Florida

CP Group, Monarch Ink 50,000 SF of Office Leases at Citigroup Center in Downtown Miami

by John Nelson May 23, 2023

MIAMI — CP Group and Monarch Alternative Capital have announced more than 50,000 square feet of office leasing activity at Citigroup Center, a 34-story office tower in downtown Miami. All four leases at the 810,000-square-foot property closed in the first quarter. The deals include wealth management firm Larch Capital Partners signing for 5,466 square feet; real estate development and investment firm Bazbaz Development signing for 5,357 square feet; hotel operator Strategic Hotel Funding LLC renewing its 14,418-square-foot lease; and an undisclosed tenant signing a 21,928-square-foot lease. Steven Hurwitz, Doug Okun and Madeline Fine of JLL represented CP Group and Monarch in the leasing transactions. Grant Killingsworth and Thomas Haughton of CBRE represented Larch Capital, and Randy Carballo, also with CBRE, represented Bazbaz. In addition to the new leases, the ownership is also developing 37,000 square feet of speculative suites at Citigroup Center.

May 23, 2023

Florida Hospitality Loans Southeast Top Stories

Walker & Dunlop Arranges $140M Refinancing for Soho Beach House Club, Hotel in Miami Beach

by John Nelson May 22, 2023

MIAMI BEACH, FLA. — Walker & Dunlop Inc. has arranged a $140 million loan for the refinancing of Soho Beach House, a private members club and hotel in Miami Beach. Located along Collins Avenue, the property includes a seven-story main building with 35 suites and amenities and a 16-story beachfront tower comprising 15 full-floor suites. JPMorgan Chase Bank NA and Citi Real Estate Funding Inc. provided the 10-year, fixed-rate, interest-only loan. The borrower, an affiliate of global private members social club Soho House & Co. (SHCO), is using the proceeds to repay existing debt, repatriate equity and cover financing and closing costs. Jonathan Schwartz, Aaron Appel, Adam Schwartz, Keith Kurland, Ari Hirt, Triston Stegall and David Kasten of Walker & Dunlop arranged the loan. The team brought in numerous financing options for the borrower, an entity doing business as Beach House Owner LLC, which ultimately chose the loan package from JPMorgan Chase and Citi. “We were able to differentiate Soho Beach House as a marquee asset given the sustainability of its highly recurring membership revenue model and the impressive profitability of the asset through the cycle,” says Hirt, managing director at Walker & Dunlop. “In this challenging capital markets environment, …

May 22, 2023

Acquisitions Florida Office Southeast

PEBB, Intalex Capital Acquire 343,500 SF Office Building in Downtown Fort Lauderdale

by John Nelson May 19, 2023

FORT LAUDERDALE, FLA. — PEBB Capital and Intalex Capital, in partnership with CDS International Holdings Inc., have acquired 110 East, an office building located in downtown Fort Lauderdale. The 24-story property comprises 343,500 square feet of office space. Christian Lee, Andrew Chilgren, Marcos Minaya and Sean Kelley of CBRE brokered the transaction on behalf of both the buyers and the seller, Stockbridge. The sales price was not disclosed, but multiple media outlets have reported that 110 East traded for $43 million. Travis Herring and Katherine Ridgway of Cushman & Wakefield are working with PEBB and Intalex to oversee leasing of the building, and the partnership has secured 76,000 square feet of new tenancy, with 125,000 square feet of new leases currently in negotiation. Plans for the property include multimillion-dollar renovations to common areas. Greenwall Capital Management advised CDS in the transaction, and Kapp Morrison LLP provided legal representation.

May 19, 2023

Acquisitions Company News Connecticut Florida Northeast Retail Southeast Top Stories

Regency Centers Agrees to Acquire Urstadt Biddle Properties in $1.4B Shopping Center REIT Merger

by Jeff Shaw May 19, 2023

JACKSONVILLE, FLA., AND GREENWICH, CONN.— Jacksonville-based REIT Regency Centers (NASDAQ: REG) has agreed to acquire Urstadt Biddle Properties (NYSE: UBA) in a an all-stock transaction valued at $1.4 billion, including the assumption of debt and preferred stock. Urstadt Biddle Properties is a REIT based in Greenwich that primarily invests in shopping centers. The combined company will have a market capitalization of approximately $11 billion and total enterprise value of approximately $16 billion. The combined portfolio will comprise 56 million square feet of gross leasable area across 481 properties. Regency acquired the company to help expand its footprint in grocery-anchored shopping centers in suburban trade areas in the U.S. Under the terms of the agreement, Urstadt Biddle’s stockholders will receive 0.347 of a newly issued REG share for each UBA or UBP share they own. This represents a total consideration of $20.40 per share based on Regency’s closing share price on May 17, 2023. Upon closing, Regency shareholders will own 93 percent of the combined company, while Urstadt Biddle shareholders will own three percent. The respective boards of directors of both Regency and Urstadt Biddle have each approved the transaction. “The portfolio that Urstadt Biddle has carefully assembled over more than …

May 19, 2023

Florida Loans Multifamily Southeast Top Stories

JLL Arranges $219.9M Recapitalization for Landmark South Apartment Community in Metro Miami

by Jeff Shaw May 18, 2023

DORAL, FLA. — JLL Capital Markets has arranged the recapitalization of Landmark South, a multifamily community featuring 631 units in the Miami suburb of Doral. The financing comprises a five-year, $154.1 million senior loan through Freddie Mac Multifamily, which JLL Real Estate Capital LLC will service, as well as a $65.8 million preferred equity investment from Pensam. Located at 6055 N.W. 105th Court, the property was built in two phases in 2017 and 2021. Apartments at the community average 1,017 square feet and feature terraces, courtyard views, stainless steel appliances, in-unit washers and dryers and walk-in closets. Amenities include grilling stations, outdoor courtyards and fitness centers. Rental prices begin at $2,194 per month, according to the community’s website. Jesse Wright, Brian Gaswirth, Maurice Habif, Simon Banke and Ted Taylor of JLL secured the financing on behalf of the borrower, JSB Capital Group, a privately held investment firm with offices in Miami, New York City and Baltimore with a focus in multifamily assets. Pensam is a Miami-based multifamily investment platform that has invested $7.5 billion across 50,000 apartments to date. “This was not a transaction short on complexity or volatility,” says Jared Frydman, senior managing director of JSB. “Landmark South is …

May 18, 2023

Development Florida Loans Multifamily Southeast

Cymbal DLT Obtains $95M Loan for Oasis Pointe Apartments in Dania Beach, Florida

by John Nelson May 17, 2023

DANIA BEACH, FLA. — Cymbal DLT Cos. has obtained a $95 million loan for Oasis Pointe Residences, a newly built, 301-unit apartment community located at 150 S. Bryan Road in South Florida’s Dania Beach. Kookmin Bank and Related Fund Management provided the financing, which allows Cymbal DLT to keep the asset in its portfolio. Patrick Martin from Related, Will (Woosuk) Cha from Kookmin Bank and the Cymbal DLT team of Asi Cymbal, Hector Torres, Jacob Nunez and Jake Fleischer worked together to close this deal. Cymbal DLT previously paid off its $60.3 million construction loan to 3650 REIT and distributed a 130 percent return to the project’s equity investors. Oasis Pointe spans eight stories on 2.4 acres and was 97 percent occupied at the time of loan closing. The waterfront property features a mix of studios, one-, two- and three-bedroom apartments, as well as an amenity package including a waterfront boardwalk with a 19-slip marina, Zoom lounge with private office suites and workstations, outdoor lap pool, fire pit with outdoor BBQ and picnic areas, open-air fitness facility and yoga studio, indoor lounge and game room and a dog park.

May 17, 2023

Florida Loans Multifamily Southeast

Greystone Provides $34M Agency Loan for Multifamily Community in Pensacola, Florida

by John Nelson May 16, 2023

PENSACOLA, FLA. — Greystone has provided a $34 million Fannie Mae loan for the refinancing of The Lakes at Nottingham, a 268-unit apartment community in Pensacola. Built in 2002, the property spans 17 buildings housing one-, two- and three-bedroom apartments. Carter King of Greystone originated the non-recourse, fixed-rate loan on behalf of the borrower, an affiliate of The Hallmark Cos. Inc. The five-year loan features a 30-year amortization schedule and two years of interest-only payments.

May 16, 2023

Acquisitions Florida Retail Southeast

WS Development, PGIM Purchase 550,000 SF Retail Center in Viera, Florida

by John Nelson May 12, 2023

VIERA, FLA. — WS Development and PGIM Real Estate have acquired The Avenue Viera, a 550,000-square-foot, open-air retail center located directly off I-95 in Viera. Situated within the 43,000-acre master-planned Viera community in Brevard County, the property houses more than 80 retail, restaurant and entertainment tenants, including AMC Theatres, Belk, Chili’s, Cost Plus World Market, Kohl’s, lululemon athletica, Moe’s Southwest Grill, Old Navy, Sephora and Urban Air Adventure Park. Massachusetts-based WS Development will assume management of the center and will share ownership with PGIM, which has owned Avenue Viera since 2006. The sales price was not disclosed. WS Development and PGIM plan to remerchandise the center, as well as host events and install public art.

May 12, 2023

Development Florida Hospitality Southeast

Marcus & Millichap Capital Corp. Secures $19.2M Construction Financing for South Florida Hotel

by John Nelson May 11, 2023

DORAL, FLA. — Marcus & Millichap Capital Corp. (MMCC) has secured $19.2 million in financing for the development of EVEN Hotel Doral, a 125-room hotel that will be located at 10770 N.W. 25th St. in Doral, a suburb of Miami. Robert Bhat of MMCC’s Miami office secured the financing on behalf of the borrower, a foreign entity that is partnering with locally based ASI Global to raise capital through the EB5 program and to oversee the development. The financing included a $12.1 million conventional bank loan and a $7.1 million PACE loan, both of which were underwritten at a 65 percent loan-to-cost ratio. The construction timeline and property details for EVEN Hotel Doral were not disclosed.

May 11, 2023

Acquisitions Florida Loans Self-Storage Southeast Tennessee

Gantry Secures $40M Acquisition Financing for Four Self-Storage Properties in Tennessee, Florida

by John Nelson May 10, 2023

IRVINE, CALIF. — Irvine-based Gantry has secured $40 million in acquisition financing for four separate purchases of self-storage properties in Tennessee and Florida. Totaling 286,000 rentable square feet, the properties include three Storelocal Self Storage properties in Franklin and Spring Hill, Tenn., and a U.S. Storage Center facility in Tampa. Andy Bratt and Amit Tyagi of Gantry arranged the fixed-rate loans through separate life insurance companies on behalf of the borrower, a multi-generational private family that is buying the properties in a 1031 exchange. Two of the loans were bridge loans and two were permanent loans.

May 10, 2023

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