PORT RICHEY, FLA. — The PMAT Cos. has acquired Regency Crossing, an 85,864-square-foot, Publix-anchored shopping center in Port Richey. The property was 70 percent leased at the time of sale. The asset is located at 7003-7051 Ridge Road, 38 miles northwest of downtown Tampa. The seller was not disclosed.
NEW YORK CITY — Hunt Real Estate Capital has provided three Fannie Mae refinancing loans totaling $45.5 million for three multifamily communities comprising 620 units in Alabama and Georgia. The properties are Tapestry on Vaughn in Montgomery and Trilliam Luxury Apartment Homes in Clanton, Ala.; and Pavilion at Plantation Way in Macon, Ga. Chad Hagwood of New York City-based Hunt Real Estate originated the loan on behalf of the borrower, EBSCO Income Properties LLC. All three loans feature 12-year terms and fixed interest rates with four years of interest-only payments. Tapestry on Vaughn is a 252-unit garden-style community that was built in 1994. The community offers one- through three-bedroom floor plans. Communal amenities include a picnic area, fitness center, pool and a playground. Trilliam Luxury Apartments is a 128-unit affordable housing community that was built in 2002. The property offers one-, two- and three-bedroom floor plans. Communal amenities include a clubhouse, resident lounge, storage space, fitness center, pool and a playground. Pavilion at Plantation Way is a 240-unit property that was built in 2009. The community offers one- through three-bedroom floor plans. Communal amenities include a pool, media center, movie theater, fitness center and a business center.
BOCA RATON, FLA. — Berkadia has arranged a $6.9 million acquisition loan for a 52-unit apartment portfolio in Boca Raton. An undisclosed bridge lender provided the fixed-rate, three-year loan on behalf of the borrower, Rental Asset Management (RAM). The properties were unoccupied at the time of sale. Mitch Sinberg and Matthew Robbins of Berkadia represented the borrower in the transaction. The first property, Villas at Camino, comprises five two-story building totaling 28 units. The property is located at 329 W. Camino Real. Built between 1958 and 1968, the asset offers amenities such as a pool, cabana and two laundry facilities. The other property, dubbed the Southwest 14th and 15th Street portfolio, offers two- and three-bedroom floor plans. The collection of apartments were built between 1966 and 1974 and range from 1,180 and 2,250 square feet.
TAMPA, FLA. — Legacy Partners and Griffin Capital have broken ground on Legacy at Encore, a five-story, 228-unit multifamily community in downtown Tampa. The property will offer studio, one- and two-bedroom floor plans averaging 763 square feet. Unit interiors will feature 10-foot ceiling heights, quartz countertops, stainless steel appliances, contemporary cabinets, a smart home technology package, full-sized washers and dryers, soaking tubs, glass-enclosed showers, walk-in closets and balconies. Communal amenities will include a fitness center with a yoga/spin studio, internet café with computers and coffee bar, heated saltwater pool with cabanas and lounges, outdoor living room, community kitchen with grilling stations, dog run, pet spa, package lockers, bike repair shop and storage space. Dynamik Design is the Legacy at Encore’s architect, and Summit Contracting Group is the general contractor. The developers expect to deliver the first units in September 2021 and fully complete the project in early 2022. Patrick Dufour, Ryan Crowley and Pibu Aulakh of Newmark Knight Frank (NKF) represented Legacy Partners in sourcing equity financing for the development.
PLANTATION, FLA. — Chetu, a provider of custom software solutions, has opened its new office headquarters in Plantation. Chetu will occupy the top floor of a three-story building located at 1248 N. University Drive, nine miles west of downtown Fort Lauderdale. As the anchor tenant, the company will occupy 21,000 of the building’s 63,600 square feet. The office building features a reception area, multiple conference rooms, a community dining area and break lounges.
SUNRISE, FLA. — Fairstead has acquired Federation Sunrise Apartments, a 123-unit seniors housing community in Sunrise, for $29.5 million. Fairstead plans to upgrade the property, including new kitchens, baths, flooring, windows and air conditioning units. The New York City-based buyer also plans to upgrade the landscaping, community room and other existing amenities. The community is located at 5010 N. Nob Hill Road, 13 miles west of downtown Fort Lauderdale. The Housing Finance Authority of Broward County provided the buyer with federal low-income housing tax credits and tax-exempt bonds for the acquisition. The seller was not disclosed.
SARASOTA, FLA. — Marcus & Millichap has negotiated the $3.1 million sale of Beneva Oaks, a 40-unit affordable housing community in Sarasota. The property offers one- and two-bedroom floor plans ranging from 521 to 702 square feet. Communal amenities include a community room with a fully equipped kitchen. Beneva Oaks is located at 650 N. Beneva Road, three miles east of downtown Sarasota. Luis Baez, Miles Tombrink, Casey Babb and Shawn Rupp of Marcus & Millichap’s The Babb Group represented both the buyer and seller in the transaction. Though neither was disclosed, the Sarasota Herald-Tribune reports the buyer was Beneva Redevelopment LP and the seller was an affiliate of Goodwill Manasota.
WINTER PARK, FLA. — Watercrest Senior Living Group and Titan Development Real Estate Fund I have opened Watercrest Winter Park Assisted Living and Memory Care, a 107-unit seniors housing community in Winter Park. Watercrest Winter Park features 75 assisted living and 32 memory care apartments. The property is located at 1501 Glendon Parkway, seven miles north of downtown Orlando. This is the second senior living development partnership between Watercrest and Titan Development. Titan Development Real Estate Fund I is a $200 million private equity real estate fund established in 2017 to raise and invest equity in approximately $600 million of Titan Development’s investment opportunities.
HIALEAH GARDENS, FLA. — Easton Group will develop a 266,000-square-foot warehouse in Hialeah Gardens near Miami. An affiliate of Easton acquired an 8.5-acre site for $8.2 million. In September, a different Easton affiliate bought an adjacent 8.5-acre site for $5.6 million. Easton will develop the 266,000-square-foot property across the entire 17-acre site, which is located on NW 107th Street near the Florida Turnpike. The facility will feature 32-foot clear heights and 75 trailer parking spaces. Construction is expected to start in the first quarter of 2021, and leasing efforts are already underway. Ware Malcomb designed the property. Dalton Easton internally represented the buyer in both land transactions. The seller(s) was not disclosed.
DAVENPORT, FLA. — JLL has provided a $32.3 million loan through Freddie Mac for the refinancing of Lake House, a 240-unit apartment complex in Davenport. HFF, a JLL company and Freddie Mac Optigo lender, will service the 10-year, floating-rate loan. Lake House offers one-, two- and three-bedroom floor plans. Communal amenities include a clubhouse, fishing lake, tennis court, outdoor grill area, pool, fitness center, storage space and a car wash area. The asset is situated at 200 Village Blvd., 29 miles south of downtown Orlando. Mona Carlton, Elliott Throne, Jesse Wright, Amit Kakar and Michael DiCosimo of JLL originated the loan on behalf of the borrower, Beachwold Residential.
