Florida

Greystone, ALTA Developers Sell The Mile in Miami to Monogram Residential Trust for $48M

by John Nelson January 4, 2016

MIAMI — Greystone and ALTA Developers have jointly sold The Mile, a 13-story, 120-unit luxury apartment development in Miami, to Monogram Residential Trust Inc., an owner, operator and developer of luxury apartment communities. The sales price was $48 million, according to several media outlets. The Mile is located at 3622 S.W. Coral Way near Miami’s Miracle Mile shopping district. The Mile was topped off in July 2015 and is set to open in the first quarter of 2016. Behar Font & Partners designed the apartment project, which will feature an indoor/outdoor social deck, fitness center, GE stainless steel appliances, white quartz countertops, designer cabinets, balconies and patios, swimming and soaking pools, gated parking and controlled electronic access. Jaret Turkell, Jeff Julien and Maurice Habif of HFF represented the sellers in the off-market transaction.

January 4, 2016

Florida Loans Mixed-Use Southeast

Silver Arch Closes $21M Loan for 1M SF Hotel, Residential Development in Miami

by John Nelson January 4, 2016

MIAMI — Silver Arch Capital Partners, a private lender based in Hackensack, N.J., has closed a $21 million loan for Apeiron at the Jockey Club in Miami. Once the site of the popular Jockey Club in the 1960s, the new hotel and residential development will span 1 million square feet at 111 Biscayne Blvd. David Larson of NGKF Capital Markets arranged the 2-year loan through Silver Arch Capital on behalf of Apeiron Miami LLC, a partnership headed by Ritz-Carlton Group co-founder Horst Schulze, former chairman of HBA International Michael Bedner and former vice president of Related International Muayad Abbas. The partnership will use the loan for engineering, architecture and planning purposes for the development, which will be built in two phases. Phase I is a 41-story tower that will feature 120 residential condominium units, 90 hotel rooms, a restaurant, fitness center and amenities. Phase I will also comprise a 417-space, two-story parking garage and the reconstruction of a 38-slip marina. Phase II will be a 120-unit residential condominium building and a 346-space parking structure.

January 4, 2016

Florida Multifamily Southeast

RADCO Acquires Apartment Community in Metro Tampa for $33.5M

by John Nelson December 24, 2015

PALM HARBOR, FLA. — The RADCO Cos. has purchased Lakes of Palm Harbor, a 292-unit, Class B apartment community in Palm Harbor, for $33.5 million. The Atlanta-based multifamily investment and management firm funded the acquisition using private capital and a Fannie Mae loan. ARA Newmark brokered the sale. RADCO plans to spend an estimated $2.5 million to upgrade the exteriors, amenities, landscaping and interior finishes. Built in 1984, Lakes of Palm Harbor’s residences feature open layouts, floor-to-ceiling windows, washer/dryers and modernized kitchens. Community amenities include a newly renovated clubhouse with café and coffee bar, resort-style pool, covered lounge, fitness center, outdoor grilling and picnic area, kayak storage, lighted tennis courts, a beach volleyball court, putting green, playground and dog park. The property fronts the 60-acre Lake St. George.

December 24, 2015

Florida Office Southeast

NGKF Capital Markets Brokers $13.8M Sale of Office Building in Fort Lauderdale

by John Nelson December 23, 2015

FORT LAUDERDALE, FLA. — NGKF Capital Markets has brokered the $13.8 million sale of a Class B office building located at 1100 W. McNab Road in Fort Lauderdale. The location will remain the headquarters of ChildNet, the community-based care lead agency for Broward and Palm Beach counties, which is the sole occupant of the property. Clark-Ohio Associates Inc. purchased the two-story, 82,854-square-foot building from Case Holding Co. Inc. Adam Greenberg, Michael Lapointe and Michael Lohmann of NGKF represented the seller in the transaction.

December 23, 2015

Florida Multifamily Southeast

Salazar Jackson Arranges $12.5M Sale of Apartment Complex in West Palm Beach

by John Nelson December 23, 2015

WEST PALM BEACH, FLA. — Salazar Jackson LLP has arranged the $12.5 million sale of a vacant apartment complex situated on 11 acres at 719 Executive Center Drive in West Palm Beach. Jeff Greene, a Palm Beach County-based real estate developer, purchased the parcel and shuttered apartment community from WPB Clearlake SPE LLC, a limited liability company based in Nevada. WPB Clearlake purchased the property from a Chapter 7 bankruptcy earlier this year. Linda Worton Jackson of Salazar Jackson represented the seller in the transaction. Matthew Rotolante and Mark King of SVN South brokered the deal. The buyer has not publicly announced his plans for the parcel.

December 23, 2015

Florida Office Southeast

HFF Brokers $35.8M Sale of Bank of America Tower in Boca Raton

by John Nelson December 17, 2015

BOCA RATON, FLA. — HFF has brokered the $35.8 million sale of Bank of America Tower located at 150 E. Palmetto Park Road in downtown Boca Raton. The Class A, 109,553-square-foot office building features a Bank of America branch on the ground floor and restaurant space that will soon be occupied by Besito Boca. The property was 87 percent leased at the time of sale to tenants such as Bank of America, Zen Offices, Veretech Holdings and Charles Schwab & Co. Hermen Rodriguez, Ike Ojala and Jorge Portela of HFF represented the seller, Clarion Partners, in the transaction. The buyer was Dividend Capital Diversified Property Fund Inc.

December 17, 2015

Affordable Housing Florida Loans Multifamily Southeast

Housing Trust Group Secures Construction Financing for Affordable Housing Community in Central Florida

by John Nelson December 17, 2015

EUSTIS, FLA. — Housing Trust Group (HTG), a real estate developer, has closed on the construction financing for Valencia Grove in Eustis, a town in Central Florida. The $21 million, 144-unit affordable housing community will be situated on the northwest corner of Huffstetler Drive and Kurt Street and will comprise one-, two- and three-bedroom units with rents ranging from $358 to $790 per month, depending on tenants’ income levels. Community amenities will include a clubhouse, playground, volleyball court, outdoor pool, dog park and car wash. The development will also provide free community programs such as literacy training, employment assistance and family support coordination. Construction began in late November and is expected to be completed in 13 months. HTG secured financing from a 4 percent SAIL loan, an ELI GAP loan from Florida Housing Finance Corp, a grant from the city of Eustis, tax credit equity from U.S. Bank Corp and tax-exempted multifamily revenue state bonds from SunTrust.

December 17, 2015

Alabama Florida Loans Mississippi Multifamily Southeast

CBRE Arranges Four Loans Totaling $67.3M for Multifamily Properties in the Southeast

by John Nelson December 16, 2015

ORLANDO, FLA. — CBRE Capital Markets’ debt and structured finance team in Orlando has secured a total $67.3 million in permanent financing for four separate properties in Alabama, Mississippi and Florida. Glenn Housman of CBRE led the team that arranged the loans on behalf of four separate investment groups. The properties include the 321-unit Abbey at Riverchase in Hoover, Ala.; the 218-unit Arbor Landing on the River in Biloxi, Miss.; the 202-unit Redmont Gardens in Mountain Brook, Ala.; and the 135-unit Summer Glenn in Jacksonville, Fla. The financing includes a $25.3 million Fannie Mae loan that the borrower, Abbey Residential, will use to take out the construction/renovation loan for Abbey at Riverchase; a $22.2 million Fannie Mae loan that the borrower, Arbor Properties Inc., will use to take out the construction loan for Arbor Landing on the River; a $13.6 million Fannie Mae loan that the unnamed borrower will use to refinance debt on Redmont Gardens; and a $6.2 million CMBS loan that SMG Property Management Inc. will use to refinance a maturing Freddie Mac loan on Summer Glenn.

December 16, 2015

Florida Loans Retail Southeast

HFF Arranges $20M Loan for Retail Center in Miami

by John Nelson December 15, 2015

MIAMI — HFF has arranged a $20 million loan for the refinancing of Vista Shopping Center, an 88,699-square-foot retail center located at 6400 N.W. 186th St. in Miami’s Miami Lakes neighborhood. Sedano’s Supermarket and Navarro Pharmacy anchor the center. Other tenants of the 97 percent-leased center include Catherine’s Fashions, Chipotle Mexican Grill, Clippers, Wing Stop, LA Nails, Bridgestone, Miral Jewelry, Jiffy Lube, Checkers and La Brasa Miami Gardens. Chris Drew and Jose Carrazana of HFF arranged the 10-year, fixed-rate loan through TD Bank on behalf of the borrower, an affiliate of Saglo Development Corp., a Miami-based developer. Loan proceeds will be used to retire the existing mortgage and make capital improvements to the property.

December 15, 2015

Florida Multifamily Southeast

Marcus & Millichap Brokers $14.3M Sale of Multifamily Community in Tampa

by John Nelson December 15, 2015

TAMPA, FLA. — Marcus & Millichap has arranged the $14.3 million sale of Garden Isles Apartment Homes, a 300-unit apartment complex located at 6919 Bonair Drive in Tampa. Blue Rock Partners LLC purchased the multifamily community from Garden Isles Management Inc. for roughly $47,700 per unit. Built in 1971, the property’s community amenities include gated access, covered parking spaces, an onsite leasing office, 12 laundry facilities, fitness center, two swimming pools and a dog park. Frank Carriera and Michael Regan of Marcus & Millichap’s Tampa office represented the seller and procured the buyer.

December 15, 2015

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