MIAMI, FL (Oct. 22, 2015)
— When major developers need to find a prime piece of property in Miami's urban core, they turn to the Farah Group of Companies.
In the latest example of Farah Group's real estate dealmaking prowess, the company produced a rare acquisition opportunity near Downtown Miami for developer Michael Simkins. CEO Emile “Ur-Cousin” Farah and USA Lending Realty Vice President Zena Bardawell and Sales and Marketing Director Jean Kelly teamed up to arrange the sale of an Overtown apartment site to Simkins, who plans to develop the Miami Innovation Tower and eight additional buildings in the neighborhood.
“With so much development and investment activity occurring in and around Downtown Miami, it has become extremely difficult to find sites in the area,” Farah said. “That's where we come in. We have a 35-year track record of producing results for real estate clients when others cannot.”
USA Lending is owned and operated by Farah Group, which recently opened a new corporate headquarters at Synergy Workspaces in Downtown Miami's One Biscayne Tower. The company is hosting a special event to celebrate its new headquarters on Nov. 12.
In the Overtown deal, the Farah team facilitated the all-cash, $2 million sale of two apartment buildings totaling 28 units and three commercial units at 1117 NW Third Ave. and 220 NW 11th Terrace to Simkins. The site is located just west of Downtown Miami and the future All Aboard Florida station.
As part of the transaction, Farah worked out a deal with Simkins to allow existing tenants to remain at the apartment buildings in the short-term while the developer finalizes project plans for his Overtown portfolio. That was one of several obstacles Farah had to overcome to complete the sale. Other potential buyers could not obtain financing, so Farah had to find an all-cash buyer.
Farah Group specializes in complex transactions. Last summer, Farah brokered the $17 million sale of 18 acres in North Miami Beach known as Biscayne Village. The land was previously used by a gas distributor and designated as a brownfield site. Farah successfully educated the buyer about the future development potential of the site.
Shortly after completing the North Miami Beach deal, Farah, Bardawell and Kelly arranged the $6 million sale of a West Brickell hotel development property to Venezuelan developer William Hammani.
“In deals like these, our role goes beyond bringing a seller and buyer together,” Farah said. “We help our clients create a long-term vision for a site and assist them in carrying out that vision.”
To learn more about Farah Group's current real estate investment opportunities, visit "http://www.farahreacquisitions.com/".
About The Farah Group of Companies
Led by Emile “Ur-Cousin” Farah, The Farah Group of Companies specializes in all types of real estate transactions in Miami and beyond. Farah Group is often hired to facilitate complex deals involving a variety of distressed assets, including commercial bank-owned properties, short sales and bank notes. Headquartered at Synergy Workspaces in Downtown Miami's One Biscayne Tower, Farah Group has direct contact with bank asset managers throughout the world. That gives the company access to all property types, including multifamily communities, shopping centers, warehouses and developable land.
About Emile “Ur-Cousin” Farah
Emile “Ur-Cousin” Farah has been CEO of The Farah Group of Companies for more than 35 years. During that time, Farah has successfully completed the sale of a variety of real estate portfolios and rehabilitated thousands of square feet within buildings. Originally from Jerusalem, Farah is also a renowned philanthropist and community leader. He formed the Naim and Marie Foundation in honor of his parents. The foundation helps raise money for causes supporting the construction of new schools, orphanages and medical centers in areas like the Middle East. Farah has also been recognized for donating to the American Cancer Society and organizations supporting Autism awareness.
Farah is also the The World Ambassador ,. In that role, he travels around the world to encourage the exchange of culture, research and business between Cities worldwide.