REBusinessOnline

Estate Cos. Sells Newly Built, Luxury Apartment Community in West Miami for $97M

MIAMI — The Estate Cos. (EIG), a private developer of multifamily properties, has sold Soleste Twenty2 in west Miami for $97 million. The locally based developer completed the eight-story luxury apartment community in February 2020.An entity doing business as Westdale Twenty2 LLC purchased the 338-unit community. The buyer is an affiliate of Westdale Real Estate Investment Management, according to South Florida Business Journal.“This transaction stabilized during the difficult …

Florida Panthers Invests $65M to Redevelop Fort Lauderdale Auditorium for New Practice Facility, Entertainment Center

FORT LAUDERDALE, FLA. — The Florida Panthers, the NHL club based in South Florida, plans to redevelop the War Memorial Auditorium in Fort Lauderdale into a new practice facility and entertainment center. The 144,000-square-foot project is slated for completion in summer 2022. Originally announced in April 2019, the Panthers privately financed $65 million for the War Memorial Auditorium revitalization, which was created through a public-private partnership with the City of Fort …

Groot Hospitality, Partners Open Goodtime Hotel on South Beach in Miami Beach

MIAMI BEACH, FLA. — The Goodtime Hotel, the first collaborative lifestyle hotel brand from David Grutman of Groot Hospitality and Pharrell Williams, has opened on South Beach’s Washington Avenue and 6th Street in Miami Beach. Grutman and Williams worked alongside the real estate developers Michael Fascitelli and Eric Birnbaum of Imperial Cos. to build the hotel. Morris Adjmi was the architect, Ken Fulk was the interior designer and Raymond Jungles was the landscape architect.The …

Universal Selects Wendover Housing as Development Partner for Affordable Housing Project in Orlando

ORLANDO, FLA. — Universal Parks & Resorts has selected Wendover Housing Partners to design, build and manage an affordable housing community planned in Orlando. The project will be situated near the International Drive corridor, an area identified as high priority by Orange County’s Housing for All Task Force.Universal Creative, a division within Universal Parks & Resorts, will work with Wendover Housing on the overall plan for the new community. A Universal selection committee chose …

Ready Capital Closes $30.1M Acquisition Financing for Office Property in Tampa

TAMPA, FLA. — Ready Capital has closed a $30.1 million loan for the acquisition, renovation and lease-up of an approximately 250,000-square-foot, Class B office property in Tampa. Upon acquisition, the sponsor will implement a capital improvement plan to upgrade the property and subsequently lease-up to market occupancy and at market rents. The name of the borrower and property were not disclosed.The non-recourse, interest-only loan features a 36-month term, floating interest rate, two …

Balfour Beatty, Related Group Break Ground on Two-Tower Residential Project in West Palm Beach

WEST PALM BEACH, FLA. — Balfour Beatty has broken ground on Icon Marina Village, a two-tower, 24-story residential development in West Palm Beach. Related Group is the developer of the project, which will be located close to the Intracoastal Waterway, Atlantic Ocean, Palm Beach Island and downtown West Palm Beach. Balfour Beatty and Related Group plan to deliver Icon Marina Village in 2023. Designed by Miami-based Arquitectonica, Icon Marina Village will feature two high-rise towers that …

Estate Cos. Receives $29.5M in Construction Financing for Hotel Redevelopment in South Florida

HIALEAH, FLA. — The Estate Cos., a developer of multifamily projects throughout South Florida, has received approximately $29.5 million in construction financing for the multifamily conversion of a former Ramada Inn at 1950 W. 49th St. in Hialeah. Centennial Bank provided approximately $22.45 million in construction financing, and LV Lending provided a $7 million mezzanine loan.The hotel will be transformed into Alture Westland, a four-story garden-style community with 251 rental units …

Abbhi Capital Purchases One-Acre Development Parcel at Miami Worldcenter for $20M

MIAMI — Abbhi Capital, a Coral Gables, Fla.-based investment firm, has purchased a one-acre parcel within Miami Worldcenter for $20 million. The seller was Miami Worldcenter Associates, the developer behind Miami Worldcenter doing business as MWC Block A LLC. The $4 billion, 27-acre mixed-use development is now underway in downtown Miami across 10 city blocks. Robert Given, Troy Ballard and James Quinn of Cushman & Wakefield represented the seller in the land transaction.The assemblage …

Pintar Investment Secures $9.3M Refinancing for Single-Family Rental Community in Winter Haven, Florida

WINTER HAVEN, FLA. — Pintar Investment Co. has secured $9.3 million in refinancing for Lake Lucerne, a 56-unit single-family rental home community in Winter Haven.LendingHome, a San Francisco-based lender for residential investors, provided Pintar with the loan. Pintar chose LendingHome in 2019 to supply a $6.3 million acquisition loan, and Pintar selected LendingHome again to refinance the bridge loan.Built in 2019, Lake Lucerne’s homes feature four-bedroom floor plans averaging …

Marcus & Millichap Arranges $11.3M Sale of Miami Beach Property Leased to 7-Eleven

MIAMI BEACH, FLA. — Marcus & Millichap has arranged the $11.3 million sale of a 4,370-square-foot retail property leased to 7-Eleven in Miami Beach. Alejandro D’Alba and Scott Sandelin of Marcus & Millichap marketed the property on behalf of the seller, an individual/personal trust known as Armando’s Service Station, Inc. (dba 7/11 Store). The buyer was Power Petroleum Inc, a fuel supplier based in South Florida that distributes multiple brands.The 7-Eleven convenience store is …

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