A new report reveals how illegal drug funds have made their way through the commercial real estate market in South Florida “and beyond.” according to Bisnow.
Examples included Miami-based Sefira Capital, which agreed to forfeit more than $29 million in 2021 to settle a DEA money-laundering investigation, although it admitted no wrongdoing.
The firm was accused of ignoring red flags about investors' funds and was implicated in a DEA sting, revealing millions in drug money flowing through its investment fund, Bisnow reports.
The investigation included a $63 million hotel acquisition near Washington, D.C., and an office building in Fort Lauderdale used by Broward County prosecutors.
This case is among five highlighted in a report on money laundering risks in commercial real estate by Global Financial Integrity and others, which notes $2.6 billion laundered in 22 states, with California, Florida and New York as the main destinations.
The DOJ alleged that between 2016 and 2019, Sefira Capital collected millions in criminal proceeds without sufficient due diligence, ignoring red flags such as discrepancies in sender names and investment amounts.
The company received funds from criminals using The Black Market Peso Exchange, which allowed drug traffickers to exchange US dollars for local currencies.
As part of the DEA's investigation, dollars were purchased on the black market and transferred to Sefira's US accounts under the direction of money laundering agents.
Sefira Capital, founded by Aby Galsky and Mijael Attias in late 2015, bought at least seven properties in Florida and three in South Florida from 2015 to 2021, allegedly using laundered money. In a statement to BisnowSefira claimed to have no knowledge or intent as to the origin of the funds, stating that they were passive recipients.
Sefira's joint venture with Highline Real Estate Capital included the purchase and subsequent sale of the Courthouse Place office near the Broward County Courthouse. Highline founder David Moret testified that the DEA did not investigate the properties of their joint ventures.
Sefira's acquisitions also include The Jaxon Apartments in Jacksonville, a Tampa office building and a self-storage facility in Naples. A major purchase was the Westin Tysons Corner, acquired with Driftwood Capital and Merrimac Ventures for $62 million in 2018. Driftwood declared Sefira a passive limited partner.
In 2021, Sefira settled with the DOJ, agreeing to forfeit $22.5 million in assets and pay $6.5 million to avoid foreclosure. Galsky and Attias have since parted ways with Sefira and started new ventures. Sefira's website remains active, listing several properties, but the company has no social media presence and is not mentioned on the founders' LinkedIn profiles.
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