de Haan. Franchisor Johnny Weber is bringing the establishment to Florida, where he’s looking to open 10 outposts over the next two years. 

Markets at the top of the list are Fort Lauderdale, Delray Beach, Naples and Tampa. A lease agreement in Palm Beach Gardens is being “finalized,” Weber said, though he declined to say in which development.  

The pair chose Brickell as the Red Phone Booth’s first Florida location to brand the chain as an upscale experience. “We’re surrounded by the market’s top Class A office, high-end residential buildings and hotels. A lot of C-suite executives come and bring their clients,” Rosen said. The Brickell outpost is expected to open this upcoming summer.

The Red Phone Booth deal brings the ground-floor retail of 1010 Brickell Avenue to “100 percent leased,” said JLL’s Rafael Romero, who represented the landlord, Mattoni Group, in the deal. Other retail tenants in the building include pizzeria DC Pie and Crema Gourmet Espresso Bar.

The 50-story residential building is located adjacent to the Tenth Street Promenade Metromover Station. Asking rent for the tower’s retail component stands at $65 triple-net a square foot, per Romero. 

Katie Fernandez Espinosa and Malina Huynh from JLL also assisted Mattoni Group.

Middleburg Communities, a Vienna, Virginia-based real estate investment, development and management firm, with joint venture partner, The Mattoni Group, announce the sale of Mosby University City, a 309-unit luxury multifamily apartment community at 404 Gallop Lane in Charlotte, NC, developed by the venture and completed in the 4th quarter of 2021.

“Mosby University City was developed as part of a master plan to bring transit-oriented development to a light-rail adjacent location in the northeast submarket of Charlotte,” said Middleburg Communities Chief Investment Officer, Kory Geans. “We are thrilled with the successful execution of this development by our development, construction and management teams, completing the project on time despite COVID-related challenges and achieving 80%-plus occupancy in less than a year from completion. We couldn’t have had a better partner than Mattoni Group, who provided the equity for this Class A development.”

“We are proud to have participated in the land acquisition, development, construction, lease up and exit of this project with Middleburg. As our first venture in partnership with Middleburg, we could not be more pleased with the success and look forward to continuing to enhance communities in Charlotte and other cities throughout the Southeast,” said Ricardo Caporal, Founder and President of Mattoni Group. 

Middleburg Communities Announces Sale of Mosby University City Apartments in Charlotte, NC

About Middleburg Communities

Middleburg Communities is a fully integrated multifamily development, investment, construction and management company operating in the southeastern and mid-Atlantic United States. Since 2004, Middleburg has acquired and developed more than 21,000 apartment units, executing over $3 billion in transactions. The Middleburg team shares a vision for greater value creation through community impact. The firm’s success is rooted in a genuine desire to serve its local communities in thoughtful and holistic ways. Middleburg embraces people, property, and partnerships to enhance the lives of others, contribute positively to its neighborhoods and maximize real returns for partners. For more information, please visit www.MiddleburgCommunities.com.

About Mattoni Group

Founded in 2009, Mattoni Real Estate Group is a private equity real estate investment firm that specializes in placing equity and debt with experienced operating and development partners working transformative projects. The firm built a national reputation for transparency, reliability, flexibility, and velocity in acquiring and financing real assets. Mattoni Group exists to be the bridge between best in class managers/operators and investor capital. They leverage their network, relationships, creativity and education to create amazing spaces for people to live better lives.

The Virginia-based real estate firm paid $5 million this month to acquire 31.5 acres between Erwin Road and South Tryon Street, Mecklenburg County real estate records show. The complex is expected to be complete in 2023.

Middleburg Communities acquired 31.5 acres between Erwin Road and South Tryon Street near Steele Creek for $5 million, Mecklenburg County real estate records show. The deeds for the purchases were recorded on Sept. 27. The land will be home to Mosby Steele Creek, Middleburg’s new 272-unit apartment complex.

A representative for Middleburg said construction will begin within two weeks and completion is targeted for the second quarter of 2023.

“Charlotte is one of Middleburg’s most preferred markets due to its population and job growth,” said TJ Sedeski, Middleburg’s assistant vice president of investments. “We are particularly excited about Mosby Steele Creek because of the demonstrated viability and success of Class A multifamily in the submarket. There is a high level of demand from investors, lenders and consumers alike.”

The apartments will be split between 10 two-story buildings and include one-, two- and three-bedroom units.

Middleburg also developed Mosby University City, a 309-unit apartment complex in Charlotte that opened last year, with Miami-based Mattoni Group. Middleburg sold the complex to an entity affiliated with Stonecutter Capital Management earlier this month for $78.8 million, county real estate records show. The complex appears to have been rebranded as Metro University City, according to its website.

Middleburg operates in the Southeast and Mid-Atlantic regions.

MIAMI, FL – The Altman Companies, a nationally recognized developer, builder, and manager of exceptional rental apartment communities, today announced the topping-off of Altís Ludlam Trail, a mixed-use, six-story apartment building in Miami-Dade. 

“We’re very excited to reach this construction milestone with Altís Ludlam Trail,” said Joel Altman, Chairman of The Altman Companies. “This topping-off represents an important construction milestone for The Altman Companies and our partners, and it reflects our commitment to bringing exceptional living experiences to the residents of Miami.”

Residents of Altís Ludlam Trail will enjoy Class-A amenities including a rooftop resort-style pool, a pool deck with pavilions and BBQ grills, a rooftop clubhouse with a media room, fitness center and a coffee bar. The community will also feature workspace stations equipped with high-speed internet access, a synthetic turf gaming area, a hammock garden. Altís will be a pet-friendly community offering an indoor air-conditioned dog grooming spa where pets can indulge in and a pet spa and a bark park immediately adjacent to the new Ludlam Trail to allow residents to bond and play with their dogs.

“We have developed this community into a true live-work-play environment, incorporating residential and retail components,” said Seth Wise, co-CEO of The Altman Companies.

Located at the newly created Bird Road development area of the Ludlam Trail Corridor District, Altís Ludlam Trail will consist of 312 ultra-luxe apartments with an average unit size of 820-square feet and is set on approximately 2.74-acres of land. The property will be developed in partnership with MV Real Estate Holdings and The Mattoni Group, a private equity real estate investment firm that specializes in placing equity and debt with experienced operating and development partners working on transformative projects.

Altís Ludlam Trail will be National Green Building Standard (NGBS) certified and its sustainable initiatives will include energy efficient designer lighting, ENERGY STAR® refrigerator, dishwasher and washer, individual unit electric meter & sub-metered water, high-efficiency water heater, and programmable thermostat with humidistat. Furthermore, the installation of electric car charging stations will allow residents to charge their electric cars free of cost as an incentive for their commitment to green energy.

Altís Ludlam Trail will be a mixed-use community located in proximity to the 7,500-square feet of retail space facing the well-travelled Bird Road. It will be located less than a mile from the Palmetto Expressway, two miles from the University of Miami and three miles from Coral Gables.

For more information about Altís Ludlam Trail, please visit www.altmancos.com

The 312-unit Altís Ludlam Trail is expected to come online next spring.

Altís Ludlam Trail, a 312-unit luxury community in Miami, has topped off. The Altman Cos. is developing the project in a partnership with MV Real Estate Holdings and The Mattoni Group.

The joint venture secured financing for the project in June 2020 when Comerica Bank provided a $55.4 million construction loan. According to Yardi Matrix, completion is anticipated for spring 2022.

The six-story building is situated on 2.74 acres at 7004 Bird Road, in the Ludlam Trail Corridor District. The average unit will span approximately 820 square feet and will feature energy-efficient lighting, ENERGY STAR-rated dishwashers, washers and refrigerators. Apartments will include individual unit electric meter and sub-metered water and a programmable thermostat with a humidistat. 

The community is targeting National Green Building Standard certification and will provide electric car charging stations that residents can use free of charge.

Amenities at the pet-friendly Altís Ludlam Trail will include a bark park and a grooming area, as well as a playground with synthetic turf and a hammock garden. Additional features include a rooftop pool, a pool deck with pavilions and barbecue grills, a clubhouse with a media room, a fitness center and a coffee bar. 

Located near 7,500 square feet of retail space, the community is 3 miles from Coral Gables, just 2 miles from the University of Miami and less than a mile from the Palmetto Expressway.

https://www.multihousingnews.com/post/altman-cos-tops-off-miami-luxury-apartments/