Developer Brandon Miller dies; Rent control battles heat up… and more

THE RUNDOWN:

?? Developer Brandon Miller, who served as managing partner at Real Estate Equities Corporation, died July 3. He was 43.

?? Rent control battles are heating up in Illinois and California, underscoring the nationwide debate over rent control, which often pits organizers and politicians against the industry.

?? The FBI is investigating allegations of rape and sexual assault by former top real estate brokers Oren and Tal Alexander and their brother Alon Alexander.?

?? Seven-time Super Bowl champion Tom Brady scored a $35 million loan for his waterfront Indian Creek Village estate.?

?? Edward and Thomas Slatkin refinanced two of their marquee hotels in Santa Monica with $400 million in new debt.?

?? A Chelsea penthouse recently featured on Ryan Serhant’s new reality show “Owning Manhattan” finally found a buyer.

THE DETAILS:

?? Developer Brandon Miller dies at 43

Prior to his death, the real estate scion was hospitalized in Southampton as erroneous reports of his death and obituaries, some of which were apparently generated by AI, circulated online.

• Real Estate Equities Corporation has several commercial projects under development, including an East Harlem life sciences building and a boutique office building at 1 St. Marks Place.
• Miller’s wife, Candice Miller, is a well-known influencer and lifestyle blogger. He’s also related to fashion blogger Arielle Charnas, whose husband, Brandon Charnas, is co-founder of Current Real Estate Advisors.
• A cause of death was not shared by officials.

?? Behind the evolution of rent control’s politics

Pushes to overturn state bans on rent control have been mostly futile across the nation, but efforts have gained traction recently in Illinois and California.

• Prior to losing her Democratic primary, Sen. Natalie Toro introduced an Illinois Senate bill to lift the rent control ban, but it stalled after it was not called in time to meet a legislative deadline.
• There have been several attempts to repeal the ban, but the lack of follow through and the combined lobbying power of real estate and trade labor unions have quashed any legislation that looks like rent control for decades.
• In California, voters are gearing up to decide whether to allow cities and towns to impose rent control on newer apartments, as well as condos and townhouses.

?? FBI investigating Alexander brothers rape allegations

An FBI child exploitation and sex trafficking task force is interviewing women who allege the Alexander brothers assaulted them, the Wall Street Journal reported.

• The allegations emerged last month when The Real Deal reported on two lawsuits filed by Kate Whiteman and Rebecca Mandel alleging they were raped by Oren and twin Alon.
• The brothers have denied the allegations and stepped back from their brokerage, Official.
• An attorney representing Whiteman told TRD in June that he and his partners heard from at least 28 women who claimed they had been assaulted by the brothers.

?? Tom Brady scores $35M loan for waterfront Indian Creek estate

Tom Brady is no stranger to multimillion-dollar deals. The future Hall of Famer secured a $35 million loan financed by Citizens Bank for his waterfront Indian Creek Village estate.

• Indian Creek is a longtime home to the uber wealthy and has attracted celebrities Jeff Bezos, David Guetta, Ivanka Trump and Jared Kushner in recent years.
• The loan likely pays off and replaces a $35 million construction loan the retired NFL athlete scored in June 2023 from J.P. Morgan Bank.
• The new loan, which matures in 2054, has a lower interest rate that starts at 5.63 percent, with payments beginning in August 2035 and the first interest rate change in 2031.

?? Edward, Thomas Slatkin score $400M refi on Santa Monica hotels

The Slatkin brothers, who run Edward Thomas Collections, snagged a $280 million loan for the 198-key Shutters on the Beach and the 129-room Casa del Mar Hotel by the Sea, plus a $120 million mezzanine loan.

• The deal is a boon for two of the highest-end resorts in Santa Monica, given a wider pullback in commercial real estate lending.
• Citi Real Estate Funding originated the two-year senior loan, which is set to be sold off to investors through a CMBS deal. The mezzanine loan was provided by a consortium of funds tied to Goldman Sachs.
• The new debt replaces $430 million in existing debt.

?? Jardim penthouse seen in “Owning Manhattan” sold for $15M

The condo at 527 West 27th Street, known as Jardim, sold for $15 million in May to banker Viswas “Vis” Raghavan and Pamela Raghavan.?

• The four-bedroom, four-bathroom apartment appeared in the season finale of Ryan Serhant’s new Netflix show “Owning Manhattan.”
• The home, which Bad Bunny rented for $150,000 a month last year, spans roughly 4,500 square feet with another 4,600 square feet of outdoor space, including three terraces and a rooftop with a lap pool.
• Raghavan is the head of banking and executive vice chair at Citigroup and previously served as head of global investment banking at J.P. Morgan.

THE CLOSE:?

We’re on the lookout for more as-seen-on-TV real estate deals. Keep reading TheRealDeal.com to keep up.

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