Florida

KeyBank Provides $41.6M Fannie Mae Loan for Multifamily Community in Central Florida

by Camren Skelton March 7, 2018

KISSIMMEE, FLA. — KeyBank Real Estate Capital has provided a $41.6 million Fannie Mae loan for the acquisition of Douglas Grand at Westside, a 336-unit multifamily community in the central Florida community of Kissimmee. Chris Black of KeyBank originated the 10-year, fixed-rate loan with five years of interest-only payments and a 30-year amortization schedule on behalf of the undisclosed borrower. Douglas Grand at Westside was constructed in 2016 and features a pet park, swimming pool, fitness center, fire pit and a playground.

March 7, 2018

Florida Multifamily Southeast

TruAmerica Buys Multifamily Community in Central Florida for $50M

by Camren Skelton March 6, 2018

WINTER SPRINGS, FLA. — TruAmerica Multifamily has purchased Astor Park, a 368-unit apartment community in Winter Springs, for $50 million. The community is located at 4545 Willa Creek Drive, roughly 16 miles north of Orlando. The name of the seller was not disclosed. Astor Park was built in two phases between 1987 and 1999 and features a mix of one-, two- and three-bedroom units. TruAmerica plans to invest $4 million to upgrade the property’s exteriors, common areas and unit interiors. Planned renovations will include new stainless steel appliances, stone countertops, new cabinet faces, upgraded lighting and plumbing fixtures, vinyl plank flooring, new landscaping throughout, exterior paint, fitness center upgrades and pool furnishings.

March 6, 2018

Florida Multifamily Southeast

Marcus & Millichap Arranges $14.3M Sale of Apartment Asset in Miami Beach

by Camren Skelton March 6, 2018

MIAMI BEACH, FLA. — Marcus & Millichap has arranged the $14.3 million sale of Park Terrace, a 32-unit apartment building located at 355 19th St. in Miami Beach. Florida-based Blue Road acquired the asset, according to the South Florida Business Journal. Joseph Thomas, Adam Duncan and Brett McMahon of Marcus & Millichap arranged the transaction on behalf of the undisclosed seller. Park Terrace was originally constructed in 1951 and features a swimming pool and a sundeck. Blue Road plans to convert the property into a boutique hotel, as well as increase the building height and add more rooms.

March 6, 2018

Florida Multifamily Southeast

TriBridge, Sefira Capital to Open $49M Apartment Community in Jacksonville

by Camren Skelton March 5, 2018

JACKSONVILLE, FLA. — Atlanta-based TriBridge Residential LLC, in partnership with Miami-based Sefira Capital, will soon deliver The Jaxon, a 287-unit apartment community located at 4450 Tropea Way in Jacksonville. Slated to open this summer, the property is situated across the street from St. Johns Town Center, Jacksonville’s premier outdoor mall and retail corridor. The $49 million apartment community will offer a mix of studio to three-bedroom units with granite countertops, built-in Bluetooth speakers and custom finishes. Community amenities will include a Vegas-style swimming pool with cabanas and rain curtain, a party porch, dog park, dog wash station and a 24-hour package delivery system with refrigerated storage.

March 5, 2018

Florida Loans Office Southeast

CBRE Brokers $23.6M Sale, $18.3M Acquisition Financing for Office Portfolio Near Orlando

by Camren Skelton March 5, 2018

ORLANDO, FLA. — CBRE has arranged the $23.6 million sale of and $18.3 million acquisition financing for a 283,292-square-foot office portfolio in the metro Orlando area. Ron Rogg and Chip Wooten of CBRE brokered the sale. In addition, CBRE’s Zac Brumbaugh arranged a five-year loan with 18 months of interest-only payments through a bank on behalf of the borrower, Realty Capital Commercial Real Estate Advisors. The name of the seller was not disclosed. The portfolio includes Interlachen Corporate Center in Casselberry, roughly 13 miles north of Orlando, and 2400 Maitland and 500 Winderley in Maitland, roughly eight miles north of Orlando. The portfolio was 75 percent leased at the time of sale to tenants such as RP Funding’s headquarters, Fidelity National Title Co. and Avant Healthcare.

March 5, 2018

Florida Multifamily Southeast

Cushman & Wakefield Brokers $71.4M Sale of New Multifamily Community in South Florida

by Camren Skelton March 2, 2018

FORT MYERS, FLA. — Cushman & Wakefield has brokered the $71.4 million sale of Spectra Apartments, a 324-unit multifamily community in Fort Myers. Robert Given, Zachary Sackley, Neal Victor, Luis Elorza, Brad Capas and Gary Tasman of Cushman & Wakefield arranged the transaction on behalf of the seller, Naples-based Stock Development, which completed construction on the property in July 2017. Mark Grace and Will Baker of Walker & Dunlop represented the buyer, a joint venture between Coastal Ridge Real Estate and H. Katz Capital, and secured a Freddie Mac loan on behalf of the partnership. The deal marks the 20th joint venture acquisition between the firms, which currently own and operate $867 million of student housing and multifamily properties throughout the U.S. Spectra Apartments offers a mix of one- to three-bedroom units with an average size of 993 square feet. Community amenities include a resort-style pool, cabanas with TVs and wet bar, tennis court, playground, cardio and yoga rooms, fitness center and a dog park.

March 2, 2018

Florida Loans Retail Southeast

HFF Arranges Joint Venture Equity, Construction Financing for 470,000 SF Shopping Center in Orlando

by Camren Skelton March 1, 2018

ORLANDO, FLA. — HFF has arranged joint venture equity and construction financing for the development of Vineland Pointe, a 470,000-square-foot shopping center under construction in Orlando. Danny Finkle and Brian Gaswirth of HFF arranged the joint venture equity partnership with LaSalle Investment Management on behalf of the developer, O’Connor Capital Partners. The HFF team subsequently arranged a construction loan through Wells Fargo Bank on behalf of the LaSalle-O’Connor partnership. The three-phase Vineland Pointe will be home to tenants such as Lucky’s Market, Ross Dress for Less, Marshalls and Burlington. Site work at the property is underway, and the project is slated for completion by mid-2019.

March 1, 2018

Florida Hospitality Loans Mixed-Use Multifamily Southeast

Madison Realty Capital Provides $26M Construction Loan for Mixed-Use Project in Miami

by Camren Skelton February 28, 2018

MIAMI — Madison Realty Capital has provided a $26 million first mortgage loan for the development of Triton Center, a new mixed-use project in Miami. The loan is collateralized by two development sites located at 7880 and 8540 Biscayne Blvd. The 7880 Biscayne Blvd. site currently houses a vacant 11-story office building that was previously home to the U.S. Immigration and Naturalization Service (INS). The undisclosed borrower acquired the site in 2013 and has since demolished the interior of the building, with plans to convert it into a 139-room Hilton Garden Inn hotel. Triton Center will also include two apartment buildings totaling 324 units, 585 parking spaces and 25,000 square feet of retail space. Stantec will design the development. The 8540 Biscayne Blvd. site comprises six sub-parcels. The developer plans to construct an additional large-scale multifamily community at the site. A timeline for the projects was not disclosed.

February 28, 2018

Affordable Housing Florida Multifamily Southeast

Marcus & Millichap Brokers $13.4M Sale of Affordable Housing Community in Southwest Florida

by Camren Skelton February 28, 2018

CAPE CORAL, FLA. — Marcus & Millichap has brokered the $13.4 million sale of Crossings at Cape Coral, a 168-unit affordable housing community located at 1150 Hancock Creek S. Blvd. in Cape Coral. Evan Kristol of Marcus & Millichap arranged the transaction on behalf of the seller, a limited liability company, and the buyer, a private investor. Crossings at Cape Coral features a fitness center, pool, playground, laundry facilities, car wash area, business center and a volleyball court. All of the units at the property are reserved for residents earning 60 percent or less of the area median income.

February 28, 2018

Florida Loans Multifamily Seniors Housing Southeast

NorthMarq Arranges $4M Permanent Loan for Seniors Housing Community in Deland, Florida

by Camren Skelton February 28, 2018

DELAND, FLA. — NorthMarq Capital has arranged a $4 million permanent loan for Whisperwood Manufactured Home Park, a 396-unit seniors housing/manufactured home park located at 3070 Whisper Blvd. in Deland, roughly 40 miles north of Orlando. Larry Curry of NorthMarq arranged the loan on behalf of the undisclosed borrower through its correspondent relationship with a life insurance company. The community features a 9-hole pitch and putt golf course, two swimming pools, billiard and poker tables, lighted tennis courts, shuffleboard courts, bocce ball courts, horseshoes, library and a fully equipped kitchen.

February 28, 2018

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