Florida

Walker & Dunlop Arranges $150M Refinancing for New Mixed-Use Property in Fort Lauderdale

by John Nelson July 25, 2023

FORT LAUDERDALE, FLA. — Walker & Dunlop has arranged a $150 million loan for the refinancing of Quantum at Flagler Village, a newly built mixed-use development in Fort Lauderdale. The property houses two 15-story towers comprising 337 apartments, 20,884 square feet of retail space, a five-story parking garage and a nine-story Courtyard by Marriott hotel that features 137 rooms and a rooftop pool and bar. Joe Hercenberg led the Walker & Dunlop Capital Markets team that arranged a fixed-rate, five-year loan on behalf of the borrower, Prime Group US-PMG Asset Services. The loan refinances a construction loan that Walker & Dunlop closed four years ago.

July 25, 2023

Acquisitions Florida Industrial Southeast

Cushman & Wakefield Brokers Sale of 677,789 SF Industrial Park in Deerfield Beach, Florida

by John Nelson July 25, 2023

DEERFIELD BEACH, FLA. — Cushman & Wakefield has brokered the sale of Quiet Waters Business Park, an infill industrial park in South Florida’s Deerfield Beach. PGIM Real Estate sold the seven-building, 677,789-square-foot property for an undisclosed price. The buyer was also not disclosed. Mike Davis, Dominic Montazemi, Rick Brugge, Rick Colon, Greg Miller, Cassandra Hernandez and Chloe Strada of Cushman & Wakefield represented the seller in the transaction. Matthew McAllister, Christopher Thomson, Chris Metzger and Rick Etner of Cushman & Wakefield’s South Florida Industrial Team will handle the property’s leasing assignment going forward. Quiet Waters is situated along the planned expansion of SW 10th Street, which will offer more direct connectivity to I-95, Sawgrass Expressway and the Florida Turnpike. The park houses 30 tenants and features a wide range of bay sizes with dock-high and grade-level loading.

July 25, 2023

Development Florida Industrial Southeast

Amazon Underway on $120M Satellite Processing Facility on Florida’s Space Coast

by John Nelson July 24, 2023

CAPE CANAVERAL, FLA. — Amazon is underway on the construction of a $120 million satellite processing facility at Space Florida’s Launch and Landing Facility within Kennedy Space Center in Cape Canaveral. Upon completion, the development will total 100,000 square feet with a 100-foot high bay clean room. The facility will be used to receive and prepare Blue Origin and United Launch Alliance (ULA) satellites as part of Amazon’s Project Kuiper, a 3,200-satellite project that will provide broadband connection to underserved communities globally. Amazon will use the facility to receive shipments, conduct final preparation ahead of launches, connect satellites to custom dispensers from space tech firm Beyond Gravity and integrate the loaded dispensers with launch vehicles. Amazon’s investment is expected to create 50 news jobs on Florida’s Space Coast. A timeline for delivery was not disclosed.

July 24, 2023

Florida Loans Multifamily Southeast

Northmarq Arranges $70M Refinancing for Two Multifamily Communities in Miami Lakes, Florida

by John Nelson July 24, 2023

MIAMI LAKES, FLA. — Northmarq has arranged a $70 million loan for the refinancing of two multifamily communities located in Miami Lakes. Built in 1997 and 2000, the properties total 500 units. Jeff Robertson of Northmarq secured the 10-year permanent financing through Empower Annuity Life Insurance Co. on behalf of the borrower, Graham Cos. The names and addresses of the communities were not disclosed.

July 24, 2023

Florida Industrial Leasing Activity Southeast

Cushman & Wakefield Secures 216,317 SF Industrial Lease at Osprey Logistics Park in Coral Springs, Florida

by John Nelson July 24, 2023

CORAL SPRINGS, FLA. — Cushman & Wakefield has arranged a 216,317-square-foot lease at Osprey Logistics Park, a 427,515-square-foot industrial development currently underway in Coral Springs. Matthew McAllister and Christ Metzger of Cushman & Wakefield’s South Florida Industrial Team represented the landlord and developer, Foundry Commercial, in the leasing negotiations. Steve Wasserman and Erin Byers of Colliers represented the tenant, CTS Engines. CTS Engines will move its headquarters to Building 2 upon completion of the project, which is scheduled for late 2023. The building features 36-foot clear heights, 235-foot building depth, a 180-foot truck court, R-19 insulated roof deck, an ESFR sprinkler system and office space.

July 24, 2023

Development Florida Industrial Southeast

Stonemont, US Capital Development Deliver $28M Industrial Facility in Ocala, Florida

by John Nelson July 21, 2023

OCALA, FLA. — Stonemont Financial Group and US Capital Development have completed the development of a $28 million speculative industrial facility located in Ocala, about 37 miles south of Gainesville, Fla. Situated on 35 acres, Topline Logistics Facility totals 457,000 square feet and features 36-foot clear heights, 95 dock doors, four drive-in doors and 110 trailer parking spaces. Construction on the project began in March of last year. HDA Architects designed the property, and Frampton Construction served as general contractor.

July 21, 2023

Acquisitions Florida Multifamily Southeast

Olympus Purchases, Rebrands 370-Unit Multifamily Community in Jacksonville

by John Nelson July 21, 2023

JACKSONVILLE, FLA. — Olympus Property has acquired Presidium Town Center, a 370-unit multifamily community located in the Deerwood Park neighborhood of Jacksonville. The property was developed in 2021 by Texas-based multifamily developer Presidium. The buyer has rebranded the community as Olympus Preserve at Town Center. The property offers apartments in studio, one-, two- and three-bedroom layouts and amenities including a swimming pool, rooftop lounging deck, fitness center and indoor and outdoor fireplaces. Rents start at $1,611, according to the community website. The sales price was not disclosed.

July 21, 2023

Florida Loans Multifamily Southeast

Berkadia Arranges $217.2M Recapitalization of Multifamily Portfolio in Central Florida

by John Nelson July 20, 2023

ORLANDO, FLA. — Berkadia has arranged debt and equity financing totaling $217.2 million for the recapitalization of a three-property multifamily portfolio in Central Florida totaling 1,139 units. The properties include 400 North in Maitland, M2 at Millenia in Orlando and Venetian Apartments in Fort Myers. 400 North and M2 at Millenia were built in 2019, and Venetian Apartments was built in 2018. Brad Williamson, Scott Wadler and Matthew Robbins of Berkadia’s South Florida office secured the financing on behalf of the borrower, a joint venture between JSB Capital Group and BLD Group. The financing package included a 10-year, fixed-rate Freddie Mac loan totaling $185.4 million and $31.8 million in preferred equity from Related Fund Management.

July 20, 2023

Development Florida Retail Southeast Top Stories

Jacksonville Jaguars Open $120M Practice Facility in Downtown Jacksonville, Plan for ‘Stadium of the Future’

by Kristin Harlow July 19, 2023

JACKSONVILLE, FLA. — The NFL’s Jacksonville Jaguars have opened the Miller Electric Center, a $120 million practice facility in downtown Jacksonville. The 125,000-square-foot facility comprises an indoor practice field, offices, locker rooms, a draft room, shaded viewing area, concessions, team retail store and medical facilities. The Miller Electric Center is a public-private partnership between the Jaguars and the City of Jacksonville. The city also owns TIAA Bank Field, the Jaguars’ home stadium that is in the planning stages for a roughly $1 billion overhaul. The city and Jaguars owner Shad Khan would share the expense if they can reach an agreement on the stadium and accompanying extension of the team’s lease, according to The Florida Times-Union. The Jaguars organization plans to begin its training camp at the new practice facility Wednesday, July 26. The team hosted a ribbon-cutting ceremony for Miller Electric Center yesterday that featured Khan, along with newly inaugurated Jacksonville Mayor Donna Deegan, Jaguars president Mark Lamping and Jaguars head coach Doug Pederson, among others. Stadium of the Future In June, the Jaguars unveiled conceptual designs for its “Stadium of the Future,” a design project nearly three years in the making intended to spark a transformation of the city’s …

July 19, 2023

Florida Hospitality Loans Southeast

JLL Arranges $145M Refinancing Loan for Hotel Portfolio in Metro Orlando

by John Nelson July 18, 2023

WINTER GARDEN, FLA. — JLL has arranged a $145 million loan for the refinancing of a four-property hotel portfolio in the Orlando suburb of Winter Garden totaling nearly 1,000 rooms. Gregg Shapiro and Barnett Wu of JLL arranged the financing through Aareal Capital Corp. on behalf of the borrower, Doradus Partners, and its management affiliate, Yedla Hotels. The hotels in the portfolio includes: the 223-room Residence Inn by Marriott (2111 Flagler Ave.); the 273-room Fairfield Inn & Suites by Marriott (631 Flagler Ave.); the 272-room Home2 Suites by Hilton (341 Flagler Ave.); and the 229-room Homewood Suites by Hilton (411 Flagler Ave.). The hotels, which were delivered between January 2021 and January 2022, are situated near the western gate of Walt Disney World Resort.

July 18, 2023

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