Florida

Mission Capital Arranges $53M Refinancing of Waterfront Hotel in Tampa

by Camren Skelton August 21, 2018

TAMPA, FLA. — Mission Capital Advisors has arranged a $53 million loan for the refinancing of The Godfrey Hotel and Cabanas Tampa, a 276-room hotel located at 7700 W. Courtney Campbell Causeway in Tampa. The waterfront property was once owned by the New York Yankees and served as the team’s spring training home for several decades. Jordan Ray, Ari Hirt, Alex Draganiuk and Justin Hunt of Mission Capital arranged the non-recourse loan through Marathon Asset Management on behalf of the borrower, an affiliate of Oxford Capital Group. Oxford acquired the hotel in 2015 and transformed the property with the addition of 15 guestrooms, complete renovations of guestrooms and the lobby and the addition of the WTR Pool & Grill. WTR includes a pool, cabana club, bar and corporate event space overlooking Tampa Bay.

August 21, 2018

Development Florida Multifamily Seniors Housing Southeast

Public-Private Venture Breaks Ground on 123-Unit Affordable Seniors Housing Community in Miami

by Camren Skelton August 21, 2018

MIAMI — A public-private collaboration between Miami-Dade County, Pinnacle Housing Group and the South Miami Heights Community Development Corp. has broken ground on Caribbean Village, an affordable seniors housing property in Miami. Located in the South Miami Heights submarket, Caribbean Village will offer 123 units. The development is part of a two-phased plan to develop transit-oriented affordable housing in Miami. The community will be the first new affordable seniors housing project in the area in 25 years, according to the developers. Miami-Dade County, which will own the project, selected the partners following a competitive bidding process. The county contributed the land, as well as $11.5 million in funding. Other funding for the project came from tax-exempt bonds, housing tax credits and a $5.3 million loan from Florida Housing Finance Corp. Citibank purchased both the bonds and the tax credits. According to local media reports, Caribbean Village will be reserved for residents earning 60 percent or less of the area median income (AMI), and some units will be designated for people making as low as 28 percent of the AMI. The community will include one- and two-bedroom units and will feature a fitness center, cyber lounge, game room, outdoor recreation area …

August 21, 2018

Acquisitions Florida Office Southeast

Colliers Brokers $22.3M Sale of Former School-Turned Office Building in West Palm Beach

by Camren Skelton August 21, 2018

WEST PALM BEACH, FLA. — Colliers International has arranged the $22.3 million sale of a 66,770-square-foot building located at 2410 Metrocentre Blvd. in West Palm Beach. The property formerly housed the Lincoln College of Technology Campus, but was converted into an office property in 2017 to fit the needs of Belcan Engineering Group, which houses its regional headquarters at the building. Kevin McCarthy and Bastian Laggerbauer of Colliers arranged the transaction on behalf of the seller, a partnership between Tambone Cos. and Catalfumo Cos., and procured the buyer, Czech Republic-based ICP Capital Partners. In addition, the Colliers team secured a $13.5 million acquisition loan on behalf of the buyer.

August 21, 2018

Acquisitions Florida Multifamily Southeast

Cushman & Wakefield Arranges $59.8M Sale of Multifamily Community in Miami

by Camren Skelton August 20, 2018

MIAMI — Cushman & Wakefield has arranged the $59.8 million sale of Vista Verde at Westchester, a 302-unit apartment community located at 10491 S.W. 14th Terrace in Miami. Robert Given, Troy Ballard, Zachary Sackley and James Quinn of Cushman & Wakefield arranged the transaction on behalf of the seller, Rilea Group. Advenir Inc. acquired the asset, which is located adjacent to Florida International University, a public university with an enrollment of more than 55,000 students. Charles Foschini, Christopher Apone and Lourdes Carranza-Alvarez of Berkadia originated a $44.3 million Freddie Mac loan to fund Advenir’s acquisition. The 11-year, fixed-rate loan features six years of interest-only payments. Approximately 20 percent of the units at Vista Verde have been updated with stainless steel appliances, granite countertops, new flooring, new cabinetry, new sinks and refinished ceilings. Originally constructed in 1993, Vista Verde includes a mix of studio to two-bedroom units and features a pool, fitness center, playground and picnic areas. In addition, the community is situated adjacent to 300,000 square feet of retail in two shopping centers anchored by Publix and YouFit Health Clubs.

August 20, 2018

Florida Loans Multifamily Southeast

Walker & Dunlop Secures $30.6M HUD-Insured Construction Loan for Apartment Property in Melbourne, Florida

by Camren Skelton August 20, 2018

MELBOURNE, FLA. — Walker & Dunlop has secured a $30.6 million construction loan for The Highline, a 171-unit, market-rate apartment community in Melbourne. Jeremy Pino, Livingston Hessam, Keith Melton and David Strange of Walker & Dunlop arranged the 40-year, fixed-rate loan through the U.S. Department of Housing and Urban Development (HUD)’s 221(d)(4) program on behalf of the project developer, Zimmerman Development. The Highline will feature a pool, sundeck, gated dog walk area, fire pit, catering kitchen, sports bar, game room and a fitness center with a yoga studio. A construction timeline for the project was not disclosed.

August 20, 2018

Acquisitions Florida Office Retail Southeast

HFF Negotiates $9.3M Sale of Retail, Office Building in Palm Beach County

by Camren Skelton August 20, 2018

PALM BEACH GARDENS, FLA. — HFF has brokered the $9.3 million sale of the Shoppes & Offices at PGA West, a retail and office property located in Palm Beach Gardens. Luis Castillo, Danny Finkle, Eric Williams and Nat Scarmazzi of HFF arranged the transaction on behalf of the seller, LNR Partners Inc., and procured the buyer, Juster Development Co. Constructed in 2001, the Shoppes & Offices at PGA West includes 18,348 square feet of retail space and 19,434 square feet of office space. The property was 98.3 percent leased at the time of sale to a mix of experiential retailers, restaurants and boutique office tenants.

August 20, 2018

District of Columbia Florida Hospitality Loans New York Northeast Southeast Top Stories

Qatar-based Investor Receives $503M Refinancing for Hotel Portfolio in NYC, Miami, D.C.

by Kristin Harlow August 17, 2018

NEW YORK CITY, MIAMI AND WASHINGTON, D.C. — Qatar-based Al Rayyan Tourism Investment Co. (ARTIC) has received $503 million in refinancing for a three-property hotel portfolio totaling 1,049 rooms in New York City, Miami and Washington, D.C. HFF arranged three floating-rate loans through Mack Real Estate Credit Strategies for the refinancing. The breakdown includes: a $290 million loan for The Manhattan at Times Square Hotel; a $132 million loan for the St. Regis Bal Harbour Resort in Miami; and an $81 million loan for the St. Regis Washington, D.C. Each loan carries a four-year term. Originally developed in 1952, The Manhattan at Times Square Hotel houses 685 rooms and 9,100 square feet of retail space. The 22-story hotel is located in Times Square at 790 7th Ave. ARTIC will continue to operate the hotel and plans to redevelop the property into a much taller mixed-use tower. Once redeveloped, the building will include 44,000 square feet of LED signage wrapping the base, 134,000 square feet of retail space, 250 hotel rooms and 150 luxury condominium residences. The St. Regis Bal Harbour is a 27-story luxury hotel in Miami with 192 guest rooms and 24 condo units. The hotel features the Remède Spa, two pools, a …

August 17, 2018

Florida Loans Office Southeast

HFF Arranges $41M Acquisition Loan for Office Building in Fort Lauderdale

by Camren Skelton August 16, 2018

FORT LAUDERDALE, FLA. — HFF has arranged a $41 million acquisition loan for Coastal Tower, a 261,676-square-foot office building located at 2400 E. Commercial Blvd. in Fort Lauderdale. Chris Drew, Brian Gaswirth and Matthew McCormack of HFF arranged the four-year, floating-rate bridge loan through New York Life Insurance Co. on behalf of the borrower, Cardinal Point Management. The 12-story tower was most recently renovated in 2008 and is home to tenants such as USI Insurance, Morgan Stanley and Mass Mutual.

August 16, 2018

Development Florida Multifamily Southeast Top Stories

Walker & Dunlop Arranges $138.1M Construction Loan for 57-Story Condominium Tower in Miami

by Camren Skelton August 16, 2018

MIAMI — Walker & Dunlop has arranged a $138.1 million construction loan for Elysse, a 57-story condominium tower in Miami. The 100-unit community, located at 788 N.E. 23rd St., overlooks the Intracoastal Waterway in Miami’s Edgewater neighborhood. Kevin O’Grady and Eric McGlynn of Walker & Dunlop arranged the financing through JPMorgan Chase Bank on behalf of Two Roads Development, which is developing the project in partnership with entities managed by investment firm DW Partners. The transaction is Miami’s largest condo construction loan this year, according to Two Roads Development. “There was strong lender interest in the project given the presale activity, the developer’s experience and the boutique nature of the building,” says O’Grady. The loan comes as Elysse approaches the 50 percent-sold mark, with unit sales representing more than $100 million in total transaction volume so far. “Construction is in full swing at Elysee and this financing will provide for the continued development and completion of the tower,” says James Harpel, chairman and senior partner of Two Roads Development. The West Palm Beach-based company broke ground on the project in 2017 and expects to wrap up construction by 2020. Elysse will offer three- and four-bedroom floor plans ranging from 2,300 …

August 16, 2018

Development Florida Restaurant Retail Southeast

McDonald’s to Invest $186M to Modernize 240 Restaurants Across Florida

by Camren Skelton August 15, 2018

CHICAGO — McDonald’s and its franchisees plan to invest approximately $186 million to modernize 240 restaurants located across Florida. The initiative is part of the fast food giant’s aim to invest $6 billion to modernize most of their U.S. restaurants by 2020. The transformed Florida restaurants will feature modernized dining rooms with globally and locally inspired décor; new furniture; refreshed exterior designs; digital self-order kiosks; remodeled counters; digital menu boards outside and at the drive-thru; designated parking spots for curbside pick-up through mobile order and pay; expanded McCafé counters; and larger display cases. The renovations will take place throughout this year and 2019. In addition to the investments to modernize the spaces, McDonald’s has also introduced its McDelivery service with Uber Eats at more than 5,000 U.S. restaurants. In June, McDonald’s opened its new $250 million headquarters in Chicago’s West Loop after 47 years in the suburbs. The fast food chain also opened its newly designed flagship restaurant in Chicago last week.

August 15, 2018

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