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FloridaMultifamilySoutheastStudent Housing

Colliers Brokers $26M Sale of Student Housing Asset Near University of South Florida

by Camren Skelton

LUTZ, FLA. — Colliers International has arranged the $26 million sale of The Social, a 560-bed student housing community located at 2919 Network Place in Lutz, roughly two miles from the University of South Florida in Tampa. Travis Prince and Sean Baird of Colliers International arranged the transaction. Other terms of the deal were not disclosed. The Social includes two- and four-bedroom floor plans ranging in size from 960 to 1,498 square feet. All apartment units feature a private balcony or patio, full-size washer and dryer and direct access to the Hillsborough Area Regional Transit bus service. Community amenities include a resort-style pool, tanning suite, study room, fitness center, outdoor lounge and a computer lab with free printing.

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FloridaIndustrialLoansSoutheast

HFF Arranges Acquisition Financing for 322,207 SF Industrial Portfolio in Tampa

by Camren Skelton

TAMPA, FLA. — HFF has arranged acquisition financing for a two-property, 332,207-square-foot industrial portfolio in Tampa. Ken Martin of HFF arranged the financing through JP Morgan Asset Management on behalf of the borrower, Citimark Inc. Other terms of the financing were not disclosed. The portfolio includes Pioneer Industrial Park and Sunstate Industrial Park, both located in Tampa’s Westshore/Airport submarket. Pioneer Industrial Park, which includes six buildings constructed between 1985 and 1986, was fully occupied at the time of sale. Constructed in 1980, the Sunstate Industrial Park includes eight buildings. At the time of sale, the industrial park was 89 percent occupied.

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FloridaHospitalityLoansSoutheast

Crane Capital, Westmont Receive $18.7M Construction Loan for Houston Astros’ Hotel in South Florida

by Camren Skelton

WEST PALM BEACH, FLA. — Crane Capital Group Inc., in partnership with Westmont Hospitality Group, has received an $18.7 million construction loan for the conversion of a vacant office tower in West Palm Beach into a 191-room hotel. Scott Wadler and Wesley Hightower of HFF arranged the three-year, fixed-rate loan through Woodforest National Bank on behalf of the joint venture, which acquired the vacant Forum Office tower earlier this year. The redeveloped 10-story hotel, located roughly five miles from the new $150 million Houston Astros Spring Training facility, will serve the public, as well as the Houston Astros players, staff and family. The hotel will feature a restaurant, pool and a gym. Westmont Hospitality Group will manage the property, which is expected to open mid-year 2018.

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FloridaLoansMultifamilySoutheast

Walker & Dunlop Arranges $50.4M Loan for 1,103-Unit Apartment Community in Jacksonville

by Camren Skelton

JACKSONVILLE, FLA. — Walker & Dunlop has arranged a $50.4 million loan for Matthews Crossing, a 1,103-unit multifamily community in Jacksonville. Alex Inman of Walker & Dunlop arranged the loan on behalf of the sponsor, S2 Capital LLC, which acquired the asset in July for $49.5 million, according to the Jax Daily Record. Matthews Crossing features five swimming pools, a playground, fitness center and a business center. In addition, the community is roughly 11 miles northwest of the University of North Florida and a half-mile from Jacksonville University.

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FloridaOfficeSoutheast

Ian Black Real Estate Negotiates $16M Sale of Office Building in Sarasota

by Camren Skelton

SARASOTA, FLA. — Ian Black Real Estate has arranged the $16 million sale of a 70,304-square-foot office building located at 6010 Cattleridge Blvd. in Sarasota. The Ibis Group sold the three-story asset to Sarasota County for its new administrative headquarters for the Sheriff’s Office. Ian Black, Steve Horn, Nick DeVito and Melissa Harris of Ian Black Real Estate represented Ibis Group in the transaction.

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FloridaLoansMultifamilySoutheast

CBRE Secures $54M Permanent Loan for Multifamily Community Near Orlando

by Camren Skelton

WINDERMERE, FLA. — CBRE has arranged a $54 million permanent loan for Venetian Isle, a 346-unit multifamily community in Windermere, roughly 12 miles southwest of Orlando. Zac Brumbaugh of CBRE arranged the 10-year loan with a fixed 3.92 percent interest rate, five years of interest-only payments and a 30-year amortization schedule. The loan was placed with a correspondent life company lender on behalf of the borrower and developer, Unicorp National Developments Inc. Venetian Isle is located adjacent to Westside Shoppes, the retail development that Unicorp simultaneously developed alongside the property. The community features a resort-style swimming pool with sundeck, Jacuzzi, screened and unscreened outdoor TV lounges, fitness center, business center, game room and a dog park.

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FloridaIndustrialSoutheast

First Industrial Acquires Warehouse in Broward County for $22.7M

by Camren Skelton

POMPANO BEACH, FLA. — First Industrial Realty Trust Inc. has acquired a 172,120-square-foot warehouse/distribution building in Broward County’s Pompano Beach for $22.7 million. Located at 2504 N.W. 19th St., the property features 16 dock-high doors, two drive-in doors, 323 auto stalls and an additional 4.1-acre parking lot that is available for future development. Mike Davis, Rick Brugge and Michael Lerner of Cushman & Wakefield arranged the transaction on behalf of First Industrial. The name of the seller was not disclosed. Sean Rooney of Hanna Commercial, Jay Ziv of Avison Young and Matthew McAllister, Rick Etner, Chris Metzger and Christopher Thomson of Cushman & Wakefield secured a 19,000-square-foot lease with Stoncor Group Inc., a provider of corrosion and abrasion solutions for the infrastructure and construction markets. With the new lease, the facility is fully occupied.

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FloridaMultifamilySoutheast

HFF Brokers $35.4M Sale of Transit-Oriented Apartment Asset Near Orlando

by Camren Skelton

LAKE MARY, FLA. — HFF has arranged the $35.4 million sale of Station House, a 200-unit apartment community in Lake Mary, roughly 20 miles north of Orlando. The property is located at 188 E. Crystsal Lake Ave., across the street from a SunRail transit station. Matt Mitchell, Zach Nolan and Tyler Swidler of HFF arranged the transaction on behalf of the seller and developer, Epoch Residential. Robbins Properties Associates acquired the asset. Constructed in 2015, Station House offers one- to three-bedroom units averaging 892 square feet. Community amenities include a swimming pool, grilling stations, fire pit, dog park and dog wash station, fitness center, business center, library and a game room.

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FloridaLoansRetailSoutheast

PAC Receives $19M Acquisition Loan for Publix-Anchored Shopping Center in Naples

by Camren Skelton

NAPLES, FLA. — Preferred Apartment Communities (PAC) has received a $19 million acquisition loan for Crossroads Market, a 126,895-square-foot shopping center in Naples. HFF’s Ed Coco, Nat Scarmazzi and Matt Casey secured the 12-year, non-recourse loan through Nationwide Life Insurance Co. on behalf of PAC. A 55,999-square-foot Publix anchors Crossroads Market, which was 98.1 percent leased at the time of sale to tenants including Walgreens, Crunch Fitness, Giovanni Italian Ristorante, Physicians Regional Health Care, Chase Bank and Subway. PAC acquired the asset through its wholly-owned subsidiary, New Market Properties LLC. Daniel Finkle, Luis Castillo and Eric Williams of HFF arranged the transaction on behalf of the seller, a private real estate fund advised by Crow Holdings Capital — Real Estate. The sales price was not disclosed.

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FloridaLoansMultifamilySoutheast

Greystone Arranges $44.6M Fannie Mae Loan for Multifamily Community in South Florida

by Camren Skelton

ESTERO, FLA. — Greystone has arranged a $44.6 million Fannie Mae loan for Estero Oaks, a 280-unit apartment community in Estero, roughly 15 miles south of Fort Myers. Nicholas Diamond of Greystone arranged the 10-year loan with two years of interest-only payments and a 30-year amortization schedule on behalf of the developer and borrower, Royal Palm Cos. Constructed at the end of 2016, Estero Oaks features a business center, clubhouse, playground, dog park, fitness center, yoga studio, outdoor spa and a resort-style swimming pool. Rosemount Management manages the property.

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