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Shutts & Bowen Attorneys Complete Land Finance Deal, Clearing the Path for Upscale Condominiums in Midtown Miami

The full-service business law firm has approximately 300 lawyers in offices in Fort Lauderdale, Jacksonville, Miami, Orlando, Sarasota, Tallahassee, Tampa and West Palm Beach.

Brendan Aloysius Barry (pictured) and Philip C. Rosen, partners at Shutts & Bowen in Fort Lauderdale, spearheaded a group of lawyers supporting Metropolitan Commercial Bank. The team was responsible for overseeing the closure of a $30 million loan that would be used to acquire land and pre-develop a new luxury condominium located on the 1.6-acre Midtown Gateway site. The financing was secured for acquiring a 1.6-acre vacant platted lot in the Midtown Miami East Special District. 

“Here at Metropolitan Commercial Bank, we lend to best-in-class sponsors who are battle and time-tested experts in their asset class,” Manuel Vidal says, Florida Market Manager for Metropolitan Commercial Bank. “We help them create and sustain generational wealth by understanding exactly how they create value, and by structuring our transactions to maximize this value creation. Terra has been on the front lines of reinvigorating some of the city’s most desirable neighborhoods for more than a decade now. We saw a great opportunity to help the firm acquire the last remaining undeveloped parcel in the Midtown Miami PUD. We are proud to add David Martin and Michael Simkins to our Florida sponsor roster.”

The property is between NE 36th St., the FEC Railway Corridor, NE 35th St., and NE 1st Ave., and is known as the “Gateway to the Design District.” The mixed-use project, subject to final approvals, has a maximum entitlement of 607,657 sq. ft. and could feature up to 400 residential units with a potential maximum height of 48 stories. The developers, Terra and Lion Development Group, are expected to begin construction next year.

“We are pleased to assist Metropolitan Commercial Bank in structuring and closing this transaction, which will help realize the Developer’s targeted growth strategy in South Florida,” Barry says, a member of Shutts’ Real Estate Practice Group. “The transaction represents an important step in the further development and maturation of the Midtown neighborhood and highlights Metropolitan Commercial Banks’ commitment to South Florida.”

Barry and Rosen were assisted on the deal by Ed Stacker and Jacob Leuze.

Philip C. Rosen

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Drew Limsky

Drew Limsky

Editor-in-Chief

BIOGRAPHY

Drew Limsky joined Lifestyle Media Group in August 2020 as Editor-in-Chief of South Florida Business & Wealth. His first issue of SFBW, October 2020, heralded a reimagined structure, with new content categories and a slew of fresh visual themes. “As sort of a cross between Forbes and Robb Report, with a dash of GQ and Vogue,” Limsky says, “SFBW reflects South Florida’s increasingly sophisticated and dynamic business and cultural landscape.”

Limsky, an avid traveler, swimmer and film buff who holds a law degree and Ph.D. from New York University, likes to say, “I’m a doctor, but I can’t operate—except on your brand.” He wrote his dissertation on the nonfiction work of Joan Didion. Prior to that, Limsky received his B.A. in English, summa cum laude, from Emory University and earned his M.A. in literature at American University in connection with a Masters Scholar Award fellowship.

Limsky came to SFBW at the apex of a storied career in journalism and publishing that includes six previous lead editorial roles, including for some of the world’s best-known brands. He served as global editor-in-chief of Lexus magazine, founding editor-in-chief of custom lifestyle magazines for Cadillac and Holland America Line, and was the founding editor-in-chief of Modern Luxury Interiors South Florida. He also was the executive editor for B2B magazines for Acura and Honda Financial Services, and he served as travel editor for Conde Nast. Magazines under Limsky’s editorship have garnered more than 75 industry awards.

He has also written for many of the country’s top newspapers and magazines, including The New York Times, Washington Post, Los Angeles Times, Miami Herald, Boston Globe, USA Today, Worth, Robb Report, Afar, Time Out New York, National Geographic Traveler, Men’s Journal, Ritz-Carlton, Elite Traveler, Florida Design, Metropolis and Architectural Digest Mexico. His other clients have included Four Seasons, Acqualina Resort & Residences, Yahoo!, American Airlines, Wynn, Douglas Elliman and Corcoran. As an adjunct assistant professor, Limsky has taught journalism, film and creative writing at the City University of New York, Pace University, American University and other colleges.