Kevin M. O'Grady and Daniel R. Sheehan are named managing directors of Cohen Financial's capital markets unit here, which also adds Eric McGlynn, a senior analyst. They join Howard Taft, current managing director, and John Burns, VP, in the Miami office, which opened in November 2003.

The unit is responsible for structuring debt and equity financing, with an emphasis on multifamily residential properties along with commercial and corporate facilities. Previously, O'Grady and Sheehan were a director and VP, respectively, at the LJ Melody Co. office here.

Bill Wein, managing director of Cohen's national capital markets unit, says the expanded Miami team "makes us a force to be reckoned with in South Florida." The Miami office originated over $171 million in debt, equity and investment brokerage transactions in 2004, he says, predicting it "will corner a greater market share of the real estate investment banking community."

Meanwhile, Prime Rate Lending Group inks a contract with locally based Costa Azul International Realty to finance acquisition and development of a community of 120 single-family homes with a projected sellout of $45 million. The lending begins with a $5.4-million land acquisition loan to be followed by financing of the projected $25-million development and construction phases.

Carlos Fernandez, Dynamic's CEO, says, "this financing agreement will open a new income source for our (lending group) subsidiary." The 20-year-old company targets "the traditional high-return, secure, real estate ventures," he says and expects "to expand and acquire real estate companies and real estate income properties."