About Fort Launderdale

Posted on September 3, 2011 by admin

Fort Lauderdale, known as the “Venice of America” due to its expansive and intricate canal system, is a city in Broward County, Florida, United States. According to 2007 U.S. Census Bureau estimates, the city had a population of 183,606. It is the county seat of Broward County, and a principal city of the South Florida metropolitan area, which is home to over 5,413,212 people.

The city is a popular tourist destination, with 10.35 million visitors in 2006. The city is a major yachting center, with 42,000 resident yachts and 100 marinas and boatyards. Fort Lauderdale and its suburbs host over 4100 restaurants and 120 nightclubs.

Fort Lauderdale is named after a series of forts built by the United States during the Second Seminole War. However, development of the city did not begin until 50 years after the forts were abandoned at the end of the conflict. Three forts named “Fort Lauderdale” were constructed; the first was at the fork of the New River, the second at Tarpon Bend, in what is now known as the Sailboat Bend neighborhood, and the third near the site of the Bahia Mar Marina. The forts took their name from Major William Lauderdale, who was the commander of the detachment of soldiers who built the first fort.

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Gaia, partner, buy 9,500 US rental apartments for $446m

Posted on May 16, 2012 by admin

Gaia Real Estate Holdings LLC and its US partner Starwood Capital Group have bought 9,500 rental apartments across the US for $446 million. They will invest $22.5 million of new equity to acquire and recapitalize the properties’ owner, PJ Finance Company, and take a $423 million bank loan, which will be repaid over eight years, Gaia owner Danny Fishman told “Globes”.

PJ Finance filed for Chapter 11 bankruptcy protection in March 2011, and reemerged as a going concern earlier this week. The properties were bought at auction and the sale was approved by the US Bankruptcy Court.

The apartments are located across the US sunbelt: 4,275 apartments in Dallas, 1,805 in Phoenix, and the rest in Houston, Corpus Christi, Atlanta, Nashville, Fort Lauderdale, and Orlando.

Fishman said that the properties’ minimum return on investment is 16% a year. Most of the apartments are two bedroom apartments which are leased for $700-900 a month, depending on their location. The properties’ current occupancy rate is 90%, and they house more than 30,000 people.

PJ Finance bought the properties in 2001, and recapitalized them in 2006 with more than $540 million of securitized debt financing, at a valuation of $580 million. Fishman said that investors included Lehman Brothers, which provided a mezzanine loan that was written off in full.

Over the next eight years, Starwood and Gaia plan to implement a $45 million capital improvement plan. They have hired property management firm Pinnacle Company to manage the portfolio and assist in executing the improvement plan.

Published by Globes [online], Israel business news – www.globes-online.com – on May 14, 2012

Copyright of Globes Publisher Itonut (1983) Ltd. 2012

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Gaia, partner, buy 9,500 US rental apartments for $446m

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Gaia Real Estate and Starwood Capital Acquire 9,500 Unit Multifamily Portfolio via Chapter 11 Bankruptcy Auction

Posted on May 16, 2012 by admin

NEW YORK and GREENWICH, Conn., May 14, 2012 /PRNewswire/ –Gaia Real Estate and a controlled affiliate of Starwood Capital Group, a leading global private investment firm, announced today that they have agreed to invest $22.5 million of new equity to acquire and recapitalize PJ Finance Company, which filed for Chapter 11 bankruptcy protection in March 2011 and reemerged as a going concern on May 11, 2012.

PJ Finance Company’s assets include a multifamily portfolio consisting of over 9,500 multifamily units located in major metropolitan areas throughout the high-growth Sunbelt region. More than 45% of units are located in Dallas, TX, with additional concentrations in Phoenix, AZ (19%), Atlanta, GA (8%), Houston, TX (8%), and Fort Lauderdale, FL (7%), Corpus Christi, TX (6%), Nashville, TN (5%), and Orlando, FL (3%).

The portfolio was originally acquired in 2001 and recapitalized with more than $540 million of securitized debt financing in 2006, at a valuation of $580 million. During the downturn the portfolio struggled under its heavy debt load and occupancy suffered as capital was unavailable to turnover units for new tenants. At one point, more than 1,700 units were taken offline and occupancy troughed at 72% in markets that enjoyed substantially (90%+) lower vacancies.

In March 2011, PJ Finance Company filed for Chapter 11 bankruptcy protection. As part of the recapitalization agreement, the debt has been restructured into three tiers; 1st Tier in the amount of $423 million, 2nd Tier in the amount of $52 million, and 3rd Tier in the amount of $28 million. Interest only shall be payable on the 1st Tier during the term of the loan, with no interest payable on the 2nd and 3rd Tier. The loan matures in 2020. While in Chapter 11, $14 million was re-invested into the portfolio, and current occupancy has dramatically improved to more than 90% as nearly 1,000 units were brought back online.

“We are excited to partner with Gaia to unlock all the substantial upside potential in these attractive assets,” said Chris Graham, Managing Director of Starwood Capital Group. “We believe the structure of this investment is quite unique, and allows us to maximize the value of the portfolio with very little downside risk.”

Gaia and Starwood will invest their capital as part of the restructuring to recapitalize the company and continue the stabilization of the portfolio. The new equity will earn a 16% preferred return and all principal and interest will be senior to the loan’s principal. The capital will be used primarily for deferred maintenance, capital improvements and renovation work.

Over the next eight years, Starwood and Gaia plan to implement a $45 million capital improvement plan. Gaia and Starwood have engaged Pinnacle Company, one of the largest property management companies in the United States to manage the portfolio and assist in executing the improvement plan.

Gaia Real Estate

Gaia Real Estate, founded in 2009, is a Real Estate investment, property management and brokerage Company with headquarters in New York City and additional offices in New Jersey, Texas and Israel. Gaia pursues a range of real estate investments with a focus on residential and commercial properties. The group currently has 70 employees. Additional information about Gaia Real Estate can be found at www.gaiare.com.

Starwood Capital Group

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Gaia Real Estate and Starwood Capital Acquire 9,500 Unit Multifamily Portfolio via Chapter 11 Bankruptcy Auction

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Robin Ronne Re-Appointed to CoreNet Global Board of Directors

Posted on May 16, 2012 by admin

More Topics: Choose a Sector Accounting Firms Advertising/Media/Communications Capital CEO/Board General Business Health/Biotech Internet/Technology Investment Firms Law Firms Mergers & Acquisitions Money Managers People Private Companies Public Companies Venture Capital

Posted May 15, 2012

Robin Ronne

Robin Ronne, Managing Director, CEO Council, Greater Fort Lauderdale Alliance, has been re-appointed to serve as a member of the Board of Directors of CoreNet Global, the world’s largest professional association for corporate real estate and workplace executives, service providers, and economic developers. His board re-appointment was announced today at the Closing General Session of the April 29 – May 1 San Diego Global Summit.

Ronne is a longtime member of the 7,000+ member international organization. He has maintained extensive involvement in a range of organizational priorities and activities, serving as a member of the Editorial Advisory Committee of the LEADER Magazine, CoreNet Global’s professional journal and official publication, along with serving as a member of the Finance Committee and Issues Advocacy Focus Group.

“2012 represents another very special anniversary for me as I proudly celebrate 32 years of member involvement with CoreNet Global and its predecessor organizations, stating when I attended my first IDRC World Congress at Innisbrook, Florida in 1980, and it’s an honor and privilege to have the opportunity to once again serve CoreNet Global and the corporate real estate profession at such a high level of leadership, ” Ronne commented. “At a time when location decisions by major employers continue to be ultra-competitive, CoreNet Global’s international network helps me gain an informed edge as to the process multinational corporations and their service providers take in deciding where to locate new or expanded operations that bring jobs and capital investment, and through that knowledge be inspired to explore and create innovative ways that might be able to provide them with a solution to help meet their objectives. For economic developers anywhere, this is the true value proposition that CoreNet Global can and does deliver, in this case on behalf of the Greater Fort Lauderdale area and our CEO Council. But most importantly, I consider the many professional and personal relationships and friendships developed through CoreNet Global over these last 3 decades to be among the most valued of all I have.”

CoreNet Global 2013 Officers are:

Chairman Jim Scannell, Senior Vice President, Administrative Services, The Travelers Companies, Inc. Chair-elect Randy Smith, Vice President, Global Real Estate, Oracle Corporation Treasurer Steven Quick, Vice President & General Manager, EMEA, Johnson Controls Immediate Past Chairman Matthew Fanoe, Vice President of Real Estate, Coca-Cola Refreshments

Newly-elected Directors are: Christopher Staal, Global Head, Real Estate & Facilities, Thomson Reuters Denis McGowan, Global Head of Real Estate, Standard Chartered Bank Irene Masterton, General Manager, Real Estate, Shell International Petroleum Michael Creamer, Head of EMEA Corporate Occupier & Investor Services Group, Cushman & Wakefield Sean Prasad, Vice President, Real Estate & Facilities, T-Mobile

Associate Directors reappointed to the Board are: Gina Rizzo, Global Client Relations, Herman Miller Jessica Beers, Senior Director of Business Development, UGL Services Robin Ronne, Managing Director, CEO Council, Greater Fort Lauderdale Alliance T. Patrick Donnelly, Client Leader, BHDP Architecture

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Robin Ronne Re-Appointed to CoreNet Global Board of Directors

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Get to know your hometown

Posted on May 12, 2012 by admin

I was on a Segway, the tour guide was on a bicycle as we rolled smoothly over graveled trails in Hugh Taylor Birch State Park, across from the beach in Fort Lauderdale. There was Joe Namaths former bachelor pad. Here was a perfect picnic spot next to the Intracoastal. Up there, over the narrow lagoon, was the trestle where a train once carried passengers on a three-mile circuit around the park.

I have lived in Broward County for 18 years how is it I had never visited this pretty park with its shaded paths, picnic tables, coastal dune lakes and a history that includes a train?

Like people everywhere, I visit the parks and museums and attractions in my hometown when Ive got out-of-town company, but rarely on my own.

Were trying to fix that. My colleagues Amy Rose Reyes, Cammy Clark and Fred Gonzalez and I want to introduce you to some of the local attractions youve been missing. Maybe you dont know about them, maybe you think theyre closed in summer, maybe youve been saving them up for when the cousins stop in before going on a cruise.

Whatever the reason, this is the time to get to know your town, when tourist season has ended, crowds have dwindled and discounts are available. Weve chosen nine tours by tram, Segway, bicycle and on foot to introduce you to South Florida. Welcome home.

Segway tour of Hugh Taylor Birch State Park, Fort Lauderdale

Once the estate of Hugh Taylor Birch, a Chicago attorney who moved to South Florida in 1893, the state park on the land he donated is a 180-acre island of tropical hammocks and freshwater lagoons that sits between the Fort Lauderdale beach and the Intracoastal Waterway on the north side of Sunrise Boulevard.

The tour of the park is done by Segway, and before we set off, I had a lesson in riding the vehicle. Lean forward to speed up, lean back to slow. I wobbled, sped up, slowed, wobbled, stopped, turned. The turning, I discovered, was easy. The fat wheels responded to the slightest pressure on the handlebars. Staying in one spot was harder, for it required perfect upright balance. Speed up, turn, slow, wobble in place. And then, just like learning to stay upright on a bicycle, it clicked.

Brent Wysocki, owner of M.Cruz Rentals, led me out onto a trail to point out the parks flora. He showed me his favorite tree, a lofty fig that drops roots from its branches like its relative the Banyan tree, and talked about how it had survived Hurricane Wilma, which had taken out 30 percent of the parks trees.

We turned onto loose gravel that took us to the rotting trestle of the Birch State Park Scenic Railroad, which operated from 1965 to 1985. The rest of the track was removed when the train was sold, but two trestles over freshwater lagoons remain, unused.

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Get to know your hometown

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Jupiter Florida Luxury real Estate

Posted on May 5, 2012 by admin

JUPITER, Fla., May 4, 2012 /PRNewswire-iReach/ — Seiss Real Estate is the preferred real estate agency in palm beach county. Residential and commercial sales and rentals. vacation rentals, re-locations and corporate housing are his specialties. Anton Seiss, the broker at Seiss Real Estate makes it a point to provide excellent customer service to all his clients and his agents clients. Home buyers can be assured that they get the best advise possible, personalized service and all the necessary help to find their dream home. If you are a seller you have even more reason to list with Seiss Real Estate. Anton Is a very aggressive marketing professional that understands the newest technologies and uses them to their fullest potential. He creates individualized marketing campaigns for each property listing. Weather it is for sale or for rent, it gets syndicated to over 800 websites national and international. Being originally from Austria he has many contacts overseas which in return bring many buyers to his company. He has a vast international real estate agent network with over 1000 listings world wide. Anton loves and lives real estate. He lives in Jupiter Florida. He serves the surrounding areas including Jupiter Inlet Colony, Jupiter Island, Hobe Sound, Port St. Lucie, Stuart, Tequesta, Juno Beach, North Palm Beach, Palm Beach Gardens, Riviera Beach, Singer Island, West Palm Beach and Palm Beach. He has real estate agents in Miami, Miami Beach, Pembroke Pines, Fort Lauderdale, West Palm Beach, Palm Beach, Wellington and Jupiter. Many of his agents speak 5 languages fluent including Spanish, French, German, Italian and Arabic.

(Photo: http://photos.prnewswire.com/prnh/20120504/CG01278)

Jupiter Fl is the ideal place for Anton. There are many luxury homes and waterfront homes, luxury condos, beachfront homes, waterfront condos, waterfront homes and vacation rentals.Also Palm beach county has over 140 golf courses. some of the very best golf courses are in Jupiter Tequesta, Palm beach gardens, North Palm Beach and Hobe Sound. Several golf pro players including Tiger Woods, Greg Norman, Jack Nicklaus and Ernie Els call the area their home. There are several Fazio, Norman and Nicklaus designed golf courses in luxury communities like Jonathans Landing, Admirals Cove, Lost Tree Village, Bears Club, Old Marsh, Frenchman’s Reserve, Old Palm, Seminole, Loxahatchee and Medalist. You can search these clubs on our website http://www.seissrealestate.com For the Miami and Miami Beach area we suggest http://www.antonseiss.com

Anton Seiss and Seiss Real Estate are looking forward to the opportunity to earn your business and become a life long client of us. We believe in long term relation ships with lasting good memories. Call Anton to start your search or list your home at 561-339-7003

To view this video on YouTube, please visit: http://youtu.be/ZJi4jR8Bnyk Media Contact: Anton Seiss Seiss Real Estate, 561-339-7003, aseiss@bellsouth.net

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Jupiter Florida Luxury real Estate

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BankAtlantic Bancorp Reports Financial Results for the First Quarter, 2012

Posted on May 2, 2012 by admin

FORT LAUDERDALE, Fla., May 1, 2012 (GLOBE NEWSWIRE) — BankAtlantic Bancorp, Inc. (BBX – News) today reported financial results for the quarter ending March 31, 2012.

BankAtlantic Bancorp — Results of Operations

BankAtlantic Bancorp, Inc. (the “Company”) today reported a net loss of ($14.2) million, or ($0.91) per diluted share, for the quarter ended March 31, 2012, versus a net loss of ($22.9) million, or ($1.85) per diluted share, for the quarter ended March 31, 2011.

The Company reported a net loss from continuing operations (1) of ($13.2) million, or ($0.84) per diluted share, for the quarter ended March 31, 2012, versus a net loss from continuing operations of ($14.6) million, or ($1.19) per diluted share, for the quarter ended March 31, 2011.

Highlights of the BankAtlantic Operating Segment

BankAtlantic – Results of Operations:

BankAtlantic reported a net loss of ($5.0) million for the quarter ended March 31, 2012, versus a net loss of ($16.4) million for the quarter ended March 31, 2011.

BankAtlantic- Capital:

At March 31, 2012, BankAtlantic’s capital ratios were:

(1)See Basis of Financial Statement Presentation for further discussion of continuing and discontinued operations of BankAtlantic Bancorp.

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BankAtlantic Bancorp Reports Financial Results for the First Quarter, 2012

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Meet an 8-year-old Monster-truck driver

Posted on May 1, 2012 by admin

At 8 years old, Kaid Jaret Olson-Weston doesn’t have a driver’s license. Yet that hasn’t stopped the third-grader from becoming the youngest mini-monster-truck driver in the United States.

During the week, Kaid attends Westminster Academy in Fort Lauderdale . On the weekends, he hits the road, performing around the country at monster-truck events and fairs.

But he always has to finish his homework first.

“I like doing donuts. I like going over the cars. My favorite is doing the wheelies. My truck has so much power,” says Kaid Jaret, known as Kid KJ to his school-age fans and followers in the monster-truck scene.

His star has been rising, and he’s become a media darling, thanks to his YouTube videos of exhibitions and roadshow stops across the country.

On Friday, he’ll be featured in a segment on ABC’s”20/20″newsmagazine. He also taped a children’s TV game show in Los Angeles last week. He’s become a pro at interviews, answering reporter’s questions thoughtfully.

“I like standing straight up off the ground. It’s the funnest part about monster trucks,” the youngster says during a phone interview Thursday while on a break in Los Angeles.

An early interest in motors and outdoor sports drove Kaid’s passion for monster trucks.

He was 3 years old when he attended his first monster-truck show at Sun Life Stadium.

“When he came back, he said, ‘I want to be a monster-truck driver,’ ” recalls his father, Tod Weston, a Fort Lauderdale real estate lawyer who began exploring ways for his son to indulge in his new interest.

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Mausoleum.com Makes a Mark with Eternal Real Estate

Posted on April 26, 2012 by admin

Forever Legacy has received approval of their trademark for Eternal Mausoleums, an assurance for clientele that their investment in their legacy is protected, even in the next millennium.Fort Lauderdale, FL (PRWEB) April 25, 2012 Forever Legacy has received approval of their trademark for Eternal Mausoleums. Forever Legacy, a premier provider of private estate mausoleums, creates permanent …

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Mausoleum.com Makes a Mark with Eternal Real Estate

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South Florida Is Among The Top 20 Real Estate Markets For Home Searches

Posted on April 22, 2012 by admin

According to recent statistics, Fort Lauderdale and Miami are among the top 20 real estate markets within the United States today as far as home searches are concerned.

Fort Lauderdale holds the seventeenth position while Miami holds the eighteenth. Meanwhile, the top searched real estate market in the country is Chicago.

Florida is found in the fifth top market within the United States and within the region, the Tampa-St. Petersburg-Clearwater area ranked the highest within the state.

In March 2012, the median list price for home properties within Fort Lauderdale have managed to reach $168,000 which marks an increase of 8.39 percent from median list prices collected in the previous year. As far as the median list prices for home properties within Miami, an increase of 22.27 has been observed from the previous year as median list prices are now found at $269,000.

Across the United States, the median list price for home properties are now at a value of $189,000 which marks an increase of 5.56 percent compared to the previous year.

Needless to say, such price increases have definitely been a result of todays decreasing inventory levels which is true for both the Fort Lauderdale and Miami real estate markets.

Fort Lauderdale now has an existing inventory of 12,434 home properties for sale on the market which marks a decrease in supply of as much as 39.66 percent while the existing inventory within the Miami real estate market is now at 11,914 which marks a 42.34 decrease in supply. Overall, the inventory levels for the home properties within the United States have gone down by as much as 21.48 percent.

Yaz Morgan Miami Real Estate

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South Florida Is Among The Top 20 Real Estate Markets For Home Searches

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New state law puts flood insurance at risk

Posted on April 18, 2012 by admin

The Florida Legislature’sattempt to speed building permits and kickstart construction has inadvertently put the state’s homeowners in jeopardy of being booted out of the National Flood Insurance Program, Sun-Sentinel in Fort Lauderdale reports today.

Without flood insurance, homeowners can’t get a mortgage in much of Florida. The impact on housing, construction and the state’s fragile real estate market would be devastating.

The problem was created by a bill passed by the Legislature last month,but state officials say they have a fix in the works, the news report says.

Aprovision in the bill says that Florida communities are no longer required to get approval by any federal or state agency before issuing building permits. But the Federal Emergency Management Agency says it cannot provide flood insurance to communities that do not meet certain conditions. Those include observing federal flood-plain management rules that exclude development in some flood-prone zones and require buildings to be elevated on higher ground or foundations in other risky places.

State officialsare suggesting communities be allowed to issue permits but stipulate that all federal and state requirements be met before construction begins. In response, FEMA indicated that this arrangement might be acceptable as long as the stipulation is properly enforced.

FEMAhas warned Gov. Rick Scottthat the bill could make the state ineligible for federally subsidized national flood insurance. Scott plans to review the bill before deciding whether to sign it, a spokeswoman said this week, the Sun-Sentinel reports.

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New state law puts flood insurance at risk

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