South Florida - The Real Deal

Heron Bay HOA backs off some controversial landlord rules

Grace McClung — Mon, 14 Sep 2026 18:31:10 +0000

The new board at Heron Bay, one of Broward County’s largest homeowners associations, walked back some of the most contentious provisions of its proposed landlord and leasing rules, canceling a set of proposals that roiled owners and tenants in the community. The master board proposed changes this summer that some homeowners said infringed on property rights and gave the association too much control over landlords and tenants. The changes called for limiting owners to one lease per year without hardship exceptions, requiring landlord orientations for every new lease or renewal, barring tenants with rule violations from renewing or leasing elsewhere […]

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Palm Beach philanthropist picks up waterfront home for $40M

Alissa Gary — Mon, 14 Sep 2026 16:30:00 +0000

A Palm Beach waterfront home changed hands for $40 million, more than twice what it sold for seven years ago. Palm Beach philanthropist and art collector Kimberly Bluhm, on behalf of a land trust, bought the 5,900-square-foot house at 608 Island Drive for $6,765 per square foot. Businessman Roger Webb and his wife, Raisa Webb, were the sellers, property records show. The Webbs paid $15.5 million for the home in 2019. The latest sale marks a 158 percent price increase from the previous trade. The house sits on a 0.44-acre intracoastal waterfront lot with five bedrooms, six bathrooms and a […]

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Four injured in drill-rig collapse near Citadel HQ development

Alissa Gary — Mon, 14 Sep 2026 15:27:33 +0000

Four people were injured and roads were closed following a drill-rig collapse on Brickell Bay Drive, police say, at the site of billionaire Ken Griffin’s planned Citadel tower. Brickell Bay Drive is closed between Southeast 12th Street and Southeast 13th Street because of the collapse, according to the Miami Police Department. Photos of the scene show the derrick fallen on top of at least two cars. The Monday morning collapse appears to be at Griffin’s 1201 Brickell Bay Drive development site, where he plans a 54-story, 1.7 million square-foot-office building to serve as the headquarters for Citadel and Citadel Securities. […]

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Lap of luxury: High-end home sales in West Palm Beach outpace rest of country

Alissa Gary — Mon, 14 Sep 2026 14:30:00 +0000

A South Florida city with a history as a working-class enclave is one of the fastest-growing luxury markets in the country. West Palm Beach luxury home sales grew at the fastest rate in the country — up 43.9 percent since last year — as buyers keep snapping up multi-million waterfront homes. Pending luxury sales in the city of 127,000 people, once a community for railroad and hospitality workers serving Palm Beach resorts, grew 20.1 percent compared to last year. The city had a median luxury home price of $4.5 million as of July, according to Redfin. Overall home prices in West Palm […]

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Movers: Driftwood Capital boosts executive team, names two co-CIOs

Grace McClung — Mon, 14 Sep 2026 13:00:00 +0000

Driftwood Capital is broadening its investment platform, naming David Resnick partner and co-chief investment officer and Andrew Dykeman senior vice president of equity investments, while promoting David Steiner to co-CIO. The appointments bring the Coral Gables-based firm’s equity and credit investing under one leadership team as Driftwood pursues larger hospitality, mixed-use and large-scale development projects, according to a news release. In their roles as co-CIOs, Resnick and Steiner will lead investment activity across both platforms, overseeing strategy, origination, underwriting and capital allocation, the release said. Resnick has 18 years of real estate investment experience. Before joining Driftwood, he spent 10 […]

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South Florida Dirt: Like pulling teeth: How Fannie, Freddie’s new condo financing rules is affecting deals

Katherine Kallergis — Sun, 13 Sep 2026 17:00:00 +0000

It’s been a little over a month since Fannie Mae and Freddie Mac tightened the screws on condo lending. Effective Aug. 3, Fannie Mae retired its limited review process, and Freddie Mac ended its streamlined review process, which allowed lenders to approve conventional mortgages without a deep dive into a condo associations’ finances. All conventional mortgages have to go through the full review process, unless they qualify for a waiver. Projects of 10 units or fewer fall under the waiver qualification. Forty percent of condos nationwide used the limited review process last year. And… Florida has the highest concentration of […]

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Galium Capital buys North Miami Beach apartments for $29M

Lidia Dinkova — Fri, 11 Sep 2026 23:30:00 +0000

Galium Capital picked up an apartment complex in North Miami Beach for $28.7 million, The Real Deal has learned, even as inflation and elevated interest rates stifle multifamily sales. Miami-based Galium, led by Jacques Bessoudo and Iser Rabinovitz, bought the 156-unit Arbors Aventura, according to the buyer’s news release. The release didn’t disclose the price, and a deed hasn’t been recorded yet, but a source pegged it at $28.7 million for the real estate, excluding furniture, fixtures and other costs tied to the property. Newmark’s Tal Frydman, who represented the seller and buyer, declined to comment. The purchase was a […]

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Inside the decade-long legal clash between owners, developer of a Singer Island hotel-condo

Alissa Gary — Fri, 11 Sep 2026 22:30:00 +0000

Unit owners at a Singer Island hotel-condo are tangled in a decade-long lawsuit in which they say the hotel’s owner charged them unfair and duplicative fees adding up to tens of millions of dollars. The condo association for the Palm Beach Marriott Singer Island, in Riviera Beach, sued owner Urgo Hotels in 2015, claiming condo owners were being charged for the maintenance of shared facilities in the hotel, without assurance that the fee was fair. More than a decade later, the condo owners are asking a judge to freeze the fees while the case is pending. They’re also seeking punitive […]

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Florida REIT founders charged with stealing from employee benefit plans

Eman Elshahawy, Matthew Elo — Fri, 11 Sep 2026 21:00:00 +0000

The two founders of a Port Richey-based real estate investment trust were indicted on federal theft and embezzlement charges, accused of stealing funds from their employee benefit plans, months after the duo was charged by the SEC in an alleged fraud scheme that raised $152 million from over 5,500 small investors. The 15-count indictment, filed in federal court in Tampa, charges Brandon Dutch Mendenhall and Amy Marie Smith Vaughn with 10 counts of theft or embezzlement from an employee benefit plan and five counts of theft or embezzlement in connection with health care. Mark Rankin, the attorney representing Mendendall, said […]

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Redfearn drops $42M on Delray Beach retail properties in one of town’s biggest CRE deals ever

Alissa Gary — Fri, 11 Sep 2026 17:15:00 +0000

Redfearn Capital picked up two Delray Beach commercial properties for a combined $42.2 million, in one of the largest commercial deals in the town’s history. Alex Redfearn’s Delray Beach-based firm paid $38.2 million at auction for the office and retail property at 105-111 East Atlantic Avenue and $4 million in a separate deal for a retail building at 123 East Atlantic Avenue. The larger property spans 22,800 square feet, according to property records. Sloan’s Ice Cream and Geronimo Tequila Bar and Southwest Grill are tenants. The price amounts to $1,674 per square foot. Cushman & Wakefield’s Florida debt and structured […]

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