Driftwood Capital, Merrimac Ventures Land $145M for Waterfront Hotel in Miami
Why this matters
Retail has become a quiet outperformer. A decade of effectively zero new development has left necessity-driven, grocery-anchored, and Sun Belt strip product with negligible vacancy and re-leasing spreads in the high single digits. Cap rates have compressed in step, and the bid for stabilized portfolios is again broad across REITs, pension funds, and institutional core-plus capital. Miami continues to absorb foreign capital and high-net-worth domestic migration. Brickell and Edgewater multifamily cap rates have led the recent compression, and hospitality continues to clear at premium basis on the back of constrained supply. The asset class has effectively rerated as a defensive yield trade rather than a secularly challenged sector.
Editorial analysis · Real Estate Trail Editorial
On the RET wire
- The 45th Miami story tracked on the wire in October 2026. All Miami coverage →
- Disclosed retail deal value tracked in October 2026: $14.7B across 92 reported transactions. All Retail coverage →
Computed from Real Estate Trail’s own tracked coverage
A venture led by Driftwood Capital and Merrimac Ventures has secured a $145 million loan to build a hospitality and retail-focused development along the Miami River. The construction financing from Centennial Bank cov…
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