Famed ‘Jockey Club’ site to re-emerge as a destination development
Hackensack, NJ – The site of the legendary Jockey Club, the hot Miami social club of the 60’s, will soon be transformed with the addition of the 1 million-square foot luxury residential and hotel development Apeiron at the Jockey Club, thanks to a $21 million loan by Hackensack, NJ-based private lender, Silver Arch Capital Partners.
Jeffrey Wolfer, President and CEO of Silver Arch Capital announced the company’s completion of the funding for the proposed project. The two-year loan was obtained by Apeiron Miami, LLC, a partnership headed by Ritz Carlton Group co-founder and former President Horst Schulze, former Chairman of HBA International Michael Bedner, and former Vice President of Related International Muayad “Mo” Abbas. “We are pleased that we can be part of such an exciting project on such a great site, with a group that will make this outstanding project happen,” said Wolfer; “The team includes individuals with lengthy track records in development, hospitality, and management that positions them well to execute on their vision”.
David Larson, Associate Director of NGKF Capital Markets was the broker on the transaction. Newmark Grubb Knight Frank, is one of the world’s leading commercial real estate advisory firms. Together with London-based partner Knight Frank and independently-owned offices, NGKF’s 12,800 professionals operate from more than 370 offices in established and emerging property markets on six continents.
“Both development and lending teams were able to come together to realize the extraordinary opportunity in the Jockey Club, a project that will once again be a preeminent Miami destination,” adds Larson. “The team at NGKF looks forward to many more deals with Silver Arch Capital Partners.”
The project comes at a time when Miami is living up to its nickname as The Magic City. “Growth in the Miami, Miami Beach and Kendall market continues, with employment expanding into record territory, including strong growth in finance and manufacturing jobs,” said Wolfer. “Tourism and rebounding in-migration are also driving the market’s retail landscape, with additional jobs resulting from that trend. Construction and real estate have benefited from the heightened demand for condominium high-rises, and this project is clearly designed to help meet that strong and growing demand.
The site is the remaining undeveloped portion of the Jockey Club sitting directly on Biscayne Bay at 1111 Biscayne Blvd. The three existing condominium buildings, Jockey Club 1, 2 and 3, were developed in the 1970’s and 80’s, and the remainder of the site boasts fantastic views and is perfectly situated for the proposed development.
The funding will be utilized for development “soft costs,” including engineering, architecture and planning, for the two-phase mixed-use project of more than 1 million square feet. Phase one of the proposed build-out consists of a state-of-the-art 41-story tower planned to house 120 well-appointed residential condominium units and a 90-room hotel, and will include a restaurant, fitness center and amenities. The initial phase also includes construction of a 417-space, two-story parking structure and reconstruction of an adjacent 38-slip marina. The second phase of the project will be a residential condominium building with a total of 120 units and a 346-space parking structure.
“We are thrilled to have secured this financing for the Apeiron project and appreciate the confidence that our partners have placed in both our project and our leadership team,” said Muayad “Mo” Abbas, a founding partner with the development team behind Apeiron at the Jockey Club. “Step by step, we are laying the groundwork for what will be a phenomenal luxury development in an untouched corner of the Miami market.”
Silver Arch Capital Partners is a leading nationwide private lender to the commercial real estate market, specializing in bridge loans to owners, investors and developers in need of funding outside the scope of traditional banks and lenders. Formed with the mission to assemble the most highly creative minds in real estate lending under a single banner, the firm recognizes the importance of access to capital in turbulent times. Its partners, who have closed over $2 billion in loans, have the knowledge and insight to guide a borrower through the entire loan process, from initial review through closing.
Drawing from various resources, Silver Arch Capital Partners offers loans from $1 million to $50 million with the flexibility and creativity to review projects of every type — multifamily, office, retail, industrial, hotel and land — and to offer funding for almost every purpose — restructurings, discounted payoffs, purchase of notes and property improvements.