Florida

Walker & Dunlop Arranges $58.8M Construction Financing for Multifamily Development in Gainesville, Florida

by John Nelson June 30, 2023

GAINESVILLE, FLA. — Walker & Dunlop Inc. has arranged a $58.8 million loan for the construction of Celebration Pointe Apartments, a 239-unit multifamily community to be located within the Celebration Pointe mixed-use development in Gainesville. Jeremy Pino, Livingston Hessam, Carl Passmore and Kyle Miller of Walker & Dunlop originated the non-recourse financing through an undisclosed life insurance company on behalf of the borrower and developer, Viking Cos. Combined with a mezzanine loan from an unnamed debt and equity fund, the developer’s total debt capitalization on the project represents and 85 percent loan-to-cost ratio. A construction timeline for the project was not disclosed.

June 30, 2023

Development Florida Industrial Southeast

Terreno Realty, VSRE Break Ground on Two Metro Miami Industrial Buildings Totaling 364,000 SF

by John Nelson June 29, 2023

HIALEAH, FLA. — Terreno Realty Corp. has broken ground on two industrial buildings totaling 364,000 square feet in Hialeah, roughly 13 miles outside Miami. Situated within Countyline Corporate Park, the warehouse buildings, dubbed Building 39 and Building 40, are scheduled for delivery in the first quarter of 2024. VS Real Estate (VSRE) is developing the facilities on behalf of Terreno Realty, and Rycon is serving as the general contractor. Building 39 will comprise 178,000 square feet with a private truck court, and Building 40 will total 186,000 square feet. The warehouses will feature 36-foot clear heights. Countyline Corporate Park Phase IV, which comprises 121 acres, is scheduled for completion in 2025.

June 29, 2023

Florida Loans Mixed-Use Southeast

Berkadia Secures $40.7M Loan for One Eleven Mixed-Use Tower in Downtown Orlando

by John Nelson June 28, 2023

ORLANDO, FLA. — Berkadia has secured a $40.7 million loan for the recapitalization of One Eleven, a 30-story mixed-use tower located at 111 E. Washington St. in downtown Orlando. Charles Foschini, Chris Apone and Shannon Wilson of Berkadia’s South Florida office originated the five-year, interest-only loan through Morgan Stanley on behalf of the borrower, Lincoln Orlando Holdings LLC. Built in 2008, One Eleven features a mix of 11,076 square feet of ground-floor retail space with outdoor patio seating, nine levels of parking, 152,360 square feet of office space and a 164-unit apartment component called Aspire. Commercial tenants include Ocean Bank, Daily Bread, Innovative Systems Group of Florida, McDonald Toole Wiggins PA, National Society of Leadership and Success, Atwell Engineers, Skanska and Huitt-Zollars Inc. The residential and office portion have separate lobbies, and residential amenities include the highest rooftop pool deck in the city and an amenity level with a balcony, health club and fitness center.

June 28, 2023

Development Florida Multifamily Southeast

MG Developer, Baron Property Group to Develop $600M Residential Campus in Metro Miami

by John Nelson June 27, 2023

HIALEAH, FLA. — Locally based residential development firm MG Developer and partner Baron Property Group have announced plans for a $600 million residential development in the Miami suburb of Hialeah. The transit-oriented campus, dubbed Metro Center, will span 2.3 million square feet and feature more than 1,500 new apartments and 35,000 square feet of retail space. The project will be split between three communities — Metro Parc, Metro Parc North and Metro Parc South — that will be situated within walking distance of the Metrorail and Tri-Rail Transfer Station. MG’s first multifamily building, Metro Parc, is a 559-unit, 10-story building that broke ground in 2022. The 620-unit Metro Parc North will rise next to Metro Parc at 983 E. 26th St. and is expected to be completed in 2026. The new 347-unit Metro Parc South building will be located at 954 and 934 E. 25th St. and is slated for completion in 2027.

June 27, 2023

Florida Loans Multifamily Southeast

Aztec Group Provides $22.3M Refinancing for Oak Plaza Apartments in Miami

by John Nelson June 27, 2023

MIAMI — Aztec Group has provided a $22.3 million Freddie Mac loan for the refinancing of Oak Plaza, a 156-unit apartment community in Miami’s Health District. The borrower, locally based Melo Group, delivered the property in 2012. Peter Mekras of Aztec Group originated the 10-year, fixed-rate loan on behalf of Melo Group, the third transaction between the two firms in the past 12 months. Units at Oak Plaza range from 800 to 1,213 square feet, according to Apartments.com. Amenities include a clubhouse, pool, fitness center, controlled access and a business center.

June 27, 2023

Florida Leasing Activity Office Southeast

Law Firm Signs 121,032 SF Office Lease Renewal in Miami

by John Nelson June 26, 2023

MIAMI — Law firm Holland & Knight LLP has signed 121,032-square-foot office lease renewal at 701 Brickell in Miami’s Brickell financial district. The tenant will continue to occupy six floors of the building, which spans 33 stories and is currently 96 percent occupied. Brian Gale and Edward Quinon of Cushman & Wakefield represented the landlord, Nuveen Real Estate, in the lease negotiations. Todd Lippman and Shay Pope of CBRE represented the tenant.

June 26, 2023

Florida Market Reports Office Southeast Southeast Market Reports

Miami Continues to See Flight to Class A Offices Amid Record Rental Rates

by John Nelson June 26, 2023

A wave of new-to-market office tenants — specifically legal tenants following the influx of financial firms and tech companies — continue to expand their presence in Miami. The trend further solidifies the city’s spot as a top destination for companies seeking reduced taxes, strong talent and vibrant communities. Looking back at the first quarter of 2023, net absorption totaled over 81,000 square feet (compared to 76,000 square feet in the first quarter of 2022), marking the third-highest quarterly total since 2020. Most leasing activity occurred in the Central Business District (CBD) and in Class A product in Wynwood and Coral Gables as tenants continue to lease high-quality space. However, the lack of availability in quality product, as well as the overall economic uncertainty, has led to a slowdown in leasing volume to start 2023 — particularly among new-to-market tenants. Leasing activity totaled 750,000 square feet in the first quarter compared to 1.5 million in fourth-quarter 2022. The quarter closed with a 16.3 percent vacancy rate, the lowest level since the onset of the pandemic in early 2020. Class A availability fell 260 basis points to 21.1 percent year-over-year with the largest drops recorded in downtown Miami, which fell 540 basis …

June 26, 2023

Acquisitions Florida Multifamily Southeast

Waterton Buys 321-Unit Apartment Community in Plantation, Florida for $88M

by Hayden Spiess June 23, 2023

PLANTATION, FLA. — Waterton has acquired One Plantation, a 321-unit apartment community located at 1650 Southwest 78th Ave. in the Broward County city of Plantation. South Florida Business Journal reports that Stiles and PGIM Real Estate sold the property for $88 million. Built in 2013 as part of the 860-acre Plantation Midtown master planned development, the community features one-, two- and three-bedroom residences within a 12-story tower. Amenities at the property include a business center, private work rooms, movie theater, resident lounge areas, dog park, catering kitchen and fitness center. The new owner plans to renovate the clubhouse and convert existing parking garage rooftop tennis courts to pickleball courts. Newmark’s South Florida team brokered the transaction.

June 23, 2023

Acquisitions Development Florida Mixed-Use Southeast

FundRebel to Acquire Nine Hollywood Mixed-Use Development in Metro Miami for $67M

by Hayden Spiess June 23, 2023

HOLLYWOOD, FLA. — FundRebel LLC is under contract to acquire Nine Hollywood, a mixed-use property currently underway in Hollywood, for $67 million. Situated on a 36,000-square-foot parcel, the development features 204 multifamily residential units, three levels of integrated parking and more than 7,000 square feet of retail space. Residences include apartments in studio, one- and two-bedroom layouts. Amenities at the property include a swimming pool, fitness center and business suites. Construction on the project is scheduled for completion in the fourth quarter of this year. The seller was not disclosed.

June 23, 2023

Development Florida Southeast Student Housing

908 Group, BCDC Break Ground on 693-Bed Student Housing Project Near Florida State University

by John Nelson June 22, 2023

TALLAHASSEE, FLA. — 908 Group and BCDC have formed a joint venture to develop a 693-bed student housing community adjacent to Florida State University (FSU) in Tallahassee. The unnamed, 182-unit property is the third development between the two firms and the fourth Tallahassee project for 908 Group. Pacific Life Insurance Co. is the primary lender for the project, with preferred equity provided by Nationwide. The project team includes general contractor Culpepper Construction Co., architectural firm Humphreys & Partners Architects and civil engineer Moore Bass Consulting. First move-ins are expected in August 2025 in time for the start of FSU’s 2025-2026 school year.

June 22, 2023

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