Here are the key details from the information provided about Kushner Companies' purchase of a distressed development site in Surfside, Florida:
- Purchase Price: Kushner Companies acquired the distressed development site for $40 million. The site was sold by Shaya Boymelgreen's Eden Surfside LLC.
- Parties Involved: Kushner Companies, led by Charles Kushner, his daughter Nicole Kushner Meyer, and Laurent Morali, worked with both the seller, Shaya Boymelgreen, and the lender, Fuse Group, to assume the debt and purchase the property.
- Development Plans: Kushner Companies plans to develop a luxury rental property on the vacant site. The property is zoned for approximately 100 units, with a maximum building height of around three stories.
- Broker Involvement: The deal was facilitated by New York broker Moshe Majeski, who brought the opportunity to Kushner Companies. This marks the first new development project for Kushner Companies in Surfside.
- Site History: Shaya Boymelgreen assembled the Surfside site between 2013 and 2015 for a total of $26.5 million. Originally, he planned to develop luxury townhouses on the property, but the plans changed to a three-story, 200-key hotel, which was never built. Last year, Boymelgreen secured a $30 million loan for the hotel project, which has now been sold to Kushner Companies.
- Loan Details: Eyal Peretz's Fuse Group provided the loan for the then-planned hotel. While Peretz denied that the deal was distressed, he mentioned that the borrower needed to address certain matters, and the loan was close to maturity. The loan matured about a month and a half ago.
This information provides an overview of the recent real estate transaction involving Kushner Companies, Shaya Boymelgreen, and the development site in Surfside, Florida.