HOLLYWOOD AND PEMBROKE PARK, FLA. — Senior Living Investment Brokerage (SLIB) has arranged the $15.5 million sale of Emerald Park and The Plaza at Pembroke Park, two assisted living communities in South Florida. Emerald Park in Hollywood was built in 1998 and features 73 units. The Plaza at Pembroke Park in Pembroke Park features 79 units, and was remodeled in 2012. The buyer and seller were not disclosed. Bradley Clousing and Jeffrey Binder of SLIB led the transaction.
MIAMI — Ready Capital Structured Finance has closed an $8.1 million loan for the refinancing and renovation of a 66,262-square-foot mixed-use property located at 8300 N.E. 2nd Ave. in Miami’s Little River neighborhood. Originally built in 1951, the property will be renovated to include a food and boutique market on the first and mezzanine floors, office space on the second floor and a roof deck offering 360-degree views of Miami. The two-year loan features interest-only payments, one extension option, flexible prepayments and a facility for future capital expenditures, tenant improvements and leasing commissions.
TAMPA, FLA. — Crescent Communities has sold Crescent Westshore, a 374-unit apartment community that Crescent opened in September 2016 at 2202 N. Lois Ave. in Tampa’s Westshore district. Crescent sold the asset to Nashville-based Nicol Investment Co. for $80 million. Nicol Investment has retained Greystar to manage the property, which is still in lease-up and was 50 percent occupied at the time of sale. The new ownership will also rebrand the property later this year. CBRE’s Tampa office represented Crescent Communities in the sale. Situated near the intersection of Lois Avenue and Boy Scout Boulevard, Crescent Westshore features studio, one-, two- and three-bedroom residences ranging from a 528-square-foot studio to a 1,431-square-foot, three-bedroom apartment. Unit interiors include stainless steel appliances, quartz countertops, tile backsplashes, quiet-close cabinets and drawers and full-size washer and dryers. Community amenities include a two-story clubhouse with an outdoor elevated terrace and three courtyards. The community also features a meeting area with a flat screen TV, shared indoor/outdoor summer kitchen, dog run for small and large dogs, two saline pools, a fitness center and an 18-foot, aluminum-plated sculpture with an LED lighting core. The sculpture is situated at the front of the community.
JACKSONVILLE, FLA. — ARA Newmark has brokered the $20.1 million sale of Eden’s Edge, a 244-unit, garden-style apartment property located near Interstate 295 in Jacksonville. Situated west of the St. John’s River, Eden’s Edge features a mix of one-, two- and three-bedroom layouts with washer and dryer units, fully-equipped kitchens and breakfast bars in each unit. The property’s amenity package includes a pool with sundeck, 24-hour fitness center and cyber café with Wi-Fi. Steve Lear and Erik Bjornson of ARA Newmark represented Colorado-based Real Capital Solutions in the sale to Jacksonville-based Apartment Asset Advisors. Lear and Bjornson were formerly of Walchle Lear, a Jacksonville-based multifamily brokerage firm that was recently acquired by ARA Newmark’s parent company Newmark Grubb Knight Frank, a division of BGC Partners Inc.
ORANGE PARK, FLA. — Robbins Electra has acquired Maple Glen, a 358-unit apartment community located at 1863 Wells Road in Orange Park, a suburb of Jacksonville. Robbins Electra purchased the asset, which will be rebranded as The Parkland at Orange Park, from a Starwood entity for $35.1 million. The community features one-, two- and three-bedroom layouts with average monthly rents of approximately $850. The property was 95 percent occupied at the time of sale. Community amenities include a business center, clubhouse, fitness center and two swimming pools. Robbins Electra will carry out a multimillion dollar property renovation, upgrading apartment interiors and adding or enhancing community amenities. This is Robbins Electra’s eighth property in the Jacksonville region and its first acquisition of 2017. Last year, the company completed over $1 billion in multifamily acquisitions across the Southeast.
PALM BEACH GARDENS, FLA. — NAI/Merin Hunter Codman has brokered the $18.5 million sale of a 10-story office building located at 4400 PGA Blvd. in Palm Beach Gardens. Dr. A. John Merola of Jupiter, Fla., purchased the 80,300-square-foot building from Admiralty Acquisition Co. LLC, an entity formed by Ray Celedinas of Celedinas Insurance Group and local investors. The office building was 99 percent leased at the time of sale to tenants such as Pulte Homes, the U.S. Army Corps of Engineers, GAI Consultants, Celedinas Insurance, A Marsh & McLennan Agency and the Scott Harris law firm. Neil Merin of NAI/Merin Hunter Codman represented the seller, and Summit Commercial Real Estate Group represented the buyer in the transaction.
SEMINOLE, FLA. — Greystone has arranged a $48.5 million refinancing for Lake Seminole Square, a seniors housing community in the Tampa suburb of Seminole. Brookdale operates the entrance-fee continuing care retirement community. Further details were not disclosed. Greystone’s seniors housing lending team of Scott Kavel, Neal Raburn and Cary Tremper completed the Fannie Mae financing.
LAKE WORTH, FLA. — Walker & Dunlop has closed a $20 million Fannie Mae loan for Avesta Costa Del Lago, a Class B garden-style apartment community located in Palm Beach County’s Lake Worth. The borrower, Avesta Communities, will use the proceeds of the loan to refinance the 177,481-square-foot property, which was built in 1972. Community amenities at Avesta Costa Del Lago include a clubhouse, swimming pool, picnic area, lake views, playground, laundry facilities and a pet play area. Since purchasing the asset in 2013, Avesta has invested $1 million in capital improvements. Alison Williams and Matt Baldwin of Walker & Dunlop originated the 10-year Fannie Mae Structured Adjustable Rate Mortgage loan with five years of interest-only payments and a 30-year amortization schedule.
PEMBROKE PINES, FLA. — InvenTrust Properties Corp. has acquired Paraiso Parc and Westfork Plaza retail centers in Pembroke Pines for $163 million. The two adjacent centers are located approximately 20 miles north of Miami. Upon completion of an ongoing expansion project in mid-2017, the two centers will total approximately 389,000 square feet. The properties include national tenants such as Publix, Costco, Regal Cinemas, Ross and TJ Maxx. “The acquisition of Paraiso Parc and Westfork Plaza represents a truly unique opportunity to secure an A+ asset in one of South Florida’s strongest retail submarkets,” says Michael E. Podboy, CFO at InvenTrust. InvenTrust is a self-managed REIT that owns and manages 88 retail properties totaling 15.1 million square feet of retail space. —Kristin Hiller
MIAMI — Berkadia has secured the $25 million refinancing of Carib Villas, a 365-unit apartment community located at 11105 S.W. 200th St. in Miami. Built in 1972, the property features onsite laundry facilities, barbecue areas and a swimming pool with a sundeck. Mitch Sinberg and Matt Robbins of Berkadia’s South Florida office arranged the 10-year loan on behalf of the borrower, The Cornfield Group. The Freddie Mac loan features interest-only payments for the full term and an adjustable interest rate.