MIAMI — Lotus Capital Partners LLC has arranged a $70 million acquisition and construction financing package for a waterfront condominium project on Bay Harbor Islands in Miami. The sponsor is a partnership between Pearl Property Group and L3C Capital Partners, which is acquiring a one-acre site facing the Bay Harbor waterway that currently consists of 30 condos. Lotus arranged the dual-structure loan through MSD Partners to provide acquisition financing for the borrower to purchase the site and funds to construct a new residential project. The borrower plans to demolish the existing condos and build 46 ground-up condos averaging 2,800 square feet. The development will also include a fitness center, resort-style club pool overlooking the water and a marina.
ORLANDO, FLA. — Plaza Advisors has arranged the sale of Oakhill Village, a 103,427-square-foot shopping center located at the intersection of Hiawassee and Old Winter Garden roads in Orlando. An offshore investor doing business as Escape 22 Oakhill LLC purchased the center from an entity doing business as Oakhill Village Associates Ltd. for an undisclosed price. Built in 1989, Oakhill Village is situated on 11.4 acres about 10 miles northwest of Orlando International Airport. The property was 99 percent leased at the time of sale to tenants such as anchor DG Market + pOpshelf.
MIAMI — Lotus Capital Partners LLC has arranged a $70 million acquisition and construction financing package for a waterfront condominium project on Bay Harbor Islands in Miami. The sponsor is a partnership between Pearl Property Group and L3C Capital Partners, which is acquiring a one-acre site facing the Bay Harbor waterway that currently consists of 30 condos. Lotus arranged the dual-structure loan through MSD Partners to provide acquisition financing for the borrower to purchase the site and funds to construct a new residential project. The borrower plans to demolish the existing condos and build 46 ground-up condos averaging 2,800 square feet. The development will also include a fitness center, resort-style club pool overlooking the water and a marina.
ORLANDO, FLA. — Plaza Advisors has arranged the sale of Oakhill Village, a 103,427-square-foot shopping center located at the intersection of Hiawassee and Old Winter Garden roads in Orlando. An offshore investor doing business as Escape 22 Oakhill LLC purchased the center from an entity doing business as Oakhill Village Associates Ltd. for an undisclosed price. Built in 1989, Oakhill Village is situated on 11.4 acres about 10 miles northwest of Orlando International Airport. The property was 99 percent leased at the time of sale to tenants such as anchor DG Market + pOpshelf.
WEST PALM BEACH, FLA. — Brand Atlantic Real Estate Partners and Wheelock Street Capital have received an $87 million construction loan from ACORE Capital for the development of Banyan & Olive, two Class A office buildings in downtown West Palm Beach. Dustin Stolly and Jordan Roeschlaub of Newmark arranged the loan, terms of which were not provided. The financing provides funding for the gut renovation of 111 Olive, which includes 27,000 rentable square feet of office space and 11,000 rentable square feet of retail space to be delivered by year-end. The financing also provides funding for the vertical construction of 300 Banyan, a 12-story tower with 115,000 rentable square feet of office space, 6,000 rentable square feet of food and beverage space and roughly 300 parking spaces. Completion of 300 Banyan is slated for early 2024. Banyan & Olive will feature amenities such as 15,000 square feet of private office terraces, a golf simulator lounge and a seventh-floor amenity area with a fitness center and open-air lounge. Set in the heart of the Clematis Waterfront District, the buildings are situated near a variety of restaurants, bars, shops, Flagler Park and the boardwalk. — Kristin Hiller
WEST PALM BEACH, FLA. — Brand Atlantic Real Estate Partners and Wheelock Street Capital have received an $87 million construction loan from ACORE Capital for the development of Banyan & Olive, two Class A office buildings in downtown West Palm Beach. Dustin Stolly and Jordan Roeschlaub of Newmark arranged the loan, terms of which were not provided. The financing provides funding for the gut renovation of 111 Olive, which includes 27,000 rentable square feet of office space and 11,000 rentable square feet of retail space to be delivered by year-end. The financing also provides funding for the vertical construction of 300 Banyan, a 12-story tower with 115,000 rentable square feet of office space, 6,000 rentable square feet of food and beverage space and roughly 300 parking spaces. Completion of 300 Banyan is slated for early 2024. Banyan & Olive will feature amenities such as 15,000 square feet of private office terraces, a golf simulator lounge and a seventh-floor amenity area with a fitness center and open-air lounge. Set in the heart of the Clematis Waterfront District, the buildings are situated near a variety of restaurants, bars, shops, Flagler Park and the boardwalk. — Kristin Hiller
WEST PALM BEACH, FLA. — Tricera Capital has signed new office and retail tenants to join The Press, a mixed-use redevelopment of the former Palm Beach Post campus in West Palm Beach. The project comprises two components: the 120,000-square-foot Shops at the Press and the 136,000-square-foot Workspaces at the Press. The new tenants, which combined will occupy 68,000 square feet, include Salons by JC, interior design firm Calico, health concept Restore Hyper Wellness, Raw Juice, self-storage investor SROA Capital, coworking concept Knotel and mortgage broker Blue Sky Financial. In addition to the new leases, Miami-based Tricera Capital has upsized its loan with Chicago-based Monroe Capital by $19 million to help fund tenant and site improvements. Jason Krane of Ackman-Ziff Real Estate Group arranged the financing on behalf of Tricera Capital.
PORT ST. LUCIE AND STUART, FLA. — A joint venture between PCCP LLC and Grand Peaks has purchased a two-property multifamily portfolio in South Florida. The portfolio comprises the 372-unit Village at Tradition in Port St. Lucie and the 324-unit Harbor Grove in Stuart. Both assets were delivered earlier this year and are currently in lease-up. The seller and sales price were not disclosed. Units at both properties include granite countertops, tile backsplashes, washers and dryers, undermount sinks, gooseneck faucets, stainless steel appliances, recessed lighting, 9-foot ceilings and patios or balconies. Community amenities include 24-hour fitness centers, multi-purpose clubhouses, resort-style swimming pools, exterior storage and children’s play areas.
KISSIMMEE, FLA. — NewPoint Real Estate Capital has provided a $50.7 million loan for the refinancing of Reunion at 400, a 288-unit apartment community in Kissimmee. Marc Cesare of NewPoint originated the 10-year, fixed-rate Freddie Mac loan on behalf of the borrower, an affiliate of American Landmark. Proceeds of the loan, which features six years of interest-only payments, were used to pay off a bridge loan that was set to mature in June 2023. Built in 2020, Reunion at 400 is located off SR-429 and approximately five miles south of Walt Disney World, as well as 20 miles southwest of downtown Orlando. The community features one-, two- and three-bedroom apartments with luxury finishes and screened balconies/solariums in select units. Amenities include a swimming pool, outdoor kitchen with grilling stations, 24-hour fitness center with a yoga studio and smart fitness mirrors, a pet park, clubhouse, package lockers, storage units, electric vehicle charging stations and detached garages.
OVIEDO, FLA. — JLL has arranged the sale of Oviedo Park Crossing, a 186,212-square-foot shopping center located roughly 16 miles northeast of Orlando in Oviedo. The open-air property was fully leased at the time of sale to tenants including Bed Bath & Beyond, T.J. Maxx, Ross Dress for Less, Michaels, Office Depot, PetSmart, Shoe Carnival, Sally Beauty Supply, America’s Best Contacts and Phenix Salon Suites. Situated on 29 acres at 1115 Vidina Place, the shopping center was completed in 1999 and renovated in 2019. The seller and sales price were not disclosed, but SITE Centers Corp.’s second-quarter results disclosed an affiliate sold the asset for $28 million. Brad Peterson and Whitaker Leonhardt of JLL represented the seller in the transaction. Tamer Iskander with Tivoli Cove Capital represented the buyer, a group of Orlando-based private investors, in the deal.