Miami

The project will feature dining, restaurant and entertainment space, along with a corporate office campus, a hotel and residential space.

The deal calls for ILG shareholders to receive $14.75 in cash and 0.165 shares of Marriott Vacations Worldwide common stock for each ILG share. The transaction is expected to close sometime during the second half of this year.

Cavache Properties, based in Pompano Beach, FL, reports that prior to securing the construction loan, Roberts Equities LLC of Boca Raton, FL invested $6 million of equity into the project.

Single-family home sales in Miami-Fort Lauderdale-West Palm Beach fell 7.6% as compared to March 2017 but the region's median single-family home price rose 7.4% to $350,000.

The Bradley, located at 51 Northwest 26th St., will include 175 micro studio, one- and two-bedroom units ranging from 480 square feet to 1,000 square feet and will also feature approximately 32,000 square feet of commercial space.

The financing, which fully capitalizes the 59-unit project, was provided by New York City-based Madison Capital. Construction is underway, with the foundation nearly complete.

Also at the property, the company successfully terminated its lease with the building ownership for 122,000 square feet that had previously been on the market for sublease by the membership warehouse operator.

MMG officials state it plans to undertake an extensive renovation of the property this year to enhance its curb appeal and tenant mix.