MIAMI — SunTrust Community Capital (STCC) has provided $42.1 million in construction financing for the development of Allapattah Trace Apartments, a 77-unit affordable housing property located in Miami’s historic Allapattah neighborhood. The borrower, The Richman Group, began construction on the project in October and plans to deliver the community by the end of 2016. Allapattah Trace will feature one- and two-bedroom units, and each apartment will have Energy Star-certified appliances, a central HVAC system and a walk-in closet. Community amenities will include a clubhouse, business center, playground, exercise facility and laundry room. Services such as tutoring and an after-school program will also be available. STCC made a $23.7 million Low-Income Housing Tax Credit equity investment in the development, and SunTrust Banks Inc. provided construction loans totaling $18.4 million.
MIAMI — In a joint venture with a real estate fund advised by Crow Holdings Capital Partners, Lincoln Property Co. has completed Turnpike Park, a 136,500-square-foot industrial building located in Miami. The joint venture has also secured its first two tenants. SV Orchids & Potted Supply Inc., a subsidiary of Silver Vase Inc., signed a 39,000-square-foot lease, and Southpoint Sportswear LLC signed a 24,440-square-foot lease at Turnpike Park. Americas Industrial Realty Corp. represented the ownership in both lease transactions. Turnpike Park features 52-foot by 45-foot column spacing with a 50-foot staging area, three-phase electrical power, T5 energy-efficient lighting, an ESFR fire sprinkler system and four dock doors per bay. The property also offers access to the Florida Turnpike, Palmetto Expressway, Okeechobee Road (US 27), I-75 and the Dolphin Expressway.
DAVENPORT, FLA. — McCraney Property Co. has begun construction on a two-building, 603,000-square-foot spec industrial development at Park27, an industrial park located at the northwest intersection of I-4 and U.S. Highway 27 in Davenport. In collaboration with Northwestern Mutual, McCraney will develop a 189,000-square-foot facility followed by a 414,000-square-foot, multi-tenant building. Park27 serves as a distribution location for Amazon, Best Buy, Ford Motor Co. and HHGregg.
TAMPA, FLA. — Dockerty Romer & Co. has arranged a $55 million acquisition loan for five Class A office buildings within the 88-acre Highland Oaks development in Tampa. Highland Oaks is currently 96 percent leased and is situated near the I-75 and I-4 interchange. The five properties span 575,852 square feet. Craig Romer of Dockerty Romer arranged the loan through J.P. Morgan on behalf of the borrower, a global real estate investment manager.
JACKSONVILLE, FLA. — Doster Construction Co. has recently completed construction on 220 Riverside, a $30 million multifamily development in Jacksonville. The five-story, 294-unit property is built atop two levels of parking and features retail space and restaurants on the ground level. Community amenities include a fitness center, clubroom, internet café, rooftop courtyard with a resort-style swimming pool, an outdoor kitchen and seating niches overlooking the St. Johns River. Each unit features nine-foot ceilings, granite countertops and vinyl plank and hard tile flooring. The project team includes owner HP-MAA Riverside LLC and architect Studio 9 Architecture LLC.
PENSACOLA, FLA. — Crossman & Co. has arranged the $3.7 million sale of the Shoppes at Milestone, a 19,700-square-foot retail strip center in Pensacola. Bruce Lyons and Brian Carolan of Crossman & Co. worked on behalf of the undisclosed seller in the transaction. Westwood Financial Corp. acquired the fully occupied center. Tenants at Shoppes at Milestone include shadow-anchor Publix, Jersey Mike’s, Hot Heads Burritos, H&R Block, Cricket Wireless, Papa Murphy’s and Enterprise Rent-a-Car.
ORLANDO, FLA. — Crescent Communities has opened Crescent Central Station, a new transit-oriented apartment community located immediately adjacent to a SunRail commuter train station in downtown Orlando. The 279-unit property is located at the corner of North Orange Avenue and Amelia Street and includes an extension of the Gertrude’s Walk park and trail and downtown Orlando’s only off-leash, public dog park. Other amenities include bike storage, a resort-style pool, sundeck, rooftop terrace and a two-story fitness center. Units include granite countertops, stainless steel appliances, upscale lighting fixtures and USB power outlets. Lincoln Property Co. manages Crescent Central Station. The project was financed through an equity investment from Crescent Communities and debt from Synovus Bank and Nationwide. The design team included general contractor Winter Park Construction, architect Lord Aeck Sargent and civil engineer GAI.
NORTH MIAMI, FLA. — Meridian Capital Group has arranged a $21 million acquisition loan for Center Court Apartments, a 588-unit property located at 14797 N.E. 18th Ave. in North Miami. David Hayum and Tal Savariego of Meridian Capital’s New York City office arranged the seven-year loan through an unnamed balance sheet lender on behalf of the borrower, YMP Realty Management. The loan features a fixed interest rate of 3.98 percent and a 30-year amortization schedule.
SEMINOLE, FLA. — Grandbridge Real Estate Capital has closed a $4.6 million loan secured by a Winn Dixie-anchored shopping center in Seminole. Bill Mattice and Phillip Cox of Grandbridge’s Greenville, S.C., office arranged the 10-year, interest-only loan through an unnamed CMBS lender. According to Mattice, the unnamed borrower was using a 1031 exchange as the equity to acquire the shopping center.
NAPLES, FLA. — Investment Properties Corp. has brokered the $25.5 million sale of 50,000 square feet of street-level retail and office space located at 800 and 821 5th Ave. S. in downtown Naples. Westbury International Corp. sold the assets to a subsidiary of Hendricks Commercial Properties LLC. David Stevens of Investment Properties Corp. brokered the transaction.