iSTAR RESIDENTIAL APPOINTS CERVERA REAL ESTATE, INC. AS EXCLUSIVE BROKER FOR LUXURY BEACHFRONT PROPERTY OCEAN HOUSE

South Florida’s DYL Group to assist with project management

Miami, FL – September 27, 2011 – (RealEstateRama) — Miami-based Cervera Real Estate, Inc. has been appointed the exclusive sales and marketing broker for Ocean House, a luxury beachfront property in South Beach’s trendy South of Fifth neighborhood. In addition, DYL Group will serve as the project’s consulting developer.

iStar Financial has planned a multi-million dollar redesign of the interiors and common areas incorporating protected structures with modern and sophisticated design elements. Featuring fewer than 30 private residences within two historic towers and a newly constructed seven-story condo, Ocean House captures intimate, resort-like living, and capitalizes on its unparalleled location with 18 beachfront homes, including several penthouses exceeding 6,000-square-feet.

Cervera’s market knowledge and keen awareness of tastes and trends are integral to our plans for the reposition and launch of this one-of-a-kind South Beach property,” said Anthony Burns, senior vice president of iStar Financial, the parent company of iStar Residential. “Furthermore, DYL Group’s expertise in project development, management and real estate makes a perfect fit to bring the vision to life.”

“Ocean House’s exclusivity is unparalleled in today’s market place,” said Alicia Cervera Lamadrid, Managing Partner of Cervera Real Estate. “The limited availability of these ultra-private residences, whose South of Fifth beachfront location offers a backyard oasis of sand and ocean at sunrise, and front row seats to South Beach’s enchanting nightlife at sunset, makes Ocean House one of the world’s most desirable addresses.”

“DYL’s long history of transforming existing properties into state-of-the-art luxury destinations makes it an obvious choice to create a truly unforgettable experience at Ocean House,” says DYL Group Founder, Principal and CEO John Yanopoulos, himself a South Florida native.

The property will feature world-class amenities, exclusive services and perks that offer residents a resort-like experience in a gracious, residential setting. Features include a private beach club, state-of-the-art gym and spa facilities, beachfront pool with sunning beds and private cabanas and richly appointed entertainment areas, as well as 24-hour security, butler and valet services. Ocean House residents will also enjoy preferred access to local businesses including renowned restaurants, salons, child and pet care, among others, to provide residents with personalized on-demand benefits.

About iStar Residential:

iStar Residential is one of the largest investors in luxury condominium, multifamily and master-planned residential developments throughout the United States, having financed and invested in $10 billion of residential projects since 1993. iStar Residential’s portfolio has included interests in over 18,000 condominium units in the nation’s top markets and 65,000 acres in master planned communities having the potential for an estimated 50,000 single family and multifamily units. The Company’s unique, fully-integrated platform extends from property entitlement and development to construction, bridge and long-term financing through asset servicing, property and portfolio management. iStar Residential is a division of iStar Financial, a $9 billion finance and investment company focused on the real estate industry and traded on the New York Stock Exchange under the symbol “SFI”. For more information, visit www.istarresidential.com.

About Cervera Real Estate, Inc.

Since 1969, Miami-based Cervera Real Estate has been South Florida’s industry leader in condominium sales. As the first agency to represent developers in the sales and marketing of their projects, Cervera created a specialized field within the brokerage industry. The company, which was also the first to market extensively in several international markets, continues to broaden those relationships while expanding its global reach. Cervera has provided special training programs for agents and developed innovative marketing tools to capitalize on opportunities provided by digital technologies. The Cervera team has exclusively represented the most prominent developers, sold 62 condominium projects and closed more than 36,300 units. With a team of more than 250 professionals specializing in selling the premier skyscrapers punctuating the Miami skyline, Cervera remains the broker of choice for both individual sales and the launch of new luxury developments. For more information, please visit: www.cervera.com. Cervera is on Twitter @CerveraRE and Facebook at http://www.facebook.com/CerveraRE. The Facebook page also features links to Cervera’s presence on Gowalla, Foursquare and LinkedIn.

About DYL Group:

DYL Group, LLC, with corporate offices in Miami and Fort Lauderdale, is one of Florida’s most active developers, specializing in hotels, resorts, luxury high-rises, residential condominiums, and retail and mixed-use projects. Its principals have strong track records of building exceptionally attractive, functional and highly successful projects that are appropriate to their locale and innovative to the market. DYL Group is dedicated to the development of quality real estate projects that successfully meet bottom line financial, aesthetic and operational objectives. The company prides itself on having a deep understanding of all essential elements, which together define the viability of the real estate development business, from feasibility analysis through design and construction management and project completion. With multiple projects planned for development nationally and internationally, and the scope of its operations extending to include arms in project management, real estate sales, acquisitions and finance, DYL stands poised as the industry’s leader in full-service real estate development.

ADRIANA ARAGON
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