MIAMI — Trez Capital has restructured its Florida operations by closing its Palm Beach office with plans to open a new office in metro Miami under new regional leadership. The firm is ending its current joint venture partnership in the South Florida market as part of the restructuring. Under the continued direction of Trez Capital’s global head of origination, John Hutchinson, the firm will continue building upon its existing market relationships, servicing borrowers, real estate owners and brokers in the Southeast. “Florida and the Southeast remain an incredibly important part of Trez Capital’s business. We have established solid roots in the region and will continue our expansion by investing in our people, reinforcing our ‘boots-on-the-ground’ strategic approach and dedication to our investors,” says Hutchinson. “Our ability to leverage our team’s local market knowledge and varied experience no matter the geographic location has yielded trusted, well-established relationships throughout the country. I am excited about what the future holds for the Florida market and continuing what we do best: delivering results for investors and borrowers.” Trez Capital has over $5.3 billion in assets under management, has originated over 1,700 loans totaling more than $16.5 billion funded since its inception and has nearly …
SARASOTA, FLA. — JBM Institutional Multifamily Advisors has secured the $115 million sale of Longitude 82, a 360-unit apartment community located in Sarasota. Irvine, Calif.-based Passco Cos. sold the community to an undisclosed buyer. Built in 2017 on 32.6 acres, Longitude 82 includes units with open floor plans averaging 971 square feet. Amenities include a resort-style, saltwater pool; 24-hour fitness center with Precor equipment; dog park; package lockers; valet trash; shaded children’s playground; car care center; and garages available for rent. This is the second time JBM has brokered the sale of the apartment community.
BONITA SPRINGS, FLA. — JBM Institutional Multifamily Advisors has arranged the sale of Versol, a 240-unit multifamily property located in Bonita Springs. TerraCap Management sold the property to an undisclosed buyer for $87.3 million. Sitting on 27.4 acres, the community features amenities including a pool, clubhouse, fitness center, outdoor kitchen, bocce ball court, Amazon Hub package lockers, and storage units and garages for rent.
MIAMI — Related Group and Rockpoint have broken ground on WNWD21, a mixed-use project located in the Wynwood neighborhood of Miami. Upon completion, which is scheduled for the third quarter of 2024, the development will comprise two 12-story buildings with 304 apartments, 18,000 square feet of retail and 63,000 square feet of office space. Apartment units will feature studio, one-, two- and three-bedroom layouts, with amenities including a rooftop pool deck, health and wellness facilities, private theater and music room, resident-only dining, coworking space and an art collection. Cohen Freedman Encinosa & Associates Architects will act as architect for the project, with interior design by iddi Design. Beauchamp Construction Co. is the builder.
MIAMI — Berkadia has arranged a $36.2 million loan for the acquisition of Cube WYNWD, an office building in the Wynwood neighborhood of Miami. Located at 230 NW 24th St., the building comprises 90,000 square feet of office space and 10,000 square feet of retail space. Scott Wadler of Berkadia secured the financing on behalf of the borrower, a joint venture between San Francisco-based Brick & Timber and Philadelphia-based Argosy Capital Partners. JP Morgan provided the five-year, fixed-rate loan, which features interest-only payments for the full term.
BOCA RATON, FLA. — Cushman & Wakefield has arranged the $92 million refinancing of Aura Boca, a recently completed, 322-unit apartment community located at 789 W. Yamato Road in Boca Raton. MetLife Investment Management provided the fixed-rate loan on behalf of the borrower, institutional investors advised by J.P. Morgan Global Alternatives. Steven Kohn, Alex Hernandez, Alex Lapidus and Chris Meloni of Cushman & Wakefield arranged the loan. Amenities at Aura Boca include a fitness center, pool with waterfall, tanning ledge, Jacuzzi, private cabanas, enclosed bicycle storage and an onsite parking garage.
TAMPA, FLA. — SRS Real Estate Partners’ National Net Lease Group has brokered the $3.8 million sale of a 2,500-square-foot, single-tenant retail property in Tampa that is occupied by Starbucks Coffee. Located at 4418 W. Gandy Blvd., the property was recently developed and is under a 10-year corporate-guaranteed lease. The store is situated on a one-acre site and features a drive-thru. Patrick Nutt, William Wamble and Daniel Becker of SRS represented the seller, Alliant Partners LLC, in the transaction. The buyer was a South Florida-based private investor that was in a 1031 exchange and paid all-cash for the asset.
MIAMI — The Chetrit Group, a privately held New York City-based developer, plans to develop The River District, a 4 million-square-foot mixed-use destination in Miami. The project will span more than six acres along the Miami River waterfront. Total development costs will exceed $1 billion, according to Bloomberg. The Chetrit Group previously secured a $310 million loan from Madison Realty Group to fund the project’s first two phases of construction. Occupying the delta between I-95, Southwest Second Avenue and Jose Marti Park, The River District will feature four ground-up skyscrapers — a condominium tower, office tower and two high-rise apartment buildings — as well as a pair of two-story waterfront retail buildings, a marina and new streetscapes. Overall the project will comprise 1,600 residences, an undisclosed amount of Class A office space, 30,000 square feet of retail space, a boat marina that can accommodate 60-foot vessels, 2,000 covered parking spots and restaurants and nightlife venues. “The River District is going to create a riverwalk experience for the first time in the city, and we expect to completely transform how people in the area live, work and play,” says Michael Chetrit, principal of Chetrit Group. The first building to come to …
TAMPA, FLA. — Colliers Mortgage has provided a Fannie Mae loan for the acquisition of French Quarter Apartments, a 57-unit multifamily community in Tampa. Built in 1968, the market-rate property features one- and two-bedroom units, as well as laundry facilities, a picnic area, barbecue grills, Spanish-speaking staff and a pool. Fritz Waldvogel of Colliers Mortgage’s Minneapolis office originated the seven-year loan on behalf of the undisclosed borrower.
PENSACOLA BEACH, FLA. — JLL has arranged the $110 million refinancing for two adjacent beachfront hotels totaling 481 rooms in Pensacola Beach. The properties include the 275-room Hilton Pensacola Beach and the 206-room Holiday Inn Resort Pensacola Beach. Located at 12 and 14 Via De Luna Drive, both hotels have approximately 300 square feet of frontage along Pensacola Beach. Jeff Bucaro, Maddie Blount and Mark DesLauries of JLL’s Hotels & Hospitality team represented the borrower, Innisfree Hotels, in securing the five-year, fixed-rate loan with flexible repayment options through an unnamed regional bank. The loan proceeds were used to pay off a maturing CMBS loan that JLL secured 10 years ago. In addition, the loan included over $18 million for future capital improvements and $23 million of cash back to the sponsorship. This transaction represents over $500 million that JLL has secured on behalf of Innisfree Hotels.