ORLANDO, FLA. — Berkadia has arranged two loans totaling $55.5 million for two apartment communities in Orlando on behalf of the borrower, Insula Capital. The financing included the $41.5 million refinancing of The Glenn, a 396-unit apartment community off University Boulevard, and a $15 million acquisition loan for the 168-unit Landmark at Hailey Walk. Insula purchased Landmark at Hailey Walk from ELRH Investments for $18.6 million. The 10-year, floating-rate refinancing for The Glenn features an interest-only period, and the three-year loan for Landmark at Hailey Walk is interest-only for the full term. Mitch Sinberg, Michael Wallace and Matthew Robbins of Berkadia’s South Florida office arranged both loans through Freddie Mac’s Green Up program, and the financing for Landmark at Hailey Walk was also derived from Freddie Mac’s Value-Add program.
TALLAHASSEE, FLA. — KeyBank Real Estate Capital has arranged a $22.8 million Fannie Mae loan for The Luxe on West Call, a 390-bed student housing property near Florida State University in Tallahassee. Built in 2013, the community features 14,329 square feet of retail space leased to Maple Street Biscuit Co., Asian Rox and Bellezza Beauty Bar. Erik Storz of KeyBank arranged the seven-year acquisition loan with two years of interest-only payments and a 30-year amortization schedule.
FORT LAUDERDALE, FLA. — Blackhawk Properties & Investments LLC plans to begin construction in May on the 550 Building, a seven-story office property located at 550 S. Andrews Ave. in downtown Fort Lauderdale. Demolition has begun on the site, which formerly housed the 30,734-square-foot Justice Building. Blackhawk purchased the site in 2013 for $3.6 million. Situated across from the new Broward County Judicial Complex, the 86,257-square-foot 550 Building will feature 7,500 square feet of ground-level retail and patio space and six floors of offices. The property will also feature an attached 663-space parking garage with 14,000 square feet of retail and restaurant space on the ground floor known as The SOLO Shoppes. The project team includes Kate Murphy of Collins Capital Partners, Thomas McDonald of Craven Thompson & Associates, William Murphy of Douglas Management and architect Falkanger, Snyder, Martineau and Yates. Blackhawk has hired Berger Commercial Realty/CORFAC International to market the 550 Building, which is slated for a spring 2018 delivery.
JACKSONVILLE, FLA. — Colliers International has brokered the $26.5 million sale of Canopy at Belfort Park, a 192-unit, Class A apartment community located at 7750 Belfort Parkway in Jacksonville. Built in 2013, the property was 93 percent occupied at the time of sale. Community amenities include a clubhouse, pool and private lake, and units range in size from 844 square feet to 1,434 square feet. Bradley Coe, Douglas Blair and Morgan Williams of Colliers International’s Jacksonville office brokered the transaction between the private buyer, Mid-Atlantic-based TC Belfort Park LLC, and the seller, Canopy at Belfort Park Apartments LLC.
ORLANDO, FLA. — Marcus & Millichap has brokered the $14.1 million sale of Shoreview at Baldwin Park, a 184-unit apartment community located at 1001 Shoreview Drive and 5533 Lehigh Ave. in Orlando. Situated near Rollins College, Florida Hospital Orlando, University of Central Florida and Walt Disney World, the 160-unit Shoreview Drive structure was built in 1976 and the 24-unit Lehigh Avenue portion was constructed in 1973. Francesco Carriera and Michael Regan of Marcus & Millichap’s Tampa office represented the seller and procured the buyer, which plans to upgrade the property’s interiors.
SARASOTA, BRANDON AND WESTCHASE, FLA. — Autumn Senior Living LLC has broken ground on three new assisted living and memory care communities, located in the Tampa suburbs of Sarasota, Brandon and Westchase. Development costs are estimated at $100 million for the nearly 400 units. Autumn expects to complete the three communities in early 2018, creating more than 200 permanent jobs in the process. Autumn Senior Living is a seniors housing developer and operator that has managed 45 properties totaling 3,600 units over the company’s history.
GIBSONTON, FLA. — Duke Realty Corp. has begun construction on the first warehouse within Tampa Regional Industrial Park (TRIP), a 1.1 million-square-foot development located at the northeast corner of Big Ben Road and U.S. Highway 41 in Gibsonton, a suburb of Tampa. TRIP has direct access to Interstate 75 and is situated 12 miles south of Interstate 4. The first building will span 337,447 square feet and will be the largest spec industrial building in Hillsborough County in eight years, according to Duke Realty. The cross-dock property will feature 64 dock doors, four 12- by 14-foot doors, 101 trailer storage positions, a 175-foot truck court, T5HO fluorescent lighting, an ESFR sprinkler system and 264 automobile parking spaces. The Indianapolis-based developer and owner has selected Newmark Grubb Knight Frank to market the building, which is slated for delivery in July.
MEDLEY, FLA. — CenterPoint Properties, an industrial developer and investor based in metro Chicago, has purchased a Class A distribution center located at 10400 N.W. 122nd St. in Medley, a town in Miami-Dade County. Christian Lee, Chris Riley and Jose Lobon of CBRE represented the seller, Charlotte-based Levine Properties, which developed the asset. Situated on 32 acres, the 306,703-square-foot facility features 30-foot clear heights, 70 dock-high doors, trailer parking and available land for future development. The distribution center is fully leased on a long-term basis to one of the largest delivery companies in North America, according to CenterPoint. The purchase price was not disclosed.
TRINITY, FLA. — Walker & Dunlop has closed a $13.7 million acquisition loan for Trinity Village Center, a 76,814-square-foot shopping center located in Trinity. Built in 2007, the asset was fully leased at the time of financing to 28 tenants including AAA Auto Club South, Synovus Bank, Quest Diagnostics, Five Guys Hamburgers and Fries, Smoothie King and Cold Stone Creamery. Alison Williams and Matt Baldwin led Walker & Dunlop’s origination team in securing the 10-year loan with two years of interest-only payments and a 30-year amortization schedule on behalf of the borrower, a retail investment firm based in Canada.
KISSIMMEE, FLA. — Hall Structured Finance has closed a $37.7 million construction loan for Millennium at Citrus Ridge, a 326-unit apartment community located in Kissimmee, a suburb of Orlando. Hall Structured Finance originated the loan on behalf of the developer, DLC Residential. Situated two miles from Walt Disney World Resort, the property will feature a clubhouse, resort-style pool, fitness center, conference facility and social lounge. Millennium at Citrus Ridge’s units will average about 1,000 square feet. Hall Structured Finance has now closed six construction loans for apartment communities in Florida.