BOYNTON BEACH, FLA. — A joint venture between MMG Equity Partners and Global Fund Investments has sold Whitworth Farms, an 88,424-square-foot, Publix-anchored shopping center in Boynton Beach, for $19.4 million. The asset is located at 12425 Hagen Ranch Road, about 11 miles north of downtown Boca Raton. The center was 96.1 percent leased at the time of the transaction. The seller was not disclosed.
FORT MYERS, FLA. — NXT Capital has provided a $36 million acquisition loan for Coral Pointe, a 252-unit apartment community in Fort Myers. Coral Pointe is situated about six miles from downtown Fort Myers and offers a heated pool, outdoor grills, gazebos, outdoor bar, fitness center and two dog parks. Allison Williams and Matt Baldwin of Walker & Dunlop placed the loan with NXT Capital on behalf of the undisclosed borrower.
BATON ROUGE, LA. — Hunt Real Estate Capital has provided a $30 million Fannie Mae refinancing loan for River House Apartments, a complex built in 2017 in Baton Rouge. The loan features a 10-year term amortized over 30 years with two years of interest-only payments. The 224-unit property is situated at 1480 Nicholson Drive, about a mile south of downtown Baton Rouge. It was 95 percent occupied as of October. David Eyzenberg and Anastasia Vladislavova of Eyzenberg & Co. arranged the financing on behalf of the undisclosed borrower.
MIAMI — Asia Capital Real Estate Management (ACRE) and Miami-based Global City Development have broken ground on MiMo Bay Apartments, a 236-unit multifamily community located at 6445 N.E. 7th Ave. in Miami’s MiMo District. The asset is being built adjacent to Legion Memorial Park, the site of the former American Legion Post No. 29. The new mixed-use community will include a 15,000-square-foot facility that will be owned and operated by Post No. 29 to be used by its military veteran members. The facility will include a gym, areas for physical therapy, wellness center and a swimming pool. Services will include group therapy, acupuncture and post-traumatic stress disorder treatment. MiMo Bay Apartments is a joint venture between ACRE and an unnamed pension fund based in Canada. The developers secured a $51 million construction loan through TD Bank. Miami-based Coastal Construction Group is the general contractor, and Stantec’s Miami office designed the property.
ORLANDO, FLA. — Retail Value Inc. (RVI) has sold the fully leased Millenia Plaza, a 411,503-square-foot power retail center in Orlando, for $56.4 million. North American Development Group purchased the center, which is located at 4403-4697 Millenia Plaza Way. Millenia Plaza is located about six miles southwest of downtown Orlando and features Interstate 4 visibility. Tenants include Home Depot, BJ’s Wholesale, Ashley’s Furniture, Dick’s Sporting Goods, Total Wine & More, Ross Dress for Less, David’s Bridal, Five Below, Visionworks, Millenia Nail Lounge and Mattress Firm. Brad Peterson, Whitaker Leonhardt and Tommy Isola of HFF represented RVI, which is a subsidiary of SITE Centers Inc., in the transaction.
DAYTONA BEACH, FLA. — Barton Malow will construct an 11-story, 225,000-square-foot glass building for Brown & Brown Insurance Co. in Daytona Beach. The building will be situated on more than 10 acres and will include terraces on the second and 11th floors overlooking the Halifax River. Brown & Brown has worked in the area before, having remodeled Daytona International Speedway and built Embry-Riddle Aeronautical University’s four-story student union. The Daytona Beach-based insurance company will house more than 600 workers at the building upon completion. A timeline for construction was not disclosed.
JACKSONVILLE, FLA. — Hunt Real Estate Capital has provided a $35.6 million loan to an affiliate of EBSCO Income Properties LLC for the purchase of Integra River Run, a 300-unit apartment complex in Jacksonville. The non-recourse Fannie Mae loan has a 10-year term with five years of interest-only payments, as well as a 30-year amortization schedule. The garden-style community comprises 12 two- and four-story buildings. Amenities include a fitness studio, spin bikes with virtual trails, cyber café, valet trash pickup, clubhouse, coffee bar, gaming room, resort-style outdoor lounge, fire pit, outdoor grills, swimming pool and a dog park. Integra River Run LLC was the seller.
CLEARWATER, FLA. — Berkadia has brokered the $50.1 million sale of Estates at Countryside, a 320-unit apartment community located at 2652 N. McMullen Booth Road in Clearwater. The buyer, an affiliate of Insula Cos., plans to improve the property’s energy and water usage. Mitch Sinberg and Matt Robbins of Berkadia’s South Florida office arranged a $37.2 million, 10-year, floating-rate loan through Freddie Mac’s Green Up program on behalf of Insula Cos. Built in 1990, the property is situated about 21 miles from downtown Tampa on the other side of Old Tampa Bay. Estates at Countryside comprises one-, two- and three-bedroom apartments with vaulted ceilings, sunrooms, walk-in closets and washer/dryer units. Community amenities include a fitness center, spa, pool and a playground. Jason Stanton and Cole Whitaker of Berkadia represented the buyer in the transaction. The seller was not disclosed.
PLANTATION, FLA. — Kaufman Lynn Construction has broken ground on Phase I of Encore Capital Management’s Plantation Walk, a $350 million mixed-use development in Plantation. Phase I is set to include a seven-story building with 171 multifamily units, 63,000 square feet of retail and restaurant space and 12,000 square feet of amenity space. At full build-out, Plantation Walk will include 700 apartment units, 160,000 square feet of office space and 200,000 square feet of retail space. The site is situated at the former Plantation Fashion Mall at 321 N. University Drive, about eight miles west of downtown Fort Lauderdale. Completion is slated for April 2020.
ORLANDO, FLA. — CBRE has arranged the $64 million sale of Island Club, a 472-unit multifamily community in Orlando. The asset is situated at 1401 Kirkman Road, about six miles west of downtown Orlando. Built in 1990, Island Club offers one-, two- and three-bedroom floor plans. Amenities include a car care center, tennis court, volleyball court, two lake-side swimming pools, playground, game room and fitness center. Shelton Granade, Luke Wickham and Justin Basquill of CBRE represented the undisclosed seller in the transaction. Brian Eisendrath of CBRE originated a 10-year Freddie Mac loan on behalf of the buyer, TruAmerica Multifamily. The acquisition loan features five years of interest-only payments.
