Miami Rivergate Buildings Sold for $104M

CWCapital Asset Management, a subsidiary of CW Financial Services, announced that it had completed the sale of two office towers at 444 Brickell Avenue in Miami to Related Group for $104 million, or about $344 per square foot. Related Group subsequently unveiled plans for three tall towers at 444 Brickell Avenue, including residential, hotel, office, and retail space. The new project, One Brickell, is expected to include three skyscrapers rising 80, 70, and 55 stories, and will encompass more than 4 million square feet, including 2 million sellable square feet, according to a Miami Herald report.

"This transaction underscores the depth of our experience in servicing distressed properties and our ability to execute and react quickly to changing market conditions," said David Iannarone, President of CW Financial Services, of the sale. "Our team identified and executed an asset level strategy that elevated the attractiveness and value of the property while conducting a marketing campaign that leveraged rising real estate prices in downtown Miami. We are confident that the timing is right and that we have maintained our principal goal, which has always been maximizing value on behalf of the bondholders."

"This is the most important development in the urban core," Related Group's chairman and CEO, Jorge Pérez, said in a statement. He added: "One Brickell is the link that will unify the neighborhood by bringing pedestrian-friendly walkways from east Brickell all the way to Brickell CityCentre. Our vision will meet the robust demand for additional residential, hospitality, and entertainment facilities in the area."

For more news and information visit Blumberg Capital Partners.

Walker & Dunlop Buying CWCapital for $220M

Walker & Dunlop, Inc. announced this month that it had entered into a definitive agreement to acquire its rival lender, CWCapital LLC, for $220 million. According to the company, $80 million of the purchase will be provided in cash and approximately $140 million in Walker & Dunlop stock, subject to potential adjustment based on changes in the company's stock price, and pending the expected closing within then next 3-4 months.

"We are thrilled to announce this acquisition. CWCapital is an exceptional company with an outstanding team and a corporate culture very similar to Walker & Dunlop's," commented Willy Walker, Chairman, President and CEO of Walker & Dunlop. "The combined company will be one of the largest commercial real estate lenders in the United States," Walker continued. "CW's people, credit discipline, and client focus are highly regarded throughout the industry. It's a wonderful accomplishment to bring these two fantastic companies together and create a true industry force."

CWCapital, is a subsidiary of CW Financial Services LLC, which is owned by Fortress Investment Group LLC. Founded in 1972 and with 180 currently employees, CWCapital lends money to multifamily, healthcare and commercial real estate industries and has in-house origination capabilities for Fannie Mae, Freddie Mac and life insurance companies.

For more news and information visit Blumberg Capital Partners.