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Developers, brokerages look to lure artsy set during Art Basel

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Developers, brokerages look to lure artsy set during Art Basel
Real estate and art will merge amid performances, installations, events
Miami /
Spectrum Miami and Red Dot Art Fair 2016 (Credit: Cervera Real Estate)
Musical and dance performances, lavish parties, art-studded soirees and public installations aren t only for the art-world set during Art Basel.
During Art Week and Art Basel, developers and brokerage firms will capitalize on the well-heeled crowd descending on Miami to boost the visibility of their luxury projects. Condos are hosting parties and exhibits, brokerages are sponsoring art fairs, districts are becoming public art sites and even restaurants are getting in on the action with events geared to art lovers.
Hakanaï by Adrien M Claire B
Canvas’ developer NR Investments is hosting three days of dance, digital art and musical performances, Hakanaï by Adrien M Claire B, on the patio of the under-construction 513-unit condo building at 90 Northeast 17th Street in Miami’s Arts Entertainment District. The performances run from Wednesday through Friday.
Property Markets Group and JDS Development Group are hosting a private event with artist Antuan at the recently completed Echo Brickell, at 1451 Brickell Avenue. The Cuban artist is unveiling his “Art from Another Dimension” collection at the luxury condo tower on Tuesday. A handful of[……]

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In resi development, “Other People’s Money” no longer cuts it

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In resi development, Other People s Money no longer cuts it
There’s enough skin in the game where it would be painful for the developer to walk:” Peebles
New York /
For years, one of real estate’s dirty little secrets was how little equity some developers put in their own real projects. The mantra was Other People s Money, which allowed sponsors to recover from failures with only superficial wounds.
No longer. Now, there’s enough skin in the game where it would be painful for the developer to walk,” said Don Peebles, CEO of the Peebles Corporation.
“Capital is plentiful, but it’s not dumb,” added Billy Macklowe, speaking at Haute Residence s luxury real estate summit at the Core club Friday. “Most capital allocators want to see sponsor equity.”
Senior lenders are willing to contribute between 40 and 60 percent of the capital stack, down from as high as 90 percent pre-2008.
Mitchell Moinian of the Moinian Group said his firm puts up at least 50 percent of a project’s equity. And there are advantages to that approach, with sponsors having greater control over their projects, he said.
“The more you’ve seen the rodeo, the less you’re willing to expose yourself to highly-leveraged debt,” said Continuum Company s Bruce Eichner, who s on the third or fourth of his proverbial nine lives in this business.
Peebles said he typically puts up about 20 perce[……]

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WATCH: TRD discusses Town’s downfall and what comes next

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Last week, The Real Deal s E.B. Solomont and Hiten Samtani broke the news of Town Residential s decision to close its sales and leasing divisions, which followed months of speculation the firm was struggling financially. In a LinkedIn post this weekend, Town CEO Andrew Heiberger blamed the cost of commissions and a competitive recruiting environment for the brokerage s inability to stay afloat.
Though the dust continues to clear, questions about the future of the firm s operations and what will happen to its agents as well as their exclusives still remain. Solomont and Samtani met in TRD Studio today to discuss Town s demise and what s next for the brokerage.
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