Chloe Gallivan

It’s 4:15 a.m. when the alarm goes off in Stephen Palmese’s New York apartment. About once a week, his workday begins just like this — waking up before sunrise to start a 21-hour whirlwind of travel. As managing principal of lender and developer Integritas Capital, Palmese operates in both New York City and Miami, a balance more and more commercial real estate professionals are striking as business and wealth migrate to South Florida. Palmese plans the days he has to travel to Miami by the minute.

Alternative asset manager Centerbridge Partners acquired an ownership interest in Merritt Properties with a $750M investment. The New York-based firm acquired the stake from Almanac Realty Investors, a subsidiary of Neuberger Berman. But the deal isn't the end for Almanac's nearly 30-year stake in Merritt — Almanac participated in the Centerbridge investment, according to a release.

The Goodtime Hotel in Miami Beach is now in the hands of its lender after years of underperformance and legal tussles over millions of dollars in liability. The Goodtime Hotel at 601 Washington Ave. in Miami Beach Eric Birnbaum and Michael Fascitelli, who developed the 266-unit hotel five years ago, lost the property after an affiliate of CIM Group won a foreclosure auction with a credit bid, The Real Deal reported.