Miami

A Delray Beach commercial mortgage brokerage secured the loan for the property owner.

The new fund Driftwood QOF has already secured two opportunity zone investments—a joint venture for the development of a 218-key dual branded hotel Home 2/Tru by Hilton in Fort Lauderdale, and the redevelopment of a 10-story office building in Wilmington, DE into a 136-room IHG-branded urban hotel.

The brokerage firm in its first quarter 2019 market snapshot report notes that availability and vacancy are near all-time lows and rental rates continue to increase at a 3.5%-4% annual rate.

The purchase of Concourse Center brings Dilweg's Florida office holdings to nearly 1.2 million square feet and its Southeast office holdings to nearly 6.5 million square feet.

The Miami City Commission will be asked to approve a settlement that would allow construction of hotels, stores and a garage on the island off downtown Miami.

Walker & Dunlop brokered the transaction for the 180-unit property, which is capturing some of the highest rents in the state, for Bluerock.