Eighty-somethings & Boca Raton have long been simpatico. But never quite like this.

Related Ross, Steve Ross’ self-funded South Florida vehicle of limitless ambition, is nearing a deal for the former IBM mega-campus in Boca Raton, a 1.7M sf spread where the 🐐 envisions a “micro city.” This is Ross’ 2nd run at Boca, per the Palm Beach Post; he lost out on a bid to redevelop the city’s downtown. The sellers are DRA/CP/Rialto/Las Olas, and the campus has already scored entitlements for 1,200+ resi units, plus substantial retail, office & hotel space.

Ross’ quest to reshape nearby West Palm Beach in his signature fashion – big deals & loud philanthropy – is something that’s been extensively chronicled in the media, including by us here and on the pod. But we were yet to see a handy guide to the solar system he’s created down south – the lenders, lieutenants and assorted dealmakers who find, fund, and finish his $10B+ caper. So we decided to make one 👇

This week on the pod, we load up on chips n' vinegar and take you on an extraordinary journey into British caravan country. Embattled mobile-home king Robert Bull's tale brings together gypsies, Norwegian beauty queens and New York financiers – and yes, it’s very much a CRE story. Next, we slip into D&G and ride to the branded-condo epicenter of Miami, where JDS’ Michael Stern is prepping a rescue recap of his latest development – Stern is a first-draft pick for a CRE pirate, and we get into his backstory. And finally, a strong example of returns not mattering in institutional CRE – Nuveen has disclosed a string of meaty losses on its investments. Plus, our Punch List rundown of the newsiest industry happenings: a $1.3B award in an OC real estate dispute; Ken Griffin's empire-building; and Monty Bennett's pillaging of hotel REIT Braemar.

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A: The Boss

The way we recently described Ross’ approach w/ Related Ross was: “A cowboy who has walked in the institutional hallways and is like, ‘you know what? I kinda want to be a cowboy again.” 🤠 Unshackled from LPs and committee meetings, but armed w/ his own personal billions and the capital relationships built over 6 decades in the game – it’s a fun time.

B: The Lieutenants

Ken Himmel: “How quickly can you get to New York City?” Ross asked the Boston-based Himmel in ‘96, per an account in the New Kings of New York. “I have something I want to talk to you about.” That ‘something’ was a play to redevelop the Old Coliseum site, a megaproject that became what’s now known as Columbus Circle and the deal that propelled Related Cos. to the top of the NYC development heap. Himmel, a placemaking wizard who’s widely considered one of the more competent #2s in the industry, has been by Ross’ side ever since.

Eric Silagy: Political juice is a perennially underrated component of city-shaping, and that’s where Silagy comes in. He spent 2 decades at Florida’s largest power utility, rising to CEO (though his tenure was not without some controversy.) He helps lure top-tier tenants to the firm’s West Palm Beach projects and structures public-pvt partnerships. Came on board last year to help Ross woo Vanderbilt University ✅ & Cleveland Clinic ✅ , among other moonshots.

Jordan Rathlev, Jordan Bargas, Katie Block: Bargas has a pretty classic Ross acolyte career track. A Michigan grad (Ross is a mega-benefactor) who cut his teeth at Eastdil and then put in nearly a decade at Related Cos. before decamping w/ Ross for his native Palm Beach County. He’s also 🪑 of the firm’s foundation. Rathlev, meanwhile, also put in a decade at Related Cos. before joining Ross – the story goes that back in ‘16, he was part of a quartet dispatched to West Palm to test the market - worked out. CFO Block, too, is a Related Cos. vet, who now runs the books for an enterprise that’s structured like an FO but has the development ambitions of an institutional behemoth.

C: The Lenders

Bryan Donohoe, Ares: The closest thing Ross has to a house lender. The head of US CRE debt at the mega AUM Gobbler ™ led the team that originated the $585M sr. 🍕 of the record $772M loan on the office towers at 10 and 15 City Pl. Ares also did an earlier $200M loan for another piece of CityPlace, and the $250M refi for luxe rental the Laurel. And the Ares-Ross 💌 extends beyond CRE: The firm stepped up to buy a piece of Ross’ Miami Dolphins 🐬, as well as the Hard Rock Stadium + the Miami GP 🏎 Donohoe (love when someone is in a lofty enough seat that they list no prev jobs on their LI, great flex) came to the firm from AllianceBernstein, and previously worked at DB and for MBS godfather Lew Ranieri.

Greg Newman, OZK: Insiders: Find the rest of the rundown in your section 👇 🔒

“Look at it this way: it cost you $20 to get rid of him. Right? He's never gonna bother you again.” - Sonny, A Bronx Tale

After being taken to the mattresses by Fortress over a gargantuan $187M PG, Charles Cohen has finally paid off his debts, per a new filing in New York Supreme Court. The real estate scion had spent months selling off key Manhattan assets to scrounge up the money, incl. a Fifth Ave tower to Vornado and the ground below two Midtown towers where ESRT controlled the leasehold.

The payoff is “consistent with Mr. Cohen’s integrity and confirms his character as an honorable businessman,” Cohen Bros. attorney said in a statement to TRD. Fortress, however, still has pending cases against Cohen, and intends to keep fighting him until he pays up, the firm’s attorneys said in court. It has previously accused Cohen of dodging judgments by transferring plum assets to the missus (See also: The Price is Right).

A Manhattan office building at 1740 Broadway is set to be reborn as a resi conversion, thanks to a just-closed construction loan of nearly half a billion dollars. That’s the news, everyone has that. But it’s the backstory & behind-the-scenes intrigue that The Promote is known for, and that’s what our Insiders get here 🔒 - featuring AAA tranche warfare, billionaire Yakir Gabay and NPL sniping. Sign up now so you can too.

Programming note: We’re on the road next week for the World Cup ⚽ 🏆 , so no pod and expect a lighter publishing schedule in general. If you’re in Houston or KC, reply to this email and maybe we can say hi! Also: Co-host Krasne is doing another pod mailbag – his last one was a gas (or simply “gas” as the kids now say). Please hit us w/ qs for him at [email protected]