Florida

Meridian Breaks Ground on 237,000 SF Industrial Facility in South Florida

by John Nelson September 20, 2016

HOMESTEAD, FLA. — Meridian Design Build has begun construction on a 237,000-square-foot package sortation and distribution center in South Florida. The property will be located on a 40.5-acre lot at the intersection of S.W. 127th Avenue and S.W. 272nd Street in Homestead. The project will be developed by SunCap Property Group as a build-to-suit for an unnamed provider of global shipping and information services. The property will feature 63 loading docks, seven drive-in doors, a freestanding gateway building, 180 interior van loading positions, 431 parking spaces, a 125-stall trailer storage yard and 8,270 square feet of office space. The design team includes architect Ware Malcomb and civil engineer Langan.

September 20, 2016

Florida Loans Multifamily Southeast

NorthMarq Capital Arranges $35M Refinancing of Apartment Community in Tampa Bay Area

by John Nelson September 20, 2016

LARGO, FLA. — NorthMarq Capital has arranged the $35 million refinancing of The Boulevard Apartments, a 260-unit apartment community located at 2098 Seminole Blvd. in Largo, a city in the Tampa Bay area. Larry Curry of NorthMarq Capital’s Tampa office arranged the 10-year loan with four years of interest-only payments followed by a 30-year amortization schedule through an unnamed life insurance company.

September 20, 2016

Florida Office Southeast

TREO Group to Construct Office Building in South Miami

by John Nelson September 19, 2016

SOUTH MIAMI, FLA. — TREO Group plans to build an eight-story office building at the corner of US 1 and Sunset Drive in South Miami. The Class A, transit-oriented project will connect directly to the Metrorail at the South Miami station. TREO Group has selected Tony Puente and Jose Juncadella of Fairchild Partners to handle leasing the building, known as SoMi Station. Perkins + Will designed the property to feature ground-floor shops and restaurants. TREO Group plans to deliver the office building in the fall of 2018.

September 19, 2016

Florida Loans Multifamily Southeast

Pembrook Capital Management Provides $20.5M Financing for Apartment Complex in Orlando

by John Nelson September 19, 2016

ORLANDO, FLA. — Pembrook Capital Management LLC has closed $20.5 million in acquisition financing for Silver Oak Apartments, a 320-unit apartment community in Orlando. The financing includes a $17 million bridge loan and a $3.5 million preferred equity investment. The unnamed borrower plans to use the financing to purchase the property and renovate 115 units over the next two years. The borrower will also upgrade the community’s exterior, swimming pools, clubhouse and fitness center.

September 19, 2016

Affordable Housing Florida Multifamily Southeast

Berkadia Brokers $13.1M Sale of Affordable Housing Community in Jacksonville

by John Nelson September 19, 2016

JACKSONVILLE, FLA. — Berkadia has arranged the $13.1 million sale of Deer Meadow, a 200-unit affordable housing community located at 8859 Old Kings Road South. Built in 2000, Deer Meadow includes one-, two- and three-bedroom floor plans with walk-in laundry rooms, bonus rooms, solariums and kitchen appliances. Community amenities include lake views, a fitness center, clubhouse and a swimming and wading pool. Cole Whitaker of Berkadia’s Orlando office, Greg Rainey of the firm’s Jacksonville office and Jason Stanton of the firm’s Tampa office brokered the sale. Springfield, Mass.-based Aspen Square Management Inc. purchased the property from Rockville, Md.-based Deer Meadow Associates Ltd.

September 19, 2016

Florida Loans Seniors Housing Southeast

KeyBank Provides $116.6M in Financing to Recapitalize Sentio Seniors Housing Portfolio

by John Nelson September 16, 2016

ORLANDO, FLA. — KeyBank Real Estate Capital has provided $116.6 million in loans to Sentio Healthcare Properties, a REIT based in Orlando. Sentio will use the money to recapitalize its portfolio of eight seniors housing properties throughout the United States. The financing was structured as a $62 million in direct (balance sheet) loan and a series of Fannie Mae loans totaling $54.6 million. The specific eight properties involved in the financing were not disclosed. Grant Saunders and Sarah Belmont of KeyBank Real Estate Capital’s Healthcare Group originated the bank term loan, while Charlie Shoop of Key’s Healthcare Mortgage Banking Group arranged the Fannie Mae financing. Sentio is a public, non-traded REIT established in 2006. The company primarily invests in seniors housing and healthcare communities with investments in 34 properties across 16 states.

September 16, 2016

Florida Multifamily Southeast

Alexander Investments Breaks Ground on $102M Multifamily Portfolio in Central Florida

by John Nelson September 16, 2016

CLEARWATER AND LONGWOOD, FLA. — Alexander Investments International has begun construction on The Alexander at Countryside in Clearwater and The Alexander at Sabal Point in Longwood. The $102 million investment will total 616 apartment units featuring one-, two- and three-bedroom layouts with nine-foot ceilings, 42-inch cabinets, quartz or granite countertops, wood-style plank flooring and screened verandas. Both projects will feature clubhouses with fitness centers, game rooms, bar areas, resort-style pools with gazebos, fire pits and grilling stations. The 330-unit Alexander at Countryside will rent from $1,100 to $2,000 per month, and the 286-unit Alexander at Sabal Point will rent from $980 to $1,800 per month. Alexander Investments plans to deliver both assets by the end of 2017.

September 16, 2016

Florida Office Southeast

Gladstone Commercial Buys Five-Story Office Building in Fort Lauderdale for $23.9M

by John Nelson September 16, 2016

FORT LAUDERDALE, FLA. — Gladstone Commercial Corp. has purchased Park Center, a five-story, 119,224-square-foot office building located at 6363 N.W. 6th Way in Fort Lauderdale’s Cypress Creek submarket. Gladstone Commercial purchased the office building from RFP Mainstreet Park/Cypress LLC, a joint venture between Mainstreet Capital Partners and Realty Financial Partners, for $23.9 million free and clear of debt. The asset is fully leased to Citrix Systems, a digital app and data systems solutions provider with annual revenue exceeding $3 billion. Hermen Rodriguez, Jorge Portela and Ike Ojala of HFF represented the seller and procured the buyer in the transaction.

September 16, 2016

Florida Multifamily Southeast

Berkadia Brokers $17.6M Sale of Apartment Community in Jacksonville

by John Nelson September 15, 2016

JACKSONVILLE, FLA. — Berkadia has arranged the $17.6 million sale of Viera at Mandarin, a 188-unit apartment community located at 4263 Losco Road in Jacksonville. Built in 1984, the property features one- and two-bedroom units averaging 833 square feet. Unit interiors feature granite countertops, in-unit washer and dryers and private patios or balconies, as well as wood-burning fireplaces and vaulted ceilings in select units. Community amenities include an indoor athletic center, swimming pool and a 21-acre lake with fountains, a deck and boat storage. Greg Rainey, Cole Whitaker, Tal Frydman and Jason Stanton of Berkadia brokered the sale between the buyer, North Kansas City, Mo.-based Maxus Realty Trust Inc., and the seller, Nashville, Tenn.-based Woodbridge Multifamily Partners LLC.

September 15, 2016

Florida Hospitality Southeast

PRISA, Peachtree Hotel Group to Develop Three Hotels in Florida

by John Nelson September 13, 2016

ORLANDO AND TAMPA, FLA. — The PRISA Group and Peachtree Hotel Group have partnered to develop three hotels in Florida, including a dual-branded hotel development in Orlando and a new hotel in Tampa’s Westshore district. The properties include the dual-brand SpringHill Suites by Marriott Orlando/Mall at Millenia and Residence Inn by Marriot Orlando/ Mall at Millenia and the 175-room AC Hotel by Marriott Tampa/Airport – Westshore. The dual-branded project will feature 120 SpringHill Suites rooms, 134 Residence Inn rooms, a resort-style pool with a bar, game area with large board games and a lounge with water and fire features. Other amenities will include complimentary breakfast, a 24-hour market, lobby bar, complimentary Wi-Fi, fitness center and two meeting rooms totaling 1,600 square feet. Amenities at the AC Hotel in Tampa include a market, two media salons, business/social events room, 900-square-foot fitness center, pool and pool bar, complimentary Wi-Fi and 2,300 square feet of meeting space. The properties are currently under construction with a planned opening date of December 2017. Marriott Corp. will manage the three hotels. The construction is being conducted by a partnership between PRISA Group and Orlando-based Welbro Building Corp. Miami-based Popular Community Bank provided construction financing for the …

September 13, 2016

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