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Daily Archives: July 17, 2019

Madison Realty Capital Provides $225 Million Construction Loan on The Residences at Mandarin Oriental, Boca Raton

Financing allows the borrower to complete a 12-story, 288,000 saleable-square-foot luxury condominium

NEW YORK, July 17, 2019 (GLOBE NEWSWIRE) — Madison Realty Capital has provided a $225 million construction loan on The Residences at Mandarin Oriental, Boca Raton, a planned 12-story, 580,000-square-foot luxury condominium tower in Boca Raton, Florida.

The financing will allow owner/developer Penn-Florida Companies to complete the 12-story, 288,000 saleable-square-foot luxury condominium tower with an additional 22,000 square feet of retail. This will be the third and final tower at the 2 million-square-foot Via Mizner resort, a world-renowned resort destination in the heart of the internationally-recognized Southeast Florida community.

The construction of the condominium tower commenced several months ago along with the new 164-room Mandarin Oriental Hotel, which will give condo owners unparalleled access to the hotel and Via Mizner’s extensive amenity package.

The condominium will join a growing list of nearly 20 current and upcoming The Residences at Mandarin Oriental properties located across the globe—from Bali to Bangkok, Moscow to Munich—while also giving the Boca Raton community a unique product that has been well-received and is achieving significant presale activity driven by international interest.

“The significant presale activity, premier sponsor and limited product of this nature in the Boca Raton market made this financing opportunity particularly attractive,” said Josh Zegen, Co-Founder and Managing Principal of Madison Realty Capital. “This was an opportunity to get involved in a project that is already under development from a planning and construction standpoint. In addition, we are excited to become a part of a growing global network of highly-regarded The Residences at Mandarin Oriental-branded products, which will help to further establish Madison Realty Capital as a lender with capabilities that stretch across the globe.”

The Residences at Mandarin Oriental, Boca Raton will offer a collection of 92 custom homes with breathtaking ocean and golf course views. Condo owners will be given preferred access to the Mandarin Oriental and its plethora of amenities, as well as membership to the Via Mizner Golf & City Club, which is being designed by golf icon Jack Nicklaus.

The Residences will be connected to the Mandarin Oriental Hotel by way of a two-story underground parking garage as well as an upper-level bridge featuring a fitness center, spa and meeting space. In addition to the hotel and condo components, Via Mizner will include a 366-unit luxury apartment building and 60,000 square feet of retail.

Anthony Orso, President of Newmark Capital Market Strategies, arranged the financing along with Bill Weber and Henry Stimler of the same firm.

About Madison Realty Capital (MRC)
Madison Realty Capital (MRC) is a New York City-based real estate private equity firm focused on real estate debt and equity investment strategies. Founded in 2004, MRC has invested in excess of $10 billion in the multifamily, retail, office, industrial and hotel sectors. The firm manages investments in the United States on behalf of a global investor base consisting of corporate and public pension funds, sovereign wealth funds, university endowments, foundations, fund of funds, family offices, and high net worth individuals. MRC is a fully integrated firm with over 70 employees across all real estate investment, development, and property management disciplines. Debt strategies include construction and acquisition lending, special situation financing and debt acquisitions; equity real estate strategies include opportunistic and value-add investments as well as ground-up development. Among other industry recognitions, MRC has been named to the Commercial Observer’s prestigious “Power 100” list of New York City real estate players and is consistently cited as one of the industry’s top construction lenders.

Media inquiries, contact
Great Ink Communications: (212) 741-2977
Tom Nolan – tom@greatink.com
Al Barbarino – al@greatink.com

Madison Realty Capital Provides $225 Million Construction Loan on The Residences at Mandarin Oriental, Boca Raton

Financing allows the borrower to complete a 12-story, 288,000 saleable-square-foot luxury condominium

NEW YORK, July 17, 2019 (GLOBE NEWSWIRE) — Madison Realty Capital has provided a $225 million construction loan on The Residences at Mandarin Oriental, Boca Raton, a planned 12-story, 580,000-square-foot luxury condominium tower in Boca Raton, Florida.

The financing will allow owner/developer Penn-Florida Companies to complete the 12-story, 288,000 saleable-square-foot luxury condominium tower with an additional 22,000 square feet of retail. This will be the third and final tower at the 2 million-square-foot Via Mizner resort, a world-renowned resort destination in the heart of the internationally-recognized Southeast Florida community.

The construction of the condominium tower commenced several months ago along with the new 164-room Mandarin Oriental Hotel, which will give condo owners unparalleled access to the hotel and Via Mizner’s extensive amenity package.

The condominium will join a growing list of nearly 20 current and upcoming The Residences at Mandarin Oriental properties located across the globe—from Bali to Bangkok, Moscow to Munich—while also giving the Boca Raton community a unique product that has been well-received and is achieving significant presale activity driven by international interest.

“The significant presale activity, premier sponsor and limited product of this nature in the Boca Raton market made this financing opportunity particularly attractive,” said Josh Zegen, Co-Founder and Managing Principal of Madison Realty Capital. “This was an opportunity to get involved in a project that is already under development from a planning and construction standpoint. In addition, we are excited to become a part of a growing global network of highly-regarded The Residences at Mandarin Oriental-branded products, which will help to further establish Madison Realty Capital as a lender with capabilities that stretch across the globe.”

The Residences at Mandarin Oriental, Boca Raton will offer a collection of 92 custom homes with breathtaking ocean and golf course views. Condo owners will be given preferred access to the Mandarin Oriental and its plethora of amenities, as well as membership to the Via Mizner Golf & City Club, which is being designed by golf icon Jack Nicklaus.

The Residences will be connected to the Mandarin Oriental Hotel by way of a two-story underground parking garage as well as an upper-level bridge featuring a fitness center, spa and meeting space. In addition to the hotel and condo components, Via Mizner will include a 366-unit luxury apartment building and 60,000 square feet of retail.

Anthony Orso, President of Newmark Capital Market Strategies, arranged the financing along with Bill Weber and Henry Stimler of the same firm.

About Madison Realty Capital (MRC)
Madison Realty Capital (MRC) is a New York City-based real estate private equity firm focused on real estate debt and equity investment strategies. Founded in 2004, MRC has invested in excess of $10 billion in the multifamily, retail, office, industrial and hotel sectors. The firm manages investments in the United States on behalf of a global investor base consisting of corporate and public pension funds, sovereign wealth funds, university endowments, foundations, fund of funds, family offices, and high net worth individuals. MRC is a fully integrated firm with over 70 employees across all real estate investment, development, and property management disciplines. Debt strategies include construction and acquisition lending, special situation financing and debt acquisitions; equity real estate strategies include opportunistic and value-add investments as well as ground-up development. Among other industry recognitions, MRC has been named to the Commercial Observer’s prestigious “Power 100” list of New York City real estate players and is consistently cited as one of the industry’s top construction lenders.

Media inquiries, contact
Great Ink Communications: (212) 741-2977
Tom Nolan – tom@greatink.com
Al Barbarino – al@greatink.com

SoftBank Corp. Leads VANTIQ Series B Investment Round

VANTIQ and SoftBank Corp. form a strategic partnership to address today’s rapidly evolving business needs

SAN FRANCISCO, July 17, 2019 (GLOBE NEWSWIRE) — VANTIQ, the company that powers the real-time business, today announced a three-pronged strategic partnership with SoftBank Corp. (“SoftBank”) encompassing the following components:

  1. SoftBank and VANTIQ will jointly integrate their existing and future technologies to address rapidly growing market opportunities for real-time systems involving IoT and AI. The combined solutions will be marketed by SoftBank to systems integrators (SIs) and independent software vendors (ISVs) for building next-generation applications.
  2. VANTIQ and SoftBank have initiated the joint development of applications for SoftBank’s Smart Building and Smart City initiatives. According to IDC, “Global spending on smart cities initiatives will reach $189.5 billion by 2023.”1
  3. To solidify this strategic partnership, SoftBank will lead VANTIQ’s Series B investment round. As part of that transaction, Mr. Hironobu Tamba, VP and Head of SoftBank’s Smart IoT and AI Division, will join the VANTIQ Board of Directors. This will ensure a strong relationship between SoftBank and VANTIQ and assist in synchronizing both companies’ business strategies.

“Fields such as smart buildings and smart cities are expected to gain substantial momentum in the coming years. In such areas, full-scale complex processing of vast amounts of data in real-time has become absolutely imperative,” said Junichi Miyakawa, Representative Director & CTO of SoftBank Corp. “The collaboration with VANTIQ makes it possible for SoftBank to design, build and deploy real-time, event-driven applications in a field with large-scale data exchange requirements. This unlocks high-demand customer use cases, leading to further business expansion. With this strong partnership, we aim to make significant advances in the IoT industry.”

VANTIQ CEO and co-founder Marty Sprinzen commented, “In 2019 we have gained significant market momentum globally across a wide range of industries that are actively reinventing themselves with digital transformation. The strategic partnership with and investment from SoftBank will enable VANTIQ to further accelerate its position as the most advanced real-time, event-driven application platform. We view SoftBank as one of the strongest companies we could partner with and we believe that combining our individual strengths creates a very powerful and unique opportunity.”

Integrated Solution to Be Showcased at SoftBank World 2019
VANTIQ will be featured in the SoftBank exhibit at SoftBank World 2019, taking place July 18 and 19 in Tokyo. Demonstrations will include a number of new applications built with VANTIQ related to smart building and smart city operations.

About VANTIQ
VANTIQ, the company that powers the real-time business, provides the only truly agile platform for creating transformative, event-driven applications. Founded in 2015 by renowned tech industry veterans Marty Sprinzen and Paul Butterworth, VANTIQ enables significantly lower development and maintenance costs, and provides maximum agility in response to constantly-changing business requirements. For more information, visit www.vantiq.com

1 IDC Press Release, Smart Cities Initiatives Forecast to Drive $189 Billion in Spending in 2023, According to a New Smart Cities Spending Guide from IDC, June 2019

Media contact:
VANTIQ
Dana Dye
+1-415-928-1310
ddye@vantiq.com

Sultan’s Divorce: Kelantan government have no information

KOTA BHARU, The Kelantan government, to date, have not received any official information from the Kelantan palace on the divorce of Sultan Muhammad V from his wife Rihana Oksana Gorbatenko, 27, as reported in several media today.

Kelantan deputy Menteri Besar Datuk Mohd Amar Nik Abdullah said that the state government had also no intention to obtain further information on the matter.

”The issue of marriage and divorce is an ordinary thing in life and do not need to be enlarged or used as the main topic of a newspaper.

”I am astonished when the issue is turned into a front page reports of several major newspapers. What is the aim of doing so..We fear that there may be a hidden agenda behind the action because this matter involves a Sultan,” he said.

He said this to reporters after an executive council meeting at the Kota Darul Iman Complex here today.

Mohd Amar said: “The Sultan is akin to our mother and father, thus we must give due respect like we give due respect to the Prime Minister. Not agreeing (with them) is another story but the respect must be there,” he said.

An English newspaper today published a front page report on Sultan Muhamad V who was alleged to have divorced Rihana Oksana, who is from Russia.

In the meantime, Mohd Amar said that the Kelantan government had not received any directive to act against certain quarters or individuals who abused the titles from the palace.

Yesterday, the Comptroller of the Royal Household Datuk Nik Mohd Shafriman Nik Hassan, in a statement, said no individuals could be referred to as the Permaisuri of Kelantan, Raja Perempuan Kelantan, Sultanah Kelantan or the Queen of Kelantan without any official announcement from the palace.

The official statement also announced that Dr Tengku Muhammad Fa-iz Petra Sultan Ismail Petra is the Tengku Mahkota of Kelantan while the title of Tengku Anis Tengku Abdul Hamid is Raja Perempuan Tengku Anis.

Meanwhile, in another development, Mohd Amar said that the criticism of the Auditor General’s Report that the Kelantan Affordable Homes (KAH) scheme did not meet its objective was inaccurate and confusion existed over the matter.

”The KAH concept does not mean all is done by the Kelantan government but also by our other leading agencies. The report opined that all 5,000 units of houses were built by the state government, as such the audit report is negative.

”In actual fact, if calculated in a comprehensive manner the houses which were built have met the target including the People’s Housing Project by the federal government. It is this misunderstanding that I feel should be rectified,” he said.

He said that Kelantan had met the target to build 5,000 affordable homes and this had been tabled earlier in the State Assembly sitting by the state executive councillor concerned.

Source: BERNAMA (News Agency)

Sultan’s Divorce: Kelantan government have no information

KOTA BHARU, The Kelantan government, to date, have not received any official information from the Kelantan palace on the divorce of Sultan Muhammad V from his wife Rihana Oksana Gorbatenko, 27, as reported in several media today.

Kelantan deputy Menteri Besar Datuk Mohd Amar Nik Abdullah said that the state government had also no intention to obtain further information on the matter.

”The issue of marriage and divorce is an ordinary thing in life and do not need to be enlarged or used as the main topic of a newspaper.

”I am astonished when the issue is turned into a front page reports of several major newspapers. What is the aim of doing so..We fear that there may be a hidden agenda behind the action because this matter involves a Sultan,” he said.

He said this to reporters after an executive council meeting at the Kota Darul Iman Complex here today.

Mohd Amar said: “The Sultan is akin to our mother and father, thus we must give due respect like we give due respect to the Prime Minister. Not agreeing (with them) is another story but the respect must be there,” he said.

An English newspaper today published a front page report on Sultan Muhamad V who was alleged to have divorced Rihana Oksana, who is from Russia.

In the meantime, Mohd Amar said that the Kelantan government had not received any directive to act against certain quarters or individuals who abused the titles from the palace.

Yesterday, the Comptroller of the Royal Household Datuk Nik Mohd Shafriman Nik Hassan, in a statement, said no individuals could be referred to as the Permaisuri of Kelantan, Raja Perempuan Kelantan, Sultanah Kelantan or the Queen of Kelantan without any official announcement from the palace.

The official statement also announced that Dr Tengku Muhammad Fa-iz Petra Sultan Ismail Petra is the Tengku Mahkota of Kelantan while the title of Tengku Anis Tengku Abdul Hamid is Raja Perempuan Tengku Anis.

Meanwhile, in another development, Mohd Amar said that the criticism of the Auditor General’s Report that the Kelantan Affordable Homes (KAH) scheme did not meet its objective was inaccurate and confusion existed over the matter.

”The KAH concept does not mean all is done by the Kelantan government but also by our other leading agencies. The report opined that all 5,000 units of houses were built by the state government, as such the audit report is negative.

”In actual fact, if calculated in a comprehensive manner the houses which were built have met the target including the People’s Housing Project by the federal government. It is this misunderstanding that I feel should be rectified,” he said.

He said that Kelantan had met the target to build 5,000 affordable homes and this had been tabled earlier in the State Assembly sitting by the state executive councillor concerned.

Source: BERNAMA (News Agency)

Jho Low introduced me to Najib, says AmBank former group MD

KUALA LUMPUR, Former group managing director of AmBank Cheah Tek Kuang told the High Court here today that he met fugitive businessman Low Taek Jho, also known as Jho Low, at Datuk Seri Najib Razak’s house in Jalan Langgak Duta pertaining to the former prime minister’s request to open bank accounts in AmBank.

Cheah, 72, said that in the middle of January 2011, at 7 pm, he was taken in a car that drove him straight to the personal residence of Najib in Jalan Langgak Duta here to discuss the opening of the bank accounts.

I was provided with copies of the bank account and credit card opening forms by Miss Joanna (Joanna Yu Ging Ping, a relationship manager at AmBank). As far as I recall, the forms were blank and have not been filled up (sic) with the details of the client as required by the bank.

Once I arrived at Datuk Seri Najib’s residence, I met with Mr Low Taek Jho, who is also known as Jho Low, whom I have previously met.

I was then taken into the residence by Jho Low who then introduced me to Datuk Seri Najib, and Jho Low also informed him that I was from AmBank. Datuk Seri Najib and I proceeded to the guest room while I saw Jho Low waiting at a different part of the residence.

I explained the procedures of opening bank accounts with AmBank to Datuk Seri Najib and he also mentioned that the opening of the said accounts must follow the rules and regulations of the bank, and I am obligated to inform the Central Bank of Malaysia on the opening of the said accounts because Datuk Seri Najib is a politically-exposed person, he said when reading out his witness statement during Najib’s SRC International Sdn Bhd trial which entered its 39th day today.

He said he then provided the blank bank account and credit card opening forms to Najib who proceeded to sign all the forms.

My meeting with Datuk Seri Najib lasted for about 20 minutes and once done, I was driven home.

The next day, I gave the signed forms to Miss Joanna to proceed with the opening of the said accounts and the credit card application for Datuk Seri Najib, said the 50th prosecution witness.

Earlier he said AmBank began its involvement with 1Malaysia Development Berhad (1MDB) in 2009 when 1MDB became a corporate client of AmBank.

He said he began to be personally involved with the private bank accounts of Najib during the end of 2010.

In early January 2011, while I was at work in the AmBank Head Office, Jalan Raja Chulan, Kuala Lumpur, I was approached by Miss Joanna Yu Ging Ping, a relationship manager at AmBank, who informed me that Datuk Seri Najib, the Prime Minister of Malaysia then, had expressed an interest to open savings and current accounts with AmBank.

I then met with the AmBank chairman, Tan Sri Azman Hashim, in his office, to discuss the matter of Datuk Seri Najib’s interest to open the said accounts. Tan Sri Azman instructed me to attend to this matter.

I then proceeded to contact the late Datuk Azlin Alias who at that time was the special officer to Datuk Seri Najib to find out from him the time and place for me to meet with Datuk Seri Najib.

I contacted Datuk Azlin Alias because I know him since 2009 and I know that he was the special officer to Datuk Seri Najib, he said.

Cheah said that after meeting Najib at his house, he then made an appointment to see the Governor of the Central Bank of Malaysia at that time, Tan Sri Zeti Aziz.

He testified that a few days later he met Zeti in her office where he informed her of the opening of the said accounts with AmBank by Najib.

Tan Sri Zeti informed me that she has no objections for AmBank to do so but reminded that the opening of the said accounts is to be made following the banking rules and regulations.

I refer to the savings account opening form stated with the name and signature of Mohd Najib bin Tun Abdul Razak dated 18 January 2011.

The type of account opened is basic savings account with the account number 211-002-009048-1. I recognise the savings account opening form and confirm this is the said form referred to.

I refer to the current account opening form stated with the name and signature of Mohd Najib bin Tun Abdul Razak dated 13 January 2011.

The type of account opened is current account with the account number 211-202-200969-4. I recognise the current account opening form and confirm this is the said form referred to. I refer to the credit card application form stated with the name and signature of Mohd Najib bin Tun Abdul Razak dated 13 January 2011, he said.

Cheah also said two credit cards were approved under the name of Datuk Seri Mohd Najib, which are Visa Platinum card number 4585818000005496 and MasterCard Platinum card number 5289438000038961.

I recognise the credit card application form and confirm this is the said form referred to. In relation to the ‘AmPrivate Banking-MR’ code name used for the above mentioned current account, this code name is reserved for this current account of Datuk Seri Najib.

I was informed by Miss Joanna that the reason for the code name is based on the query made by Jho Low who had requested for the account to be dealt with the strictest confidence.

I am not sure who decided the exact code name to be used for this account. I only know that there were discussions to use a code name for the protection of information and to maintain sensitivity. I also subsequently informed the Governor of the Central Bank of Malaysia of this matter.

After the opening of the accounts, I am usually updated by Miss Joanna and her team who had acted as the relationship manager for the said accounts. As far as I can recall, there were many transactions for the said accounts but I did not keep records of them, he said.

The witness said soon after, he was no longer informed of any further actions taken in relation to the personal accounts of Najib as he retired from AmBank in April 2012.

Cheah also said he was appointed as a member of the Retirement Fund Incorporated (KWAP) Investment Panel for the first time in 2007 but left for a year due to health reasons.

He said once he recovered, he was reappointed as a member of the KWAP Investment Panel until now.

As for SRC’s application for an additional term loan financing amounting to RM2 billion also, I did not attend the KWAP Investment Panel meeting that discussed and deliberated the proposal paper.

I was only informed later that KWAP has approved the additional loan of a further RM2 billion to SRC as another government guarantee was also provided for the additional loan.

In my experience as a member of the KWAP Investment Panel, the two separate loans given to SRC amounting to RM4 billion in total are one of the largest loans ever agreed and approved by KWAP, he said.

After he completed reading out his witness statement, Deputy Public Prosecutor Datuk Suhaimi Ibrahim asked him whether he can recognise Najib, Cheah replied, Yes and looked at Najib who was sitting in the dock.

Asked whether he can recognise Jho Low if the prosecution showed him Jho Low’s pictures, the witness said Yes.

Najib, 66, is facing three counts of criminal breach of trust, one count of abusing his position and three counts of money laundering involving SRC International funds amounting to RM42 million.

The hearing before justice Mohd Nazlan Mohd Ghazali continues tomorrow.

Source: BERNAMA (News Agency)

Preparations for King’s installation in full swing

KUALA LUMPUR, Preparations for installation of the 16th Yang di-Pertuan Agong, Al-Sultan Abdullah Ri’ayatuddin Al-Mustafa Billah Shah, which will take place on July 30, are going well with 80 per cent already completed.

Deputy secretary-general of the Prime Minister’s Department, Datuk Hasnol Zam Zam Ahmad said meticulous preparations were necessary to ensure that all the events planned in conjunction with the historic occasion would proceed well.

“The ceremony is a long process and must be conducted meticulously as it involves various elements including protocol,” he said when appearing as a guest at the Nine11 talk show of Bernama News Channel (BNC) at Wisma Bernama, here, today.

According to him, there were several events planned in conjunction with the installation ceremony such as Yasin reciting, Doa Selamat and Solat Hajat, a royal banquet, visit by the Queen to the Cheras Rehabilitation Centre, Kuala Lumpur and Raja Kita Exhibition at the Royal Museum, Kuala Lumpur.

Additionally, he said there would be a special sermon delivered before Friday Prayers at the National Mosque.

Meanwhile, the royal banquet will feature a special menu, incorporating the personal touches of Raja Permaisuri Agong, Tunku Azizah Aminah Maimunah Iskandariah.

Sharing the Yang di-Pertuan Agong’s personality in dealing with the ceremonial preparations, Hasnol said His Majesty was friendly, approachable and often shared ideas.

“His Majesty often gives ideas on how things can be done better than before and he also offers a lot of new ideas while ensuring that old traditions are maintained,” he said.

Source: BERNAMA (News Agency)