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iStar Financial Inc. Announces Ownership of South Beach Real Estate Condo Project "South of Fifth"
MIAMI, Jan 18, 2011 (BUSINESS WIRE) --
iStar Financial Inc. (NYSE:SFI), a publicly traded finance company focused on the commercial real estate industry, announced today that it will now have full ownership of the luxury Miami Beach real estate condominium project "South of Fifth," located at 125 Ocean Drive.iStar Financial has engaged Cervera Real Estate, Inc., a South Florida real estate company, to manage the project's marketing and sales efforts.
"iStar is excited to begin work on South of Fifth and we're confident our successful repositioning of the property will only further complement the property's already world-class South Beach location," said Anthony Burns, Senior Vice President of iStar Financial.
"South of Fifth is a truly unique, opulent beachfront property in one of world's most in-demand locations. Expansive views and trained hospitality professionals will further add to the feel of a grand private residence, together with immediate access to South Beach's great luxury conveniences," said Alicia Cervera Lamadrid, President of Cervera Real Estate.
iStar Financial plans to rebrand South of Fifth, reposition the condominium in the market and redesign the intimate, seven-story beach-front condo with a multi-million dollar investment. South of Fifth currently features 28 oceanfront residential units, three office units and one retail unit. Units range in size from 660 square feet to 6,240 square feet. Amenities include private lounge, gym facilities, beachfront pool, private beach club, hotel services, as well as 24-hour valet, security and concierge. For additional property information and media relations, contact Adriana Aragon at TARA, Ink. Public Relations, firstname.lastname@example.org, 305-864-3434, ext. 188.
About iStar Financial, Inc.
iStar Financial Inc. is a publicly traded finance company focused on the commercial real estate industry. The Company primarily provides custom-tailored investment capital to high-end private and corporate owners of real estate, including senior and mezzanine real estate debt, senior and mezzanine corporate capital, as well as corporate net lease financing and equity. The Company, which is taxed as a real estate investment trust ("REIT"), provides innovative and value added financing solutions to its customers. Additional information on iStar Financial is available on the Company's website at www.istarfinancial.com.
About Cervera Real Estate, Inc.
Cervera Real Estate, Inc. is a leading luxury real estate company focusing on the South Florida market, specializing in comprehensive programs at all stages of the sales and marketing process. The multi-lingual company launched in 1969 and is led by Founder Alicia Cervera, Sr., President Alicia Cervera Lamadrid and CEO Veronica Cervera Goeseke. Additional information on Cervera Real Estate is available at www.cervera.com.
SOURCE: iStar Financial Inc.
For iStar Financial Inc.
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