David Metalonis has joined Lionheart Capital as chief investment officer, the Miami-based real estate investment firm known for its Ritz-Carlton residential projects announced today.
The former senior vice president and partner for Colliers International will oversee acquisitions, dispositions, procurement of debt and equity funding. Metalonis has $1.5bn in transaction volume under his belt and brings 12 years of real estate experience to Lionheart.
In February of 2012 the company purchased the former Miami Heart Institute at 4701 North Meridian Avenue in Miami Beach for $20m, converting it into a condominium under the name Ritz-Carlton Residences Miami Beach and announcing last month that its units are 50% sold. The acquisition was funded with a $12m first mortgage loan from City National Bank of Florida.
“The Miami Heart Institute’s acquisition and redevelopment in the Ritz-Carlton Residences Miami Beach is a good example of what’s possible when you combine strong investment initiatives, significant development experience, and unwavering execution with a visionary eye for outstanding properties,” Metalonis said in a statement. “With its passion and proven track record for successfully acquiring and repositioning world-class assets, [this] is a perfect company for me to join and help grow.”
Lionheart also paid $119m for two oceanfront towers at 2700 North Ocean in Palm Beach County in June of 2010, rebranding that project as the Ritz-Carlton Residences, Singer Island. On that deal the firm assumed $86m of debt placed by Fifth Third Bank.