REBusinessOnline

HFF Arranges $41M Acquisition Loan for Office Building in Fort Lauderdale

FORT LAUDERDALE, FLA. — HFF has arranged a $41 million acquisition loan for Coastal Tower, a 261,676-square-foot office building located at 2400 E. Commercial Blvd. in Fort Lauderdale. Chris Drew, Brian Gaswirth and Matthew McCormack of HFF arranged the four-year, floating-rate bridge loan through New York Life Insurance Co. on behalf of the borrower, Cardinal Point Management. The 12-story tower was most recently renovated in 2008 and is home to tenants such as USI Insurance, Morgan Stanley …

Walker & Dunlop Arranges $138.1M Construction Loan for 57-Story Condominium Tower in Miami

MIAMI — Walker & Dunlop has arranged a $138.1 million construction loan for Elysse, a 57-story condominium tower in Miami. The 100-unit community, located at 788 N.E. 23rd St., overlooks the Intracoastal Waterway in Miami’s Edgewater neighborhood. Kevin O’Grady and Eric McGlynn of Walker & Dunlop arranged the financing through JPMorgan Chase Bank on behalf of Two Roads Development, which is developing the project in partnership with entities managed by investment firm DW …

McDonald’s to Invest $186M to Modernize 240 Restaurants Across Florida

CHICAGO — McDonald’s and its franchisees plan to invest approximately $186 million to modernize 240 restaurants located across Florida. The initiative is part of the fast food giant’s aim to invest $6 billion to modernize most of their U.S. restaurants by 2020. The transformed Florida restaurants will feature modernized dining rooms with globally and locally inspired décor; new furniture; refreshed exterior designs; digital self-order kiosks; remodeled counters; digital menu boards …

Cushman & Wakefield Secures $18.5M Sale of Class A Office Building in Northwest Tampa

TAMPA, FLA. — Cushman & Wakefield has secured the $18.5 million sale of Citrus Park Crossings, a 75,845-square-foot, Class A office building located at 12750 Citrus Park Lane in northwest Tampa. Mike Davis, Rick Brugge and Michael Lerner of Cushman & Wakefield arranged the transaction on behalf of the seller, Ryan Cos., which also developed the property. Empire Square Group LLC acquired the three-story asset. Constructed in 2013, Citrus Park Crossings was fully leased at the time of …

Tavistock Signs Movie Theater Chain to Orlando’s Lake Nona Town Center

ORLANDO, FLA. — Tavistock Development Co. has signed Cinépolis USA, a Dallas-based movie theater chain, to Lake Nona Town Center, a 100-acre mixed-use development that anchors the master-designed Lake Nona community in Orlando. Cinépolis will open a nine-screen, 40,000-square-foot theater at Lake Nona Town Center in 2020, anchoring the project’s second phase of development. The luxury theater will feature a lobby bar and lounge; stadium-style, fully reclining leather seats; and an …

Aztec Group Secures $28M Construction Loan for Multifamily Community in Broward County

TAMARAC, FLA. — Aztec Group Inc. has secured a $28 million construction loan for the first phase of Tamarac Village, a multifamily project located at the northeast corner of West Commercial Boulevard and Northwest 94th Avenue in Tamarac. City National Bank of Florida provided the three-year loan on behalf of the project developer, JKM Developers. The first phase of Tamarac Village will include 211 rental units. The second phase will include an additional 190 units and 35,000 square feet of …

Walker & Dunlop Secures $120M Refinancing for Mixed-Property Portfolio in Metro Miami

MIAMI LAKES, FLA. — Walker & Dunlop has secured a $120 million loan for the refinancing of the Graham Portfolio, a 29-property portfolio in Miami Lakes, a master-planned community located less than 20 miles northwest of Miami. The 1.2 million-square-foot portfolio includes retail, office, industrial, flex, multifamily and ground lease assets. Al Rex, Marty McGrogan and Ariel Zucker of Walker & Dunlop arranged the 15-year, non-recourse loan on behalf of the borrower, the Graham Cos., …

Berkadia Provides $36.2M Fannie Mae Loan for New Apartment Community in Jacksonville

JACKSONVILLE, FLA. — Berkadia has provided a $36.2 million Fannie Mae loan for the acquisition of Portiva, a 260-unit apartment community located at 6898 Skinner Parkway in Jacksonville. Mitch Sinberg, Matt Robbins and Wesley Moczul of Berkadia arranged the 12-year, fixed-rate loan on behalf of the borrower, Myers Apartment Group, which acquired the property for $50.7 million. Portiva was constructed in 2018 and includes a mix of one- to three-bedroom apartment units. Community amenities …

Time Equities Acquires Shopping Center in Southwest Florida for $15.5M

INVERNESS, FLA. — Time Equities Inc. (TEI) has acquired Citrus Center, a 142,196-square-foot shopping center in Inverness, for $15.5 million. Casey Rosen and Dennis Carson of CBRE arranged the transaction on behalf of the seller, an affiliate of McKinley Cos. TEI’s Ami Ziff, Jonathan Kim and Adam Levitt represented the company internally. T.J. Maxx anchors Citrus Center, which was 98 percent leased at the time of sale. Additional tenants include Regal Cinemas and Office Max. Bealls Outlet …

Walker & Dunlop Arranges $53.6M Bridge Loan for Acquisition of Multifamily Portfolio in Jacksonville

JACKSONVILLE, FLA. — Walker & Dunlop Inc. has arranged a $53.6 million bridge loan for the acquisition of a five-property multifamily portfolio in Jacksonville. Alex Inman of Walker & Dunlop arranged the cross-collateralized financing on behalf of the borrower, S2 Capital LLC. The Walker & Dunlop team also negotiated special release provisions that allow the borrower to sell individual properties if desired. The 1,104-unit portfolio includes Eagle Pointe I & II, Arlington …