Zo goes strong into affordable housing
NBA Hall of Fame member Alonzo Mourning is turning into a development force.
Mourning’s AM Affordable Housing and Housing Trust Group has closed on the financing of Courtside Family Apartments, a new 84-unit affordable housing development in Miami’s historic Overtown neighborhood. Courtside Family Apartments is the first of a three-phased master planned community.
�Since we were first awarded the project in 2008, we have had to overcome many obstacles to get to this point, but we persevered and ultimately succeed for this community,” says Mourning, who is Director of AM Affordable Housing and VP of Player Programs for the Miami Heat.
In 2008, Miami-Dade County granted an affiliate of AM Affordable Housing a 65-year ground lease on approximately four acres of land at the Culmer Center.
Horatio Alger for Zimmerman
Zimmerman CEO Jordan Zimmerman, who was on the cover of the October issue of SFBW, has collected another major accolade: A 2015 Horatio Alger Award given out in April in Washington, D.C.
The Horatio Alger Association of Distinguished Americans recounted how Zimmerman had his first job selling greeting cards at the age of 8 and then went on to become a newspaper delivery boy, who had to start his route at 2:30 a.m. to reach 450 homes. As a student at the University of South Florida, Zimmerman came up with the “Just Say No” anti-drug message that was used by Nancy Reagan.
The Zimmerman agency is the largest in South Florida with more than $3 billion in client agency billings. Zimmerman has contributed $10 million to establish the Zimmerman School of Advertising and Mass Communications at USF.
Tony Novelly, president and CEO of the Alger Association says Zimmerman’s story “shows how determination, resourcefulness and ingenuity are an unstoppable combination in pursuit of the American Dream.”
Patriot buys Boca insurance brokerage
Patriot National (NYSE: PN), whose CEO was featured in the April issue of SFBW, has acquired TriGen Insurance Solutions, a specialty insurance brokerage based in Boca Raton, and Hospitality Supportive Systems (HSS) in Springfield, Penn.
TriGen is a multi-line insurance broker and risk management services firm offering tailored solutions to clients across a variety of industries.
“TriGen’s well-established relationships with insurance carriers will grow our customer base. It will also expand our operations into Atlanta, where we plan to open our ninth regional service center to better serve this dynamic Southeast region,” says Patriot National CEO Steven M. Mariano.
HSS is a managing general agent that designs and produces preferred insurance programs for the restaurant, bar and tavern industry nationwide. HSS will be folded into TriGen.
The TriGen deal is valued at up $9.74 million, depending on earnout contingencies, while the HSS deal is up to $13.5 million.
Mariano was profiled in the April issue of SFBW as a new inductee in the Business Hall of Fame at the Nova Southeastern University Huizenga School of Business and Entrepreneurship.
Motwani joins Broward College Foundation Board
Developer Dev Motwani, featured in the March issue of SFBW, has joined the board of the Broward College Foundation.
Motwani is president of the family business Merrimac Ventures, which owns and operates hotels, condos, retail, office and rental apartments. It has played a leading role in the transformation of Fort Lauderdale Beach and is involved in developing the new Four Seasons Hotel and Private Residences.
Motwani also founded and manages Ramesh Properties, a distressed real estate investment fund with nearly $750 million in development projects. He also founded and manages Chieftain Residential, a yield-oriented distressed residential fund.
Another deal for BBX Sweet Holdings
BBX Sweet Holdings (NYSE: BBX) has acquired candy maker Kencraft Inc., which has a 50,000-square-foot factory near Salt Lake City.
Established in 1969, Kencraft Candy is known for Lollipops, LolliKits, LolliLetters, Candy Sticks, Candy Canes, Bubblegum Buddies, Royal Icing Decorations and Panoramic Sugar Easter Eggs.
Jarett Levan, President of BBX Capital and CEO of BBX Sweet Holdings, says, “As we focus on continuing to extend our reach into the confections industry, the acquisition of Kencraft Candy is a great strategic fit and expands our unique and growing number of product offerings in the confectionary category.”
BBX Sweet Holdings has six other nationally recognized brands: Anastasia Confections, Helen Grace Chocolates, Hoffman’s Chocolates, Jer’s Chocolates, The Toffee Box and Williams & Bennett.
Ted Morse honored at Concours d�Elegance
Ted Morse, President/CEO of Ed Morse Automotive was honored with a lifetime achievement award at the ninth annual Boca Raton Concours d’Elegance in Boca Raton.
Founded by Ed Morse and his father, Ed Morse Automotive has been in the automotive business since 1946. More than 65 years later, Ed’s son, President/CEO Edward “Ted” Morse Jr., has built the family owned and operated business into one of the nation’s most respected and largest privately held automotive groups. Ed Morse Automotive Group consists of 15 locations and nine different brands. ?
1200 The Ocean is located in Hillsboro Beach. The April issue article on Modern Mansions incorrectly said Deerfield Beach.