Florida

Aztec Group Arranges $21.3M Construction Loan for AC Marriott Hotel in Midtown Miami

by Camren Skelton April 24, 2018

MIAMI — Aztec Group Inc. has arranged a $21.3 million construction loan for the development of the AC Marriott Hotel in Midtown Miami. Boaz Ashbel of Aztec Group arranged the loan through Florida Community Bank NA on behalf of the project developer, Midtown Lodging 2 LLC. The 153-room hotel will be located at the corner of N.E. 34th Street and Biscayne Boulevard and will feature a modern glass façade. Hotel amenities will include a restaurant and bar/lounge, business center, fitness center, meeting space, swimming pool, guess laundry and valet parking. 3H Hospitality will manage the AC Marriott Hotel upon opening in mid-2019.

April 24, 2018

Acquisitions Florida Multifamily Southeast

Franklin Street Brokers $16.9M Sale of Multifamily Community in Orlando

by Camren Skelton April 23, 2018

ORLANDO, FLA. — Franklin Street has brokered the $16.9 million sale of CaSienna Apartments, a 160-unit multifamily community located at 5703 Stoneridge Court in Orlando. Robert Goldfinger, Darron Kattan, Kevin Kelleher and Zachary Ames of Franklin Street arranged the transaction on behalf of both the seller, SR Apartments LLC, and the buyer, an undisclosed partnership. CaSienna Apartments was constructed in 1972 and 1973 and comprises 16 one- and two-story buildings. Community amenities include two swimming pools, a clubhouse, tennis courts, a playground and extra storage space for residents.

April 23, 2018

Acquisitions Florida Office Southeast

SVN Alliance Arranges $11.5M Sale of Office Portfolio in Daytona Beach

by Camren Skelton April 23, 2018

DAYTONA BEACH, FLA. — SVN Alliance has arranged the $11.5 million sale of a four-building office portfolio in Daytona Beach. Chris Butera, Carl Lentz IV, John Trost and Tim Davis of SVN Alliance arranged the transaction on behalf of the buyer, an undisclosed private investor, and the seller, Consolidated Tomoka Land Co. The portfolio included the two-story Concierge building located at the northeast corner of LPGA Boulevard and Williamson Boulevard, two buildings within Mason Commerce Center and a building within Williamson Business Park. Consolidated Tomoka developed the buildings between 2008 and 2014. The portfolio was fully leased at the time of sale.

April 23, 2018

Florida Loans Multifamily Southeast

EIG Receives $57.8M Construction Loan for New Multifamily Community in Miami

by Camren Skelton April 20, 2018

MIAMI — Miami-based Estate Investment Group (EIG) has received a $57.8 million construction loan to fund the development of Soleste Twenty2, a 338-unit apartment community located at 2201 Ludlam Road in Miami’s Coral Way Manor neighborhood. Florida Community Bank provided the loan. The community will feature a mix of studio to three-bedroom units with rents starting in the mid-$1,300s. In addition, the project will offer several units with floor plans designed to provide residents with work-from-home options. Community amenities will include a pool with sundeck and private cabanas, gaming room, theater room, fitness center, jogging trail, dog park and a children’s playground. EIG expects to wrap up construction on the community in mid-2019. Soleste Twenty2 comes on the heels of other recent EIG developments, including the $59 million Soleste West Gables II and the 330-unit Soleste Blue Lagoon, which broke ground in November.

April 20, 2018

Development Florida Retail Southeast

Publix to Anchor Retail Portion of Latitude Margaritaville in Daytona Beach

by Camren Skelton April 20, 2018

DAYTONA BEACH, FLA. — Sutton Properties has signed Publix to anchor Latitude Landings, the 200,000-square-foot retail portion of Latitude Margaritaville Daytona Beach, an active adult community. Margaritaville Holdings and Minto Properties are developing the community, and Sutton Properties is developing and leasing the project’s retail portion, dubbed Latitude Landings. Publix will occupy 48,000 square feet at the shopping center, which will be located on LPGA Boulevard, adjacent to the development’s residential community and accessible by golf cart. Slated to open in the second quarter of 2019, the new grocery store will include grab-and-go prepared meals, an in-store café and a Publix Liquors store. The first phase of Latitude Margaritaville includes 378 home sites. Current plans call for 3,000 homes, with the possibility to expand to a total of 6,000 homes at full build-out. The community is designed for adults ages 55 and older.

April 20, 2018

Development Florida Hospitality Mixed-Use Southeast Top Stories

Strategic Property Partners to Develop 173-Room EDITION Hotel Within $3B Water Street Tampa Project

by Kristin Harlow April 20, 2018

TAMPA, FLA. — Strategic Property Partners LLC (SPP) has unveiled plans to develop a 173-room EDITION hotel in Tampa. The hotel will be part of a 26-story tower in the heart of Water Street Tampa, a $3 billion mixed-use development from SPP. EDITION is a modern luxury brand that Marriott International (NASDAQ: MAR) launched in fall 2013. There are currently EDITION hotels in New York, Miami, London and China, with seven new properties scheduled to open this year. The Tampa EDITION will feature multiple social and amenity spaces for guests, including a rooftop pool, bar and restaurant, spa and fitness center. The ground-floor space will house several restaurants and shops, which have yet to be announced. Water Street Tampa will also include a JW Marriott luxury hotel, which is slated to open in 2020. Furthermore, SPP has unveiled plans to fully renovate an existing 727-room Marriott Waterside Hotel & Marina. Combined, these three properties will account for 1,419 hotel rooms and over 150,000 square feet of meeting and event space. Water Street Tampa is a multi-phase, 50-acre project that will include more than 9 million square feet of commercial, residential, hospitality, educational, entertainment, cultural and retail space, with the first …

April 20, 2018

Development Florida Multifamily Seniors Housing Southeast

LCS Development to Lead $125M Expansion of Seniors Housing Community in Boca Raton

by Camren Skelton April 19, 2018

BOCA RATON, FLA. — LCS Development, an LCS Company, has been selected to develop and market the $125 million expansion of the Toby & Leon Cooperman Sinai Residences of Boca Raton. The not-for-profit continuing care retirement community (CCRC) opened in 2016 and includes 234 independent living homes, 48 assisted living units, 24 memory care units and 60 skilled nursing beds. The expansion will add an estimated 100 independent living residences, at least two additional themed dining venues, a ballroom and enhanced common areas. LCS Development will coordinate planning, development and initial marketing, as well as provide oversight of the design and construction services. LCS will also assist with financing and other support services. Sinai Residences is sponsored by the Jewish Federation of South Palm Beach County Inc. Life Care Services, an LCS Company, manages the community.

April 19, 2018

Florida Industrial Leasing Activity Southeast

Weiss Realty Arranges 47,000 SF Industrial Relocation for T-Shirt Company in Miami

by Camren Skelton April 19, 2018

MIAMI — Weiss Realty has arranged the relocation of Hard Ten Tree Shirt Cos.’ production operations from Brooklyn, N.Y., to Miami. The one-story industrial building is located at 3360 N.W. 110th St. Jaime Weiss of Weiss Realty, along with Fred Meyer of NAI Mertz and Mike Waite of The Easton Group, arranged the 10-year, 47,000-square-foot lease on behalf of Hard Ten. Edison Vasquez of Com-Real Miami-Doral represented the landlord, Calico 2017 LLC. The T-shirt company will move into the new space this spring.

April 19, 2018

Florida Loans Multifamily Southeast

Berkeley Point Capital Provides $19.7M Freddie Mac Loan for Apartment Community in Sarasota

by Camren Skelton April 18, 2018

SARASOTA, FLA. — Berkeley Point Capital (BPC) has provided a $19.7 million Freddie Mac loan for the refinancing of Beneva Place, a 192-unit apartment community in Sarasota. Brian Kochan of BPC originated the fixed-rate loan through Freddie Mac’s Green Up program on behalf of the undisclosed borrower. In order to qualify for the program, the borrower will upgrade a number of water fixtures throughout the property, promoting lower consumption and energy bills for tenants. Beneva Place features a clubhouse, business center, 24-hour fitness center, laundry center, pool, fire pit, gazebo and picnic and barbecue areas.

April 18, 2018

Development Florida Multifamily Southeast

Jefferson, Camden Property Trust to Develop $100M Multifamily Community in Downtown Orlando

by Camren Skelton April 17, 2018

ORLANDO, FLA. — McLean, Va.-based Jefferson Apartment Group, in partnership with Houston-based Camden Property Trust, has unveiled plans to co-develop 520 East, a $100 million multifamily community in downtown Orlando. The 364-unit tower will be situated at the southwest corner of East Church Street and South Eola Drive, a sister property to Jefferson’s 299-unit 420 East community that was completed last year. 520 East will include 7,000 square feet of ground floor retail, 12 retail/live/work studios and a 630-space parking garage. Units will feature quartz countertops, wood flooring, custom-designed cabinetry and upgraded fixtures. Community amenities will include a resort-style pool with sundeck, fitness center, clubroom, outdoor lounge with grilling stations and 24/7 concierge services. The partnership expects 520 East to achieve LEED-Gold certification and for construction to kick off in June.

April 17, 2018

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