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June 19, 2018

Miami-Dade - Business Briefs

| 6/1/2010

Coral Gables — Bank of Miami’s two parent companies — British Virgin Islands-based Granvalor Holding and Coral Gables-based International Bancorp of Miami — signed an enforcement order in which they agreed to shore up capital at the bank. They are prohibited from paying dividends, repaying their own corporate debt, taking out new corporate loans or repurchasing their own stock without regulatory approval.

» Bacardi signed a three-year sponsorship deal with the National Basketball Association. Also, a federal court ruled in favor of Bacardi USA in a trademark dispute with Pernod Ricard USA over rights to sell Havana Club rum in the U.S. Bacardi’s Havana Club rum sells only in the U.S.; a joint venture between Pernod and the Cuban government makes and sells it in the rest of the world.

» Consorzio Terre del Levante Fiorentino, the regional promotional organization for Tuscany, Italy, plans to open a Wine & Fashion Florence Cafe in the city this fall. It will be the organization’s first location in the U.S. and will showcase and sell Tuscan products and promote tourism in addition to the cafe.

Cuba — The U.S. government lifted a ban, in place since December, on trips to Cuba to deliver aid to pro-democracy groups.

Doral — An affiliate of Miami-based Eurorelated Corp. paid $30.8 million for 255 residential condominiums and 14 commercial units at the EuroSuites Residences and Resort.

» Marine, aviation and land fuel products seller World Fuel Services Corp. (NYSE-INT) agreed to purchase assets of Milwaukee-based Lakeside Oil, including parts of its wholesale motor fuel distribution business.

Key West — Federal regulators seized Key West Bank, which had $88 million in assets. The shutdown cost the Federal Deposit Insurance Corp. $23.1 million.

Miami — The state insurance commission declared Northern Capital Insurance, which holds around 70,000 homeowners policies in the state, insolvent. The company will be shut down.

» Miami-based Santé Holding has partnered with Haiti-based WIN Group in a $70-million project to develop Haiti’s Terminal Varreux port, that nation’s largest privately owned shipping terminal and port.

YMCA of Greater Miami
» YMCA of Greater Miami, Carlisle Development Group and Biscayne Housing Group collaborated on the Village of Allapattah YMCA Family Branch, a first-of-its-kind development that opened earlier this year. It combines a full YMCA facility with two towers of affordable housing and is the first new YMCA branch to open in Miami in 40 years.

» Some 74% of the 22,079 condominium units built in downtown since 2003 are occupied, up from 62% a year ago, according to a new a study conducted for the Downtown Development Authority by Goodkin Consulting/Focus Real Estate Advisors. Full-time residents occupy 87% of those.

» A company owned by New York-based Westbrook Partners and managed by New York-based Millennium Partners paid $29.5 million for the hotel portion of the 221-room Four Seasons Miami, a 70-story high-rise that includes condominiums and office space.

» Diamedix Corp., a subsidiary of Ivax Diagnostics (AMEX-IVD), signed an agreement to have Nova Century Scientific market and sell 50 of its products in Canada. The company also signed a distribution agreement with a division of Paris-based Sofibel. Ivax Diagnostics is also considering moving its U.S. manufacturing from its Miami headquarters, although it did not say where it is considering moving.

» Ocean Bank sold a marina site on the Miami River for $4 million to the Miami River Port Terminal, which plans to use the property as a shipping terminal.

» A judge dismissed a shareholder class-action lawsuit against former executives from BankUnited Financial Corp. The former parent company of BankUnited is in Chapter 11 bankruptcy while the bank is operating under a new holding company.

» Developer Neo Epoch II sold 37 units in its Wind by Neo condominium to Venezuelan private equity group H.Q. Investors for nearly $6.8 million. The 489-unit project is under management by a court-appointed receiver, with a foreclosure lawsuit pending.

» Jamaica-based real estate investment trust Kingston Properties paid $2.7 million for 19
units in Related Group’s Loft Downtown II.

» The Miami-Dade Commission set aside $3 million for restoration of the historic Miami Marine Stadium, which it hopes the city will use as leverage to attract additional funding.

Miami Beach — Mount Sinai Medical Center earned $13.8 million on revenue of $524 million, giving the hospital a net operating surplus of $2.8 million — the first time in 12 years that it has ended the year with an operating surplus. In 2008, the hospital lost $5.4 million.

» LNR Property Corp. is selling $1 billion in commercial mortgage-backed securities. It is the largest group of such securities ever offered for sale by a specialty servicer and departs from the company’s usual policy of holding onto them.

Miami-Dade — Miami entrepreneur Salomon “Moni” Terner and a global trade show operator whose identity has not been revealed are considering building a $230-million trade center, showroom and warehouse complex in the county. The facility would serve Asian companies selling products in the Americas.

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