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Florida

Avison Young Negotiates $80M Sale of Flea Market, Auto Auction Site Near Miami

OPA-LOCKA, FLA. — Avison Young has arranged the sale of the Opa-locka Hialeah Flea Market and neighboring auto auction site for $80 million. The property comprises three parcels of land totaling over 72.1 acres — the 43.8-acre flea market located at 12691 and 12705 N.W. 2nd Ave., and the 28.3-acre auto auction site, Insurance Auto Auctions, located at 12700 N.W. Le Jeune Road. Michael Fay of Avison Young negotiated the transaction on behalf of the buyer, Gramercy Property Trust, and the..

July 21, 2017

Morgan Breaks Ground on Multifamily Community in Fort Lauderdale

FORT LAUDERDALE, FLA. — Morgan, in conjunction with institutional investors advised by J.P. Morgan Asset Management, has broken ground on Pearl Flagler Village, a 350-unit apartment community located at 400 N.E. 3rd Ave. in Fort Lauderdale. Situated along the Wave Streetcar line within Flagler Village, a mixed-use development, the project will include a mix of studio, one-, two- and three-bedroom floor plans. The seven-story property will also feature a business center, fitness center, yoga..

July 21, 2017

Greystone Provides $17.3M Acquisition Loan for Apartment Community in Palm Bay

PALM BAY, FLA. — Greystone has provided a $17.3 million bridge loan for the acquisition of The Pavilions at Monterey, a 271-unit, Class B multifamily property in Palm Bay. Leor Dimant of Greystone facilitated the two-year, fixed-rate loan through HUD on behalf of the borrower, Carabetta Cos., which purchased the property in June for $20.7 million. The Pavilions at Monterey features a fitness center and swimming pool.

July 19, 2017

TPA Group to Develop 330,000 SF Office Park in Broward County

PEMBROKE PINES, FLA. — Atlanta-based TPA Group has unveiled plans to develop The Edison Pembroke Pines, a 330,000-square-foot, Class A office park in Pembroke Pines. The project will include two, three-story buildings and a 5,000-square-foot central amenity building located along Interstate 75 at S.W. 145th Avenue. The buildings will feature high ceilings, surface parking, indoor and outdoor collaboration areas, a central clubhouse, gym, meeting space and a café. Greg Martin and Justin Cope..

July 18, 2017

Joint Venture Acquires Mixed-Use Asset in Miami’s Brickell District for $72M

MIAMI — Miami-based investment firm Mast Capital, in a joint venture with Angelo, Gordon & Co., has purchased Conrad Miami, a mixed-use development located at 1395 Brickell Ave. in Miami, for $72 million. The tower includes 267,000 square feet of Class A office space, 203 hotel units and 116 residential units. The portion purchased by the joint venture includes the hotel units, rooftop amenity deck and a rental program with 41 out of 116 residential units participating. Renovations are..

July 17, 2017

Berkadia Arranges $20.3M Sale, Financing for Multifamily Property in Metro Tampa

LARGO, FLA. — Berkadia has arranged the $20.3 million sale of Columns at East Bay, a 196-unit multifamily community located at 3660 E. Bay Drive in Largo, roughly 20 miles west of Tampa. Jason Stanton, Cole Whitaker, Mary Beale and Greg Rainey of Berkadia marketed the property on behalf of the seller, ECI Group Inc. Berkadia’s Mitch Sinberg and Matthew Robbins secured a three-year, $17.8 million loan with interest-only payments through Freddie Mac’s Value-Add and Green-Up programs on..

July 17, 2017

PMG Secures $153.9M Construction Loan for Development of Mixed-Use Project in Fort Lauderdale

FORT LAUDERDALE, FLA. — Property Markets Group (PMG) has secured a $153.9 million construction loan for Phase I of the Fort Lauderdale Riverfront project, a mixed-use development situated along Fort Lauderdale’s New River. Eric McGlynn, Kevin O'Grady and Daniel Sheehan of Walker & Dunlop, in partnership with Steven Fischler of SRF Ventures Inc., secured the loan through Broad Street Real Estate Credit Partners III, the credit fund of Goldman Sachs & Co.’s merchant banking..

July 14, 2017

The Preiss Co. Acquires 840-Bed Student Housing Community Near University of Central Florida

ORLANDO, FLA. — The Preiss Co., in a joint venture with a private investor, has acquired Mercury 3100, an 840-bed, 228-unit student housing community located roughly one mile from the University of Central Florida (UCF) in Orlando. The sales price and seller were not disclosed. The property features an outdoor swimming pool with sundeck, sand volleyball court, fitness center, tanning beds, basketball court, UCF shuttle service, recreation center, bike storage and on-site parking. Individual..

July 14, 2017

NorthMarq Capital Arranges $39.2M Construction Loan for Multifamily Property in Jacksonville

JACKSONVILLE, FLA. — NorthMarq Capital has arranged $39.2 million in permanent construction financing for Ciel Apartments, a planned 400-unit multifamily community in Jacksonville. Bob Hernandez of NorthMarq Capital’s Tampa office structured the 15-year loan through an undisclosed life insurance company. The financing includes a 30-year amortization schedule and several years of interest-only payments during construction and while the property is in lease-up.

July 14, 2017

KeyBank Provides $142.4M Financing for Six-Property Affordable Housing Portfolio in Texas, Florida, Midwest

TEXAS, FLORIDA, WISCONSIN AND MICHIGAN — KeyBank Real Estate Capital has provided $142.4 million in loans for a six-property affordable housing portfolio across Texas, Florida and the Midwest region. The loans were used for a variety of purposes, including refinancing, acquisitions and renovations. KeyBank provided $115.7 million in Fannie Mae loans for Limestone Canyon, a 260-unit apartment complex, and Parkside Crossing, a 218-unit apartment complex, both located in Austin, Texas;..

July 14, 2017