Big Miami Deal
Commercial Observer
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WeWork cofounder Adam Neumann has secured $51 million in acquisition financing for the purchase of a 16-acre development site in Miami. Also for today: An interview with Michael Kirchmann, founder and CEO of developer GDSNY.
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Adam Neumann’s Flow Lands $51M Loan to Acquire Miami Dev Site
A little over a month after agreeing to buy a 16-acre development site in Miami for $70.5 million, Adam Neumann’s Flow has now secured financing. The $51 million acquisition loan from Ladder Capital covers 16 acres at 8500 Biscayne Boulevard in the El Portal neighborhood, near the northern border of the city. Terms of the financing were not immediately disclosed. Flow’s offer was just over double that of Melo Group’s stalking-horse bid. The development plan includes the construction of 2,380 residential units as well as commercial space and a school, according to Walker & Dunlop, whose Aaron Appel, Keith Kurland, Jonathan Schwartz, Adam Schwartz and Michael Ianno brokered the debt. The now-vacant site previously functioned as a trailer park called Little Farm. Leo Wu purchased the trailer park and a neighboring 3.5-acre parcel that included a former immigration building at 7880 Biscayne Boulevard.
GDSNY’s Michael Kirchmann On NYC Ground-Up Development, Office Renovations
Fresh-baked cookies can be the ultimate comfort food — the gooey goodness can heal a broken heart, make a moment more enjoyable, or simply satisfy that need for something sweet — but did you also know a warm plate of cookies helped establish a successful New York City commercial real estate firm? It’s true. Way back in 2010, three years after GDSNY was started as a development company, founder and CEO Michael Kirchmann was ready to acquire the firm’s first building, a church on 177 Franklin Street in Manhattan. The priest was looking for the right buyer, and had already met with some bigwig corporate developers. Kirchmann really wanted the building but at the time didn’t have the funds he needed. Undeterred, he invited the priest over to his home for tea and a more informal meeting where they could talk about GDSNY’s intentions to redevelop the property into offices.
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Senior Information Technology Consultant | Technology Consulting
15 小时前Exciting project! It'll be interesting to see how Flow's Miami development shapes the local community, especially regarding healthcare infrastructure and tech needs. Definitely something to keep an eye on.