LAKE WORTH, FLA. — Walker & Dunlop Inc. has arranged a $68.2 million loan for the construction of Atria Villages of Windsor, a luxury independent living, assisted living and memory care community to be built in the Palm Beach County town of Lake Worth. Big Rock Partners, the borrower, is developing the community on a 22.5-acre site. When completed, the property will comprise 186 independent living units, 78 assisted living units and 54 memory care units. Big Rock, an investment firm with offices in Beverly Hills, Calif., and Delray Beach, Fla., plans to open the community in 2017.
JACKSONVILLE, FLA. — W. P. Carey Inc. and its managed REIT CPA:17 – Global have acquired a 70,000-square-foot, newly constructed student residence hall on the campus of Jacksonville University for approximately $18 million. Completed in 2015, the four-story, three-wing North Hall serves as the primary housing option for all first-year students. The 274-bed residence hall is the first new freshman dormitory at the university since 1968 and incorporates high-tech amenities including fiber optic communications, enhanced performance wiring and cell phone range extenders. The hall is 100 percent occupied and part of the first stage of a multi-phase development plan for the riverfront property adjacent to the university. The seller was Rimrock Devlin Development, a developer based in Lake City, Fla. The triple-net lease has nearly 20 years remaining and includes fixed rental escalations.
BOCA RATON AND FORT LAUDERDALE, FLA. — Ivy Realty has closed on the purchase of four Class A office buildings in Boca Raton and Fort Lauderdale. The properties include a 21-story office tower and attached six-story office building (Tower 101) in Fort Lauderdale and two office buildings in Boca Raton totaling 132,000 square feet. Ivy Realty purchased Tower 101 from Miami-based Banyan Street Capital for $56.3 million, according to the South Florida Business Journal. Tower 101 was 94 percent leased at the time of sale to tenants such as Uniform Advantage, Quest Workspaces, KEMET, Puma and Thornton Tomasetti. The two Boca Raton properties are located within Meridian Office Center at 6551 and 6601 Park of Commerce Blvd. The two two-story properties are fully leased to LexisNexis (6601) and Cross Country Healthcare (6551). Ivy Realty purchased the assets from Blackrock for $27 million, according to the South Florida Business Journal.
TAMPA, FLA. — Cushman & Wakefield’s Equity, Debt & Structured Finance group has arranged a $28.7 million acquisition and redevelopment loan for Renaissance Senior Living, a 226-unit seniors housing community in Tampa. The borrower was The Carlyle Group, which will acquire the property and perform significant renovations. Changes include putting the levels of care offered — independent living, assisted living and memory care — into separate buildings, as well as enhancements to community amenities. Jay Wagner and Timothy Hosmer of Cushman & Wakefield’s National Senior Housing Capital Markets team arranged the financing through an unnamed regional bank.
MIAMI — Swire Properties Inc., along with retail co-developers Whitman Family Development and Simon Property Group, has revealed the tenant list for Brickell City Centre’s 500,000-square-foot, open-air shopping center under construction in Miami’s Brickell district. The nearly 40 tenants joining the open-air center include Armani Collezioni, Intermix, REISS, SportsAction, Kendra Scott, Nars, American Harvest, Luke’s Lobster, AT&T and Westime. Swire Properties is incorporating a Miami Metromover stop that exits directly into the shopping center’s third floor. Brickell City Centre’s two condo towers, two office towers and EAST, MIAMI hotel are set for delivery in 2016, prior to the shopping center’s opening.
TAMPA, FLA. — Franklin Street Capital Advisors (FSCA) has closed the $20 million refinancing of Campus Palms Apartments, a 570-bed student housing property in Tampa. Ben Miller and Casey Siggins of FSCA arranged the 10-year loan on behalf of a private investor based in Miami. The non-recourse loan features a fixed 4.85 percent interest rate and a 30-year amortization schedule.
BOCA RATON, FLA. — A joint venture partnership between Rosemurgy Properties, Giles Capital Group and Lewis Rental Properties has sold a three-property student housing real estate portfolio in South Florida for $105.3 million. University Park, University View and University Square are located in Boca Raton near Florida Atlantic University. The properties were purchased by an affiliate of Investcorp, a Bahrain-based investment manager, according to The Real Deal. University Park, which sold for $70 million according to The Real Deal, opened in April 2015. The 11-acre, 280,000-square-foot community features eight, four-story buildings with 598 beds in 159 units. Units in University Park are fully furnished and include flat-screen TVs, private bathrooms and in-unit washers and dryers. The complex includes a clubhouse with a lounge, 24-hour gym, gaming rooms and computer labs. Outdoor amenities include a resort-style pool, fire pits and free transportation to and from nearby universities and colleges. Boca Sol was purchased in January 2014, repositioned for student housing and rebranded as University Square. The property, which was built in 1969 and sold for $15 million according to The Real Deal, consists of five, two-story buildings totaling 90 units with 128 beds. Addison Park was purchased in March 2013 and …
WINTER GARDEN, FLA. — Sonata Senior Living, an Orlando-based owner and operator of senior living communities located in central Florida, has started construction of Sonata West. The luxury independent living and assisted living community will be located in the Orlando suburb of Winter Garden. The property will be located adjacent to Serenades by Sonata, a memory care community also owned and operated by Sonata. The community will feature 78 independent living units and 35 assisted living units in a 139,000-square-foot, two-story building. The community is scheduled for completion in early 2017. Development costs were not disclosed.
TAMPA, FLA. — Franklin Street Real Estate Services has brokered the $10.7 million sale of Cedar Cove Apartments in Tampa. The 180-unit apartment community is located at 8741 Grove Terrace. The buyer, Delaware-based Southeast Residential Recovery Fund VIII LLC, plans to renovate unit interiors and upgrade the site and common areas. Matt Kesterson and James Reed of Franklin Street’s Jacksonville office represented the buyer in the transaction. Darron Kattan, Robert Goldfinger, Kevin Kelleher and Zach Ames of Franklin Street’s Tampa office represented the seller, Metis Brentwood LLC.
ORLANDO, FLA. — CBRE has brokered the $51.9 million sale of Arium Barber Park, a 526-unit apartment community located at 5300 Lake Margaret Drive in Orlando. White Eagle Property purchased the property from Carroll Organization. Completed in 1989 and 94 percent occupied at the time of sale, Arium Barber Park features two pools, a large fitness center, game room, tennis courts and a business center. Shelton Granade, Luke Wickham and Justin Basquill of CBRE represented Carroll Organization in the sale.