Mednax Inc. continues its rapid growth with yet another purchase of a physician group.
The Sunrise-based company (NYSE: MD) on Monday announced the purchase of Pediatric Cardiology Associates in Fairfax, Virginia. The acquisition marks the physician services company's eighth acquisition of 2016.
Pediatric Cardiology Associates employs six physicians and four sonographers that provide services to 10 office-based locations and eight hospitals in Northern Virginia and Maryland, including Inova Fairfax Hospital, an 833-bed medical center.
“We chose to join Mednax because of the support and infrastructure that comes with being part of a national medical group," said Sharon Karr, M.D., who will serve as medical director for the practice, in a statement. "We are comfortable knowing we will have clinical autonomy but be relieved of some of the regulatory and reimbursement responsibilities that have become so complex in today’s healthcare environment."
Terms of the cash deal were not disclosed.
"In addition, Mednax’s research, education and quality initiatives will give us the opportunity to engage with other pediatric subspecialty groups and strengthen the continuum of care we offer to our patients," Karr added.
Pediatric Cardiology Associates was established in 1987 and was the first full-time pediatric cardiology practice in Northern Virginia. The practice provides inpatient and outpatient cardiovascular care including diagnosis and treatment of fetuses, infants and children, as well as adults with congenital heart disease.
Mednax's last acquisition was June 20, when the company announced the purchase of White Plains, New York-based Westchester Anesthesiologists.
Mill Creek Residential acquired the site of the Modera River House apartment project in Miami and landed a $52.4 million construction loan to break ground.
Miami River House Associates, managed by Lauris Boulanger and Francisco Silver in North Miami, sold the property at 1035 N.W. 11th Court and 1170 to 1080 N.W. 11th Street for $11.5 million to Riverhouse Development, an affiliate of Boca Raton-based Mill Creek Residential. Virginia-based Citizens Bank provided the construction loan to the buyer.
Aztec Group's Jim Fried represented both the seller and the buyer in the deal.
“The site has terrific access and visibility," Fried said. "The property fronts directly on the Dolphin Expressway. A person living in this project can get to the Miami CBD, Brickell, Midtown/Edgewater/Wynwood the Hospital District, Coconut Grove or Coral Gables without ever getting on the highway – a major benefit in today’s urban environment.”
The 2.54-acre site across from the Miami River was recently approved for 292 units units, ranging from 647 to 2,423 square feet. It would rise eight stories. The developer also agreed to preserve a single-family home.
“We targeted this development site specifically for its convenient access to the Miami Health District and the downtown Miami CBD, as well as its incredible views along the Miami River,” said Jeff Meran, senior managing director for Mill Creek Residential. “It’s a perfect location surrounded by the historic Spring Garden neighborhood and we are incredibly excited about this opportunity. This submarket will be very well served by a high-end luxury rental community like Modera Riverhouse.”
Robert Finvarb, whose development company has two hotels about to open on Miami Beach, discusses the superheated hotel scene in Miami.
With two hotel construction projects coming in for a landing, developer Robert Finvarb was sounding confident during an interview earlier this month.
Construction of both properties — the Hyatt South Beach and AC Hotel Miami Beach, both set to open in April — was running on schedule, no easy task in a market flooded with renovation and new building projects in recent years.
“I pride myself on that,” said Finvarb, a Miami Beach native. “This is all we do.”
After graduating from law school and working for nine years as an attorney, including for South Florida developers, Finvarb founded real estate investment and development company Robert Finvarb Companies, where he is president and CEO.
In an interview at the company’s Courtyard by Marriott South Beach at 1530 Washington Ave., Finvarb talked about the popularity of the area for investors, the advantages of being a local surrounded by outside developers and the challenges of landing a project (not to mention two) on time.
Q. What led you to start your business here in 2002?
A. Just the familiarity of the area, and actually my dad and I collaborated on this project with my brother. It was an emerging area of South Beach. This Washington Avenue corridor was dark, dingy, dirty. And as we’ve seen in many other markets that we’ve developed, it became an economic engine for this little part of South Beach because it legitimizes it.
And one thing that developers have is a herd mentality of following those that pioneer certain areas. Look at Wynwood, look at Design District. And I’m not going to put this on par with what the Goldmans did in Wynwood or what Craig Robins did in Design District, but this was our little opportunity to gentrify this area. We’ve done the same thing in D.C., we’ve done the same thing in other markets where they’ve been urban emerging markets and we’ve put Marriott hotels in areas that people did not associate as a destination for business or leisure travel.
Q. And how have you seen, down here especially, development opportunities change since you started?
A. Dramatically. Actually, most of the projects that I started with on my own were outside of South Florida. So our company did the [Courtyard by Marriott] project over by Fort Lauderdale airport. Then we went to Northern Virginia, D.C., Arizona, New York. Then I came back. ...
It’s crazy, I’ve been through three cycles and we’ve been in business for 12 years. So we came in and I was able to grow my business quite aggressively because the capital markets were extremely active and didn’t really limit my ability as a new developer or as a neophyte in the market from procuring financing. And then my legal background saved me in a sense that I was conservatively leveraged on all these deals so we were able to go through the downturn without ever missing a beat. And we actually were able to capitalize on a couple of opportunities during the downturn. We picked up the [Courtyard by Marriott] hotel in Coconut Grove and we picked up a second one outside of Chicago in a suburban market. Basically that was an alternative strategy during the downturn because construction financing for new projects was nonexistent.
Over the last three and half years, we got back into the market from a construction and development perspective and either developed or are in the process of developing two hotels in New York and three down here, including [Residence Inn by Marriott in] Sunny Isles. [A fourth, the Springhill Suites by Marriott — Miami Airport East, opened about five year ago.]
Q. Have you found that the opportunities available to you are reduced because there’s a lot of competition?
A. Huge. Right now, I mean, in my mind, I’m not really pursuing any new opportunities down here. I think the market is at a level that’s unsustainable from a cost perspective for a new project. Between construction, the cost and acquisition of land — you’re basically competing with condo developers, and they can pay more than a hotel developer can.
I don’t feel that, for the product type that we are accustomed to developing, that it’s a sustainable model. We’re long-term holders, we don’t sell. So we have to be in at a price point that allows us to survive for a long period of time.
And inevitably in the hotel space, there’s ups and downs. The market basically moves in tandem with GDP. So right now ’15 is expected to be strong, ’16’s strong. Let’s see then what happens with a presidential election, oil prices, international travel. There’s so many variables that play into it.
Q. What are the hottest areas for developers now?
A. In South Florida, South Beach remains a crown jewel. There are barriers to entry, obviously, both naturally and imposed by local zoning regulations in terms of the preservation of the Art Deco District and historic buildings. Those aren’t going to change. What scares me is downtown, Brickell I think is getting overbuilt to levels that are not sustainable because you’re not able to drive rate in our business as aggressively on the west side of the [MacArthur] Causeway as you are here on the beach.
Q. Do you think there are pockets that are still kind of hidden gems, undiscovered?
A. I’m very curious to see what happens in Wynwood and Design District. From the retail perspective, restaurants, it’s not a hidden pocket. It’s unproven from the hotel side. Will Wynwood one day become SoHo? Or will it just remain sort of a weekend destination, but not necessarily the kind of place you want to sleep, spend the night? So those are questions that we continue to ask ourselves. And the thing with hotels is: Being a pioneer is extremely risky. You could hemorrhage money with a hotel. If you build it and they don’t come, you’re screwed.
We have a hotel by the medical district, it’s a Marriott Springhill Suites. It does relatively well, but from a rate perspective, it’s dramatically lower to the point where by today’s dollar, it’s an unsustainable business model. So that’s why I’m hesitant to develop something on the west side. Because there’s no differentiating point between what you’re paying for construction on Miami Beach and the west side of the causeway. But your rates are dramatically different.
Q. What’s in your sights moving forward?
A. We’ve got a full plate. We’re not publicly traded, we’re not institutionally backed. It’s all private equity. [We’re] patient, so we’ve got plenty on our plate and if we develop and just continue to hold and operate and manage and extract value out of these assets, we’re fine waiting for the next opportunity. But we’re not going to chase an opportunity just to be active.
Q. What advantages do you think being a longtime local developer give you here?
A. I’ve seen it. When I go into markets like D.C. or Arizona, there’s just knowledge that you’re trying to gain from experts and locals that is still going to be second- or third-hand. Whereas here, I’ve lived it. I know where my wife and I want to go for dinner on a Saturday night that’s edgy versus more established and exciting, where we want friends of ours that are visiting to be staying. I don’t need a feasibility study to tell me how an opportunity is going to perform down here.
Q. So you’ve got these two hotels getting ready to open right around the same time. Why did you want to do those two things so close to each other, and how much sleep are you getting?
A. Not a lot of sleep, but I feel that the window of opportunity to develop the product type that I’m accustomed to developing, that three-and-a-half to four-star product, was closing. So we decided to dive in with both feet and assembled two fantastic teams and actually bolstered our team in house.
Q. I don’t think there’s a Hyatt in Miami Beach, right? And AC by Marriott?
A. First Hyatt in Miami Beach and the first ground-up AC by Marriott in the United States. So they’re pioneering.
Q. And how did you land those deals?
A. This is all I do, so I knew that Hyatt’s one of the leading brands in the world. Not having a presence in one of the most dynamic destinations screamed opportunity to me. It’s actually my first non-Marriott branded hotel, so when we presented them with the opportunity, they were extremely excited combined with our track record for executing developments. And I think it’ll play extremely well with the market, with the surrounding area. The Loews, it really complements the hotel product within that 16th and 17th and Collins corridor, which really is the most established hotel corridor in Miami Beach.
A. As far as the AC’s concerned, I’ve had a relationship with Marriott for 12 years. My family, we’re Hispanic, so it’s a brand that originated in Spain. And Marriott sort of involved me with its acquisition of the brand at a very, very early stage because I am bilingual, I’m a great ambassador from the developer side for the product. And the product obviously doesn’t play batter in any market than Miami because of the Latin and European influence.
Q. You’re right on deadline with both of them — how hard is that to do here?
A. Very. Especially now with so many construction projects on the condo side going on. The condo developers are extremely anxious to get completed and delivered. Nobody wants to get caught without a chair when the music stops. ... They’re heavily incentivizing subcontractors and their contractors to finish on time. So there’s a tremendous strain on resources. For me, I exhaled once the windows were on our buildings, frankly speaking.
Q. You mentioned knowing where you want your friends to stay and where you and your wife want to have dinner, so I’m curious: What’s the go-to dinner place these days?
A. The Edition: Matador Room and the Market. The Edition, in my opinion, from a five-star perspective, hit it out of the park. I don’t think anybody touches them now in the market.
Higher gasoline prices are rarely welcome news for consumers, but a study shows they are linked to lower home prices.
According to a working paper by faculty at Florida Atlantic University and Longwood University, home prices fall $4,060 for every $1 increase in the price of a gallon of gas.
A co-author of the study, Bennie Waller, a professor of finance and real estate at Longwood, told the Wall Street Journal that high gas prices may discourage real estate agents from aggressively marketing homes listed for sale. Specifically, agents may limit the driving they do to show homes to potential buyers.
Waller also said the study gas prices have a disproportionate impact on inexperienced real estate agents, defined as those with no more than four years of experience as an agent.
He said a high gas prices represent “a fixed cost for all agents, but older agents can spread it out over lots of transactions. Younger, less experienced agents don’t have a lot of transactions to spread those fixed costs over.”
Waller and study co-author Ken Johnson, a professor at FAU, reviewed 17,122 homes sales in central Virginia between 1999 and 2009 and correlated the data with gas prices, which ranged from $1.11 per gallon to $4.12 during the 10-year period.
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Up to 15 acres available in a convenient Virginia Beach locationParcel 78B-2: Approximately 5.123 acres (2629 Excalibur Court)Parcel 78B-3: Approximately 10.513 acres (2600 Excalibur Court)M-2 zoning allows for heavy industrial useGreat access to I-264 via London Bridge Road and Lynnhaven ParkwayClose to Lynnhaven retail amenitiesOceana APZ zone – significant local incentives available for compatible development
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