Florida

Bellwether Arranges $115M in Acquisition Financing for 12 Affordable Housing Communities in the Southeast

by Alex Tostado June 6, 2019

CLEVELAND — Bellwether Enterprise has arranged a total of $115 million in acquisition financing for 12 affordable housing communities in South Carolina, North Carolina, Georgia, Florida and Virginia. The borrower, Atlantic Housing Foundation Inc., used the financing to purchase the 1,776-unit portfolio. The South Carolina communities include Shemwood Crossing Apartments in Greenville, Boulder Creek Apartments in Greenville, Crescent Hill Apartments in Spartanburg and Spring Grove in Taylors. The Virginia communities include James River Crossing in Lynchburg, Gretna Village Apartments in Gretna and Afton Gardens Apartments in Roanoke. The North Carolina properties are Timber Ridge Apartments in Charlotte, Cedar Moor Apartments in Raleigh and Brentwood Crossing in High Point. Brittany Woods & Park Chase Apartments in Valdosta, Ga.; and Temple Court in Miami were also included in the acquisition. Bellwether Enterprise arranged the financing in three transactions and arranged a $14.5 million bridge loan through Tilden Park Capital Management LP for the acquisition of Shemwood Crossing. The Cleveland-based mortgage broker also arranged the equity needed for the purchases of James River Crossing and Gretna Village Apartments, which Atlantic Housing Foundation used to assume existing loans from the Virginia Housing Development Authority. The remaining nine properties were financed through a $69.6 million, 10-year, fixed-rate Freddie Mac loan. Phil Melton of Bellwether Enterprise arranged the …

June 6, 2019

Acquisitions Florida Retail Southeast

CREC Capital Purchases Retail Center Near Miami for $62.3M

by Alex Tostado June 6, 2019

HOMESTEAD, FLA. — CREC Capital has purchased Homestead Pavilion, a 302,346-square-foot retail center in Homestead, for $62.3 million. The property is situated on 42.1 acres and includes a six-acre site for future development. CREC Capital plans to hold the undeveloped portion of the property for the long-term and develop the site in the future. The center is located near the Florida Turnpike and was fully leased at the time of sale to tenants including Ross Dress for Less, T.J. Maxx, Old Navy, Michaels, Petco, Five Below, Bed Bath & Beyond, Panera Bread, Planet Fitness and Olive Garden. Casey Rosen, Dennis Carson and Paul Ahmed of CBRE represented the seller, RVT Homestead Pavilion, in the transaction.

June 6, 2019

Acquisitions Florida Industrial Southeast

CBRE Arranges $14.8M Sale of Eight-Building Industrial Campus in Metro Orlando

by Alex Tostado June 6, 2019

ALTAMONTE SPRINGS, FLA. — CBRE has arranged the $14.8 million sale of Altamonte Commerce Center, an eight-building industrial property in Altamonte Springs. The property is located at 217-311 Altamonte Commerce Blvd. and 620-658 Douglas Ave., 10 miles north of downtown Orlando. SunCap Opportunity Fund acquired the 185,000-square-foot property from EastGroup Properties. Altamonte Commerce Center is situated near Interstate 4 between state roads 436 and 434. David Murphy and Monica Wonus of CBRE represented the seller in the transaction.

June 6, 2019

Florida Loans Mixed-Use Southeast

HFF Arranges $100M Construction Loan for Mixed-Use Development in Metro Miami

by Alex Tostado June 5, 2019

CORAL GABLES, FLA. — HFF has arranged a $100 million construction loan for the development of The Plaza Coral Gables, a mixed-use project in downtown Coral Gables. Developer Agave Holdings LLC will use the loan to finance the first of two phases of the project. Phase I will include a 14-story, 291,129-square-foot office building; 135 residential units; and 101,439 square feet of retail space. CallisonRTKL is designing the first phase to incorporate Fred B. Harnett Ponce Circle Park, which will add to the project’s outdoor space. At full buildout, the development will comprise a 242-room hotel and 222,541 square feet of rentable office, retail and living space. Manny de Zárraga, Jim Dockerty and Matthew McCormack of HFF arranged the loan on behalf of the borrower.

June 5, 2019

Acquisitions Florida Office Southeast

CBRE Arranges $15M Sale of Office Building in Metro Orlando

by Alex Tostado June 4, 2019

LAKE MARY, FLA. — CBRE has arranged the $15 million sale of Contact Pointe, a 92,127-square-foot office building in Lake Mary. The building was fully occupied at the time of sale to tenants including AT&T and Falck USA. The asset is situated 17 miles north of downtown Orlando. Ron Rogg and Chip Wooten of CBRE represented the sellers, Orlando-based Tower Realty Partners and Dallas-based TriGate Capital Partners, in the transaction. Exeter Property Group acquired the property.

June 4, 2019

Acquisitions Florida Office Southeast

Key International, 13th Floor Investments Sell Office Building in Miami for $13.9M

by Alex Tostado June 4, 2019

MIAMI — Key International and 13th Floor Investments have sold Highland Park Center, a fully occupied, 44,740-square-foot office building in Miami’s Health District, for $13.9 million. TopMed Realty, a healthcare real estate private equity firm, acquired the property. Highland Park Center was built in 2011 and is situated two blocks from the Miami-Dade Courthouse and less than one mile from the intersection of Dolphin Expressway and Interstate 95. The partnership acquired the then-vacant building in 2014 for $7.9 million. Douglas Mandel and Benjamin Silver of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller in the transaction.

June 4, 2019

Acquisitions Florida Multifamily Southeast

American Landmark Acquires Multifamily Community in South Florida for $91.5M

by Alex Tostado June 3, 2019

BOCA RATON, FLA. — American Landmark has acquired Alister Boca Raton, a 448-unit multifamily community in Boca Raton, for $91.5 million. American Landmark will invest $6.2 million in capital improvements and rebrand the property as Cielo Boca. The property was originally developed between 1986 and 1988 and was renovated in 2018. Capital improvements will include glass backsplashes, new cabinets, updated lighting and USB ports for the unit interiors. Community area upgrades will include improved landscaping, parking lot repairs and new pool furniture. Existing amenities include a recently renovated clubhouse, fitness center, leasing office and two swimming pools. The property was 96 percent occupied at the time of sale. A joint venture between Mill Creek Residential and AIG sold the complex. Avery Klann, Hampton Beebe and Jonathan Senn of Newmark Knight Frank represented the seller in the transaction.

June 3, 2019

Acquisitions Florida Office Southeast

Cushman & Wakefield Arranges $8.5M Sale of Office Building in West Palm Beach

by Alex Tostado June 3, 2019

WEST PALM BEACH, FLA. — Cushman & Wakefield has arranged the $8.5 million sale of Commerce Pointe Gold, a four-story, 43,433-square-foot office building in West Palm Beach. Commerce Pointe Gold sits on 2.8 acres at 1800 S. Australian Ave., two miles south of downtown West Palm Beach. Commerce Pointe Gold LLC acquired the building for $196 per square foot. The building was 99 percent leased at the time of sale to tenants including Law Offices of Craig Goldenfarb; Sasser, Cestero & Sasser; AEG Live SE; and Scuttina Real Estate Group. Scott O’Donnell, Greg Miller, Dominic Montazemi and Miguel Alcivar of Cushman & Wakefield represented the seller, KAS Gold LLC, an affiliate of Miami-based SF Partners, in the transaction. Jason Sundook and Neil Merin of NAI/Merin Hunter Codman Inc. represented the buyer.

June 3, 2019

Florida Industrial Loans Southeast

FM Capital Originates $21M Loan to Refinance Cold-Storage Warehouse in Miami

by Alex Tostado May 31, 2019

MIAMI — FM Capital has provided a $21 million refinancing loan for a cold-storage warehouse in Miami. The 235,758-square-foot warehouse was originally built in 1968 and is located near I-95 with access to the Florida Turnpike. The property was 82 percent leased at the time of the refinancing to South East Frozen Foods and Super Value. The undisclosed borrower will also invest $1.1 million in capital improvements with the option of selling the asset or refinancing within the loan term.

May 31, 2019

Development Florida Multifamily Seniors Housing Southeast

SRI Management, Gordon Cos. Open 125-Unit Assisted Living Community in Central Florida

by Alex Tostado May 29, 2019

LADY LAKE, FLA. — SRI Management LLC has opened Village Veranda, a 125-unit assisted living and memory care seniors community in Lady Lake, about 50 miles northwest of Orlando. Gordon Cos. developed the community for owner Village Veranda Lady Lake LLC. SRI Management is the operator. The 117,000-square-foot community offers 100 assisted living apartments up to 875 square feet and ranging from studio to two-bedroom options. In addition, the facility offers 25 memory care apartments between 350 and 449 square feet. Forum Architecture & Interior Design Inc. was the designer on the project, while Core Construction led the building team.

May 29, 2019

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