BOYNTON BEACH, FLA. — A public-private partnership between the City of Boynton Beach and Hyperion Group, Winter Properties, WREP and Silverstein Properties has broken ground on Ocean One, a 371-unit apartment community in the city’s downtown district. The development team financed the development using equity funding from affiliates of Cantor Fitzgerald and Silverstein Properties and construction financing from Madison Realty Capital. Additionally, the Boynton Beach Community Redevelopment Agency approved up to $11.5 million in tax increment revenue funding over a 14-year term for the project, with the ownership group agreeing to provide 110 public parking spaces at Ocean One in perpetuity. Designed by Miami-based Arquitectonica, Ocean One will feature high-end apartments and 25,500 square feet of ground-level retail space. Amenities will include a resort‑style pool deck, fitness center, resident lounge, coworking spaces, outdoor recreation areas, package and mail facilities and onsite management services. The construction timeline was not released.
Florida
WEST PALM BEACH, FLA. — Marcus & Millichap has brokered the sale of a four-building industrial property located at 2348-2360 N. Military Trail in West Palm Beach. Pugliese Creative Ventures purchased the 43,125-square-foot property from PMD Capital Management for $11.4 million. Douglas Mandel, Zach Levine and Cody Hershey of Marcus & Millichap represented the seller and procured the buyer in the transaction. Built in 1989, the property is situated on 4.2 acres and has suites ranging in size from 1,700 to 7,300 square feet, as well as 54 grade-level loading bays with overhead doors, three two-way entrances and 160 parking spaces.
MIAMI — Miami Design District Associates and BH3 Management have formed a joint venture to develop The Ursa, a 20-story office tower in Miami’s Design District. The development was previously announced, but the newly formed joint venture has expanded the square footage of the project’s original vision by 40 percent. Designed by Arquitectonica and Arsham Studio, The Ursa will include 250,000 square feet of Class A office space with 14-foot ceilings and a suite of amenities, including an amenity deck, art installations and fitness facilities. The property will also include 15,000 square feet of ground-level retail space and onsite parking. Construction is expected to begin in 2027, with completion anticipated in 2029.
MIAMI — First Washington Realty (FWR), a shopping center owner-operator based in Bethesda, Md., has sold two Publix-anchored shopping centers in Miami to Publix Super Markets Inc. The sales price was not disclosed. The properties include Airpark Plaza, a 171,443-square-foot shopping center near Miami International Airport at 5715 N.W. 7th St., and The Shoppes at Quail Roost, a 73,550-square-foot center located at 20201 S.W. 127th Ave. on the city’s south side. Both properties were fully leased at the time of sale.
ORLANDO, FLA. AND KNOXVILLE, TENN. — Subtext has completed two student housing developments in Florida and Tennessee. Projects include VERVE Orlando, a 626-bed community located at 3133 N. Alafaya Trail near the University of Central Florida campus in Orlando; and EVER Knoxville, a 498-bed property located at 1919 Lake Ave. near the University of Tennessee campus in Knoxville. VERVE Orlando spans 446,078 square feet and offers 200 units in studio through five-bedroom configurations. Shared amenities include a 24-hour fitness center, dedicated yoga room and wellness suite with sauna and meditation rooms; a courtyard pool; outdoor green space with fire pits and grilling stations; a karaoke lounge; golf simulator; speakeasy with arcade games; study lounge with private and group study pods, an outdoor study breezeway and a podcast and content creation room; lobby coffee bar; and a pet spa. VERVE Orlando was developed in partnership with FrontRange Capital Partners and Nuveen Real Estate. Financing was provided by Simmons Bank. Additional members of the development team included Dwell Design Studio, ESG Architecture & Design, Kimley-Horn and Associates and Live Oak Contracting. The 14-story EVER Knoxville development spans 329,294 square feet and offers 136 units in one- through-five-bedroom configurations. Shared amenities include a …
DORAL, FLA. — Terra has signed Walmart to a 40,344-square-foot retail lease at Doral Atrium, a 78,000-square-foot lifestyle retail development in Doral, a western suburb of Miami. Walmart plans to open a new neighborhood-format grocery store at the project. Construction of the new Walmart Neighborhood Market is expected to begin this fall, with an anticipated opening in 2027. Other committed tenants at Doral Atrium include PNC Bank, Bonchon Chicken, Sushi Mas, Tremble Pilates and The Good Feet Store. Jonathan Carter and Pablo Camposano of Colliers are handling the leasing assignment at the retail center.
PTM Partners Obtains $125M Construction Loan for Phase II of High-Rise Project in St. Petersburg, Florida
by Abby Cox
ST. PETERSBURG, FLA. — PTM Partners has obtained a $125 million construction loan to finance EDGE Collective II, a 330-unit residential development in downtown St. Petersburg’s EDGE District. Scott Wadler, Alec Fox, Mitch Sinberg, Matt Robbins and Brad Williamson of Berkadia arranged the three-year, floating-rate loan through an affiliate of GID on behalf of PTM Partners. Rising 20 stories, EDGE Collective II will feature 330 residential units with roughly 19,000 square feet of retail space. Further details of the project were not disclosed. Berkadia also advised PTM Partners on the debt and equity capitalization of Edge Collective’s first phase, including $42 million in construction financing for the Moxy St. Petersburg Downtown and the adaptive reuse components of the mixed-use development.
ST. PETERSBURG, FLA. — Walker & Dunlop has provided a $75 million Freddie Mac loan to refinance EVO St. Petersburg, a 220-unit residential complex located at 334 2nd Ave. S. in St. Petersburg. Jonathan Schwartz, Aaron Appel, Keith Kurland, Adam Schwartz, Sean Reimer, Dustin Stolly, Michael Stepniewski, Michael Ianno and Cody Ela of Walker & Dunlop arranged the fixed-rate financing on behalf of the borrower, FrontRange Capital Partners. Delivered in 2023, the 23-story tower features studio, one-, two- and three-bedroom floorplans. The community provides roughly 23,000 square feet of indoor-outdoor amenities including a swimming pool, fitness center, business center, clubhouse, a pet play area and 13,000 square feet of ground-floor retail.
MIAMI — Ken Griffin, founder and CEO of global alternative investment firm Citadel, has announced plans to gift $2 billion for the launch of Carnegie Mellon University Miami, a new campus of the Pittsburgh-based private research university. Upon completion, the Miami campus will support more than 3,500 undergraduate and graduate students, with roughly 300 faculty and 600 staff members. The project will be situated on more than 35 acres in the Wynwood neighborhood of Miami. Plans include dedicated space for research labs and venture studios. Construction is scheduled to begin in 2027, with the first students enrolling in 2028. According to local news outlets, the project site for the new campus was purchased from developer Moishe Mana. Griffin is also donating $1 billion to support Carnegie Mellon’s home Pittsburgh campus, including a $500 million investment in the School of Computer Science, which will be renamed the Kenneth C. Griffin School of Computer Science. Earlier this year, Griffin purchased 545 Wyn, an office building located in Miami’s Wynwood neighborhood, for $181 million, in partnership with Goldman Properties. In 2022, Citadel announced plans for a new global headquarters in the city’s Brickell financial district, moving from its longtime home in Chicago. Development plans …
Walker & Dunlop Arranges $238M Refinancing for Landmark South Apartments in Doral, Florida
by John Nelson
DORAL, FLA. — Walker & Dunlop has arranged a $238 million loan for the refinancing of The Landmark South, a 631-unit apartment community located at 6055 N.W. 105th Court in Doral, a western suburb of Miami. Aaron Appel, Michael Stepniewski, Jonathan Schwartz, Keith Kurland, Adam Schwartz, Dustin Stolly, Sean Reimer, Sean Bastian and Stanley Cayre of Walker & Dunlop arranged the floating-rate, interest-only bridge loan from Torchlight Investors on behalf of the borrower, JSB Capital. Completed in two phases in 2017 and 2021, The Landmark South comprises one-, two- and three-bedroom residences averaging 1,017 square feet in size. Amenities include two resort-style pools, two 24-hour fitness centers, outdoor courtyards, a business center, pet spa, resident lounges and structured parking.
Newer Posts