Florida

PENSACOLA, FLA. — Walker & Dunlop has arranged a $49.5 million Fannie Mae loan for the refinancing of Palmilla Apartments, a 240-unit multifamily community located at 51 S. Coyle St. in Pensacola, a city on the Florida-Alabama border. Will Baker and Doug McDaniel of Walker & Dunlop’s Birmingham office arranged the five-year, fixed-rate loan on behalf of the borrower, Kore LLC. The borrower will use the proceeds to reach stabilization at Palmilla and pay off construction debt. Kore used Fannie Mae’s green platform for better pricing, according to Walker & Dunlop. Palmilla features studio, one-, two- and three-bedroom units ranging in size from 588 to 1,618 square feet, according to Apartments.com. Amenities include a pool, fitness center, clubhouse, putting green and electric vehicle charging stations.

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DELRAY BEACH, FLA. — DigitalBridge, a digital infrastructure investment firm active in data centers and cell towers, has signed a 79,141-square-foot office lease at Sundy Village, a mixed-use development located at 100 S.E. 1st Ave. in Delray Beach. The South Florida property will serve as the new corporate headquarters for DigitalBridge, which is relocating from nearby Boca Raton. The company plans to move its 300 employees to Sundy Village in the third quarter. The development’s other office tenants will include the developer, Pebb Capital, as well as Vertical Bridge. Joe Freitas and John Criddle of CBRE oversee office leasing at Sundy Village, which also features retail space, structured and subterranean parking and green spaces.

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MIAMI — Bowlero Corp. has opened Lucky Strike Miami, a 30,000-square-foot entertainment venue within the $6 billion Miami Worldcenter development. The venue is the second new build for Bowlero using the Lucky Strike brand since it was acquired in September. Lucky Strike Miami features 28 bowling lanes, an arcade, craft cocktail bar, food service and a VIP room with six private bowling lanes. The venue is situated adjacent to Kaseya Center, home arena of the NBA’s Miami Heat. Miami Worldcenter Associates is the master developer of the 27-acre district, which comprises 10 city blocks and features three residential towers and the newly opened citizenM hotel, among other uses.

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MARLBOROUGH, MASS. — BJ’s Wholesale Club, an operator of member retail warehouse locations, plans to open five new clubs in the Southeast and Indiana this fiscal year, which ends Feb. 1, 2025. The new clubs will be located in Maryville, Tenn., a suburb of Knoxville; Myrtle Beach, S.C.; Palm Coast and West Palm Beach in South Florida; and Carmel, Ind., a suburb of Indianapolis. Earlier this month, the Marlborough-based company announced its plans to open a new store near Jefferson Mall in Louisville, Ky. BJ’s Wholesale expects each new club to create roughly 150 new jobs. The company first opened its warehouse club model in New England in 1984. Today, BJ’s Wholesale operates 244 clubs and 175 BJ’s Gas stations in 20 states.

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SANFORD, FLA. — CTO Realty Growth has acquired Marketplace at Seminole Towne Center, a 318,000-square-foot power retail center located in Sanford, approximately 25 miles north of Orlando. An undisclosed seller sold the center for $68.7 million. Situated on 41 acres along I-4, the property was 98 percent leased at the time of sale. Burlington, Marshalls, World Market, Petco, Ross Dress for Less, Old Navy, Ulta Beauty and Five Below anchor the center. The Orlando-based REIT purchased Marketplace at Seminole Towne Center through a 1031 exchange.

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MIAMI — Housing Trust Group (HTG), a leading multifamily developer, and AM Affordable Housing, a nonprofit founded by NBA Hall of Famer and Miami Heat legend Alonzo Mourning, have opened Tucker Tower. The $44 million affordable housing community for seniors age 62 and older is located in the Perrine neighborhood of southern Miami. Tucker Tower, the eighth joint venture between HTG and AM Affordable Housing, will be reserved for households earning at or below 25, 30 and 60 percent of the area median income (AMI). With rents ranging from $463 to $1,359 per month, these rates are a notable contrast to the average rental prices in Miami-Dade County, which currently stand at $2,451. According to a recent study from the University of Florida, Miami-Dade County has a gap of more than 90,000 affordable and available units for renter households with incomes below 80 percent of AMI. This gap is projected to grow to nearly 116,000 units by 2030 unless affordable units are added. Tucker Tower is an eight-story community offering a mix of one- and two-bedroom units ranging from 601 square feet to 895 square feet. Six units are fully accessible and three units are hearing impaired units. Funding sources …

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TALLAHASSEE, FLA. — A joint venture between Core Spaces, Peerless Development and an affiliate of Inland Acquisitions has announced plans for Hub Tallahassee, a student housing development located near Florida State University. The development site is located within a qualified opportunity zone near the northeast corner of the university’s campus. Upon completion, the seven-story community will offer 1,316 beds across 367 units in studio, one-, two-, three-, four-, five- and six-bedroom configurations. Completion is scheduled for fall 2026. Amenities at the property will include a rooftop swimming pool, fitness center, spa, private study rooms and adjacent parking. The project team includes Juneau Construction Co. and Niles Bolton Associates. Ian Bradley of TSB Capital Advisors secured construction financing, and Mark Cosenza and David Neboyskey of Inland worked on behalf of the company’s affiliate in the joint venture transaction.

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FORT LAUDERDALE, FLA. — A partnership comprising Hines, Urban Street Development, Cresset Real Estate, Las Americas, Hudson Capital and Halmos Holdings has broken ground on FAT Village, a 5.6-acre mixed-use project in Fort Lauderdale. FAT stands for “Food Art Technology.” The first phase, which is scheduled for completion in 2027, will feature 74,000 square feet of retail space, in addition to 601 apartments and 180,000 square feet of mass-timber office space dubbed T3 (Timber, Transit and Technology). FAT Village’s second phase will be developed upon completion of the first. In total, the project will comprise 850 residential units and more than 80,000 square feet of retail space, as well as a 1,200-space commercial parking structure. Hines received a $220 million construction loan for the development in December 2023.

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MEDLEY, FLA. — Miller Construction Co. has delivered a 143,571-square-foot warehouse located at 7290 N.W. 77th Court in Medley, a town in Miami-Dade County. Woods Grove Capital is the developer of the Class A industrial facility, which features 36-foot clear heights, 42 columns with 54-foot spacing, 37 dock doors and two drive-in ramps. The project team includes IBI Group’s RLC Architects, Puga & Associates Inc. (MEP engineer), DDA Engineers (structural engineer) and Langan (civil engineer).

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TAMARAC, FLA. — Aztec Group has arranged a $95 million loan for the refinancing of Tamarac Village, a 401-unit apartment community in South Florida’s Broward County. MF1 Capital provided the bridge financing. Situated on 12.7 acres, the property was developed in two phases in 2020 and 2023 by the borrower, Lotis Group. Tamarac Village features one-, two- and three-bedroom apartments ranging in size from 800 to 1,485 square feet, as well as a nearly 9,000-square-foot clubhouse, according to Apartments.com. The loan marks the eighth transaction between Aztec Group and the developer.

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