Florida

Aztec Arranges $142M Loan for Melo Group’s 667-Unit Art Plaza Community in Miami

by Alex Tostado December 13, 2019

MIAMI — Aztec Group Inc. has arranged $142 million in agency debt financing for the developer Melo Group’s new Art Plaza development in Miami. Berkadia’s Miami office will act as seller-servicer for the Freddie Mac loan. The 10-year loan features full-term interest-only payment and a fixed interest rate under 3.5 percent. Aztec’s Peter Mekras arranged the financing on behalf of Melo, which is using the loan to refinance an $85 million construction loan for the project. Located at 58 NE 14th St. in Miami’s Arts & Entertainment District, the Art Plaza multifamily tower consists of 667 rental apartments and 15,000 square feet of retail space. The building, which opened in June, is now 95 percent occupied. Located one block from the Metromover School Board station, Art Plaza features a pool, fitness center, social lounge and covered parking.

December 13, 2019

Acquisitions Development Florida Multifamily Southeast

Terra Buys Land in South Florida for $52M, Plans to Build Nearly 1,400 Multifamily Units

by Alex Tostado December 13, 2019

HIALEAH, FLA. — Terra plans to break ground early next year on 1,369 multifamily units across three master-planned subdivisions in Hialeah, about 20 miles northwest of downtown Miami. Prologis sold the land to Terra for $52 million. The 70-acre development site is situated along NW 170th Street near the border of Miami-Dade and Broward counties. The project will include a series of garden-style apartment buildings with each subdivision centered around a communal clubhouse with pools, resident amenities and fitness centers, while a network of green spaces will create outdoor recreation areas. Pascual, Perez, Kiliddjian Architecture (PPK) is designing the development’s master plan. Brian Smith of JLL represented Prologis in the land transaction. Jason Shapiro and Sean Harrington of Aztec Group arranged a $43 million acquisition loan through Synovus on behalf of Terra.

December 13, 2019

Development Florida Leasing Activity Retail Southeast

Chick-fil-A, Old Navy to Join $425M River Landing Project in Miami

by Alex Tostado December 12, 2019

MIAMI — UrbanX Group has inked new lease agreements with fast casual restaurant Chick-fil-A and clothing retailer Old Navy to occupy a total of 19,000 square feet along the Miami River. The tenants will join River Landing Shops & Residences, the 8.1-acre mixed-use development currently under construction. Chick-fil-A and Old Navy are both scheduled to open in spring 2020 and join already signed tenants Publix, Burlington, T.J. Maxx, Ross Dress for Less, GNC, Chase Bank, AT&T and Hobby Lobby. The $425 million River Landing in the Mid River district, west of downtown Miami, is scheduled to open in early 2020. UrbanX Group’s Andrew Hellinger and Coralee Penabad are River Landing’s lead developers. The project will consist of approximately 345,000 square feet of retail space, 135,000 square feet of office, 528 apartments, more than 2,000 parking spaces, a 25,500-square-foot restaurant row and a landscaped riverwalk.

December 12, 2019

Acquisitions Florida Retail Southeast

Consolidated-Tomoka Land Acquires Strand Shopping Center in Jacksonville for $62.7M

by Alex Tostado December 11, 2019

JACKSONVILLE, FLA. — Consolidated-Tomoka Land Co. has acquired The Strand, a 212,000-square-foot retail center in Jacksonville, for $62.7 million in a 1031 tax exchange. The Strand was 95 percent leased at the time of sale to 20 tenants, including four anchors: Hobby Lobby, PGA Superstore, 2nd & Charles and Best Buy. The property is located at 1401 Riverplace Blvd., 12 miles southeast of downtown Jacksonville and adjacent to St. Johns Town Center, home to more than 150 retailers. Colliers International’s Northeast Florida office will handle leasing efforts on behalf of the new owner. The seller was not disclosed.

December 11, 2019

Development Florida Hospitality Loans Southeast

Madison Realty Capital Provides $210M Construction Loan for Four Seasons Hotel, Condos in Fort Lauderdale

by Alex Tostado December 10, 2019

FORT LAUDERDALE, FLA. — Madison Realty Capital has provided a $210 million construction loan for the development of the Four Seasons Hotel and Private Residences located at 525 N. Fort Lauderdale Beach Blvd. in Fort Lauderdale. The borrower, Fort Partners, will use the financing to complete vertical construction on the 22-story Four Seasons-branded development, located approximately two miles from downtown Fort Lauderdale and adjacent to the Atlantic Ocean. The property, situated on an entire city block, will feature 148 hotel rooms and 83 residential condominium units, of which 60 percent have been presold. The hotel and condominiums will feature access to multiple infinity pools, five-star restaurants, ballrooms, meeting spaces, a fitness center, spa center and valet parking. Fort Partners holds the exclusive right to develop Four Seasons-branded properties in Florida and its previous developments include the Surf Club Four Seasons Hotel and Residences in Surfside and the Four Seasons Hotel Palm Beach. The new Four Seasons project in Fort Lauderdale is expected to open in 2021.

December 10, 2019

Florida Georgia Loans Multifamily Southeast

Grandbridge Originates $105M Refinancing for Multifamily Portfolio in Florida, Georgia

by Alex Tostado December 10, 2019

ATLANTA — Grandbridge Real Estate Capital has provided $105 million in loans to refinance four multifamily properties in Florida and Georgia. Alan Tapie of Grandbridge’s Atlanta office negotiated all four loans for undisclosed borrower(s). The properties involved are Timberwalk at Mandarin Apartments in Jacksonville, The Retreat at Crosstown Apartments in Riverview, Belara Apartments in Atlanta and Trellis Apartments in Marietta. All four loans were structured with 10-year terms and 30-year amortization schedules through Freddie Mac. The loan for Timberwalk at Mandarin Apartments has an initial interest-only period. The complex is located at 10263 Whispering Forest Drive and houses 284 units with one-, two- and three-bedroom layouts. The Timberwalk features a saltwater pool, outdoor sports areas, fire pit, cabanas, resident clubhouse, technology center, playground, fishing pier, fitness center and outdoor cooking stations. The Retreat at Crosstown Apartments is a 320-unit property located at 10301 Marsh Harbor Way. Tapie secured a $33.2 million permanent, fixed-rate loan for the complex. The Retreat at Crosstown offers one- and two-bedroom layouts, as well as a pool, outdoor area with fire pit, fitness center, grilling area, car care facility, game room, business center and package acceptance. Belara Apartments, located at 1570 Sheridan Road N.E., is a 182-unit multifamily community in Atlanta. Tapie secured the …

December 10, 2019

Acquisitions Development Florida Industrial Southeast

Brennan Purchases 165 Acres in Lakeland, Florida for Industrial Development

by Alex Tostado December 9, 2019

LAKELAND, FLA. — Chicago-based Brennan Investment Group has purchased 164.9 acres in Lakeland, approximately 31 miles northeast of Tampa, for an undisclosed price. The site plan for a speculative industrial development, to be called CenterState Logistics Park East, has zoning approval for up to 1.5 million square feet. Edward Miller, Dee Seymour, Deborah Mickler and David Wilson of Colliers International’s Central Florida office represented Brennan in the land purchase. The seller was Ruthven I-4 LLC. Brennan will begin development of 1 million square feet of space at CenterState Logistics Park East this year, with completion expected by the end of 2020. Colliers will serve as the exclusive listing agent for the CenterState Logistics Park East development, which will feature a cross-dock warehouse with 40-foot clear heights and tractor parking. The site is located at Exit 38 on Interstate 4.

December 9, 2019

Development Florida Loans Multifamily Southeast

Love Funding Secures $50.9M HUD Construction Loan for St. Petersburg Apartment Community

by Alex Tostado December 9, 2019

ST. PETERSBURG, FLA. — Love Funding has secured a $50.9 million loan for the construction and permanent financing of Phillips Sur Club, a proposed 296-unit apartment complex in St. Petersburg, 24 miles southwest of Tampa. The project, to be located at 3000 34th St S., was financed through the U.S. Department of Housing and Urban Development’s (HUD) Section 221(d)(4) loan insurance program. The developer and borrower, Tampa-based Phillips Development & Realty, will have low-rate, non-recourse financing for the duration of construction and for a subsequent 40-year term. Atlanta-based Reese Vanderbilt & Associates is the design architect, and the general contractor is Birmingham-based Capstone Building Corp. Tampa-based Ovation Management will manage the property. Sur Club is located in St. Petersburg’s Skyway Marina district, five miles south of downtown St. Petersburg and adjacent to Interstates 275 and 375 and U.S. Route 19. The complex will feature an interior courtyard, two swimming pools and an attached parking garage.

December 9, 2019

Acquisitions Florida Healthcare Office Southeast

SVN Arranges $12M Sale of Orlando Medical Office Building

by Alex Tostado December 4, 2019

ORLANDO, FLA. — SVN Commercial Advisory Group has arranged the $12 million sale of the MetroWest Medical Office Building, located on a one-acre site at 1743 Park Center Drive in Orlando. Rumasa Corp. purchased the fully leased property from 1743 Park Center Holdings LLC. The recently refurbished building is located near Valencia College and MetroWest Golf Club. Tenants at the time of sale included Integrative Physical Medicine, Ameri Help LLC, West Orange Nephrology and Omega Research. Gail Bowden of SVN Commercial Advisory Group represented both the buyer and seller in the transaction.

December 4, 2019

Development Florida Multifamily Seniors Housing Southeast

Allegro Senior Living Opens 212-Unit Community in Dadeland

by Alex Tostado December 3, 2019

KENDALL, FLA. — Allegro Dadeland has opened a 212-unit senior living community at 7400 SW 88th St. in the Miami suburb of Kendall. The high-rise, pet-friendly Dadeland complex offers one-, two- and three-bedroom layouts. Communal amenities include housekeeping, transportation, dining venues, a bar, fitness center, salon, theater, valet parking, common areas and a pool. The community is situated in mixed-use neighborhood, adjacent to restaurants and the Dadeland Mall.

December 3, 2019

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