Florida

Berkadia Secures Acquisition Financing for 982-Unit Apartment Community in Metro Tampa

by Julia Sanders April 5, 2022

BRANDON, FLA. — Berkadia has secured an undisclosed amount of acquisition financing for The Reserve at Brandon, a 982-unit apartment community in Brandon, about 12.9 miles from Tampa. Brad Williamson, Matt Robbins, Scott Wadler, Mitch Sinberg and Alan Dillman of Berkadia secured a loan on behalf of the borrower, Tampa-based ZMR Capital. MF1 provided a floating-rate bridge financing that is 80 percent loan-to-cost. Built between 1991 and 2002, The Reserve at Brandon offers one-, two- and three-bedroom units ranging from 705 square feet to 1,200 square feet. Unit features include stainless steel appliances, faux granite countertops, a breakfast bar, wood-style vinyl flooring in the common areas, walk-in closets and patios or balconies. Community amenities include a clubhouse, fitness center, three pools with cabanas, playground, tropical landscaping, business center, coffee bar, tennis court, onsite management and 24-hour emergency management. Located at 1918 Plantation Key Circle, the property is situated 21.1 miles from Tampa International Airport.

April 5, 2022

Acquisitions Florida Multifamily Southeast

Trion Acquires Apartment Community in Altamonte Springs, Florida for $49.1M

by Julia Sanders April 4, 2022

ALTAMONTE SPRINGS, FLA. — Los Angeles-based Trion Properties has acquired Altamonte at Spring Valley, a 250-unit multifamily community in Altamonte Springs, for $49.1 million. Ryan Moody, Scott Ramey and Paul Grant of Newmark represented the undisclosed seller in the transaction. Built in 1974, Altamonte at Spring Valley includes 250 one- and two-bedroom apartments averaging 924 square feet. Community amenities include two pool decks with grills and cabanas, a sports and tennis court, fitness center and a dog park. The community was 99 percent occupied at the time of sale. Located at 693 Wymore Road, the property is situated 9.4 miles north of Orlando and 29.2 miles from Orlando International Airport.

April 4, 2022

Development Florida Industrial Loans Southeast

Berkadia Secures $20M Construction Loan for Warehouse Project in Miami

by Julia Sanders March 31, 2022

MIAMI — Berkadia has secured $20 million in construction financing for HRP Medley, an upcoming warehouse project in Miami’s Medley submarket totaling 174,348 square feet. Charles Foschini and Christopher Apone of Berkadia secured the financing on behalf of the owners, Chicago-based Hilco Redevelopment Partners and New York-based Edge Principal Advisors. CIBC provided the three-year, interest-only non-recourse loan with two 12-month extension options and a 65 percent loan-to-cost ratio. HRP Medley will be a front-load, Class A warehouse with features including 32-foot clear heights, bay sizes of 54 feet by 43 feet, 42 exterior doors, four drive-in doors, emergency egress lighting, supervisor fire alarm, ESFR fire sprinkler system, warehouse air ventilation and 157 parking spaces. Construction is slated to begin this summer. Located at 11002 NW South River Drive on 8.5 acres, HRP Medley will offer access to Palmetto Expressway, Florida Turnpike and Interstate 75. The property will also be 17.3 miles from downtown Miami.

March 31, 2022

Acquisitions Florida Multifamily Southeast

Inman Equities Sells Kabana Cove Apartments in Jacksonville for $8.6M

by Julia Sanders March 31, 2022

JACKSONVILLE, FLA. — Inman Equities has sold Kabana Cove Apartments, an 80-unit multifamily property in Jacksonville, for $8.6 million. Luke McCann and John Rutherford of NAI Hallmark brokered the transaction on behalf of Inman Equities and the buyer, Investor Boardroom. Built in 1974, the property offers 64 two-bedroom, one-bath units and 16 one-bedroom, one-bath units. Community amenities include a clubhouse, laundry facilities and package services. Inman Equities recently renovated the exterior of the property, including new paint, landscaping and pool upgrades. Located at 6595 San Juan Ave. on 3.1 acres, Kabana Cove is situated 8.4 miles from Florida State College at Jacksonville and 20.4 miles from Jacksonville International Airport.

March 31, 2022

Affordable Housing Development Florida Multifamily Southeast

Wendover Housing, Universal Parks Plan Affordable Housing Development in Orlando

by Julia Sanders March 30, 2022

ORLANDO, FLA. — Altamonte Springs, Fla.-based Wendover Housing Partners and Universal Parks & Resorts, a part of Comcast NBCUniversal, have plans to develop Universal’s Housing for Tomorrow initiative, a new approach aimed at helping address the shortage of affordable housing in Orlando. Universal pledged 20 acres of land in Orlando’s tourist corridor to be used for 1,000 units of affordable and mixed-income housing. The company selected Wendover Housing Partners to develop and manage the community. Named Catchlight Crossings, community amenities will include onsite, tuition-free preschool; onsite medical offices; a transportation center for buses, ridesharing and employer shuttles; a 16,000-square-foot retail area; community event space; technology cafés; a makerspace for hobbies, activities and educational events; community gardens; bike and walking paths; neighborhood food pantry; fitness center; game room; playground; two resort style pools; and grilling gazebo. The development plans were submitted to the Orange County Planning and Development department this week.

March 30, 2022

Development Florida Loans Mixed-Use Southeast

LV Lending Provides $24M Refinancing for Mixed-Use Development in Wellington, Florida

by Julia Sanders March 30, 2022

WELLINGTON, FLA. — Miami-based LV Lending has provided a $24 million loan for the refinancing of Lotis Wellington, a 64-acre mixed-use development underway in Wellington. Camilo Niño, Ricardo Uribe and Alen Hernandez of LV Lending worked with Sean Harrington of The Aztec Group to originate the loan on behalf of Lotis Wellington LLC, an affiliate of Lotis LLC and owned by JKM Wellington Capital LLC. The loan terms were not disclosed. The borrower acquired the Lotis Wellington site for $14.3 million in January 2019. The approved master-planned, mixed-use project features 191 apartments, 23,810 square feet of retail space, 17,203 square feet of professional office space, two signature restaurants, 40,000 square feet of medical offices, an early learning center and two senior living facilities. Construction began in January 2022 with the first restaurants scheduled to open in late 2022. Located at 1351-1381 South State Road 7, the property is situated adjacent to Wellington Regional Hospital.

March 30, 2022

Acquisitions Florida Office Southeast

Franklin Street Brokers $9.3M Sale of Office Property in North Miami Beach, Florida

by Julia Sanders March 30, 2022

MIAMI BEACH, FLA. — Franklin Street has brokered the $9.3 million sale of North Miami Beach Financial Center, a two-story office building leased in North Miami Beach. Ivan Herrera of Florida Royalty Investments Group LLC acquired property from Alberto Lensi of Addi Properties. Adam Tiktin and Greg Matus of Franklin Street represented the seller in the transaction. Built in 1972, North Miami Beach Financial Center is located in an opportunity zone and features a two-story Regions Bank branch. The SAE Institute has also been a tenant of the building since 2002. The property features fundamentals including 675 feet of frontage along West Dixie Highway, easy access and parking. Located at 16051 W. Dixie Highway, the property is situated about 17 miles from Miami International Airport and downtown Miami.

March 30, 2022

Acquisitions Florida Industrial Southeast

AGS Properties Acquires 112,000 SF Last-Mile Industrial Facility in Metro Tampa

by Julia Sanders March 29, 2022

GIBSONTON, FLA. — AGS Properties has acquired a newly constructed, last-mile delivery facility located within Tampa Regional Industrial Park in Gibsonton, about 15.6 miles from Tampa. Tampa Regional Industrial Park is a master-planned distribution park that totals 1.4 million square feet and includes tenants such as Republic National Distributing Co. and Siemens Corp. Mike Davis, Rick Brugge, Rick Colon, Dominic Montazemi, Zachary Eicholtz and Kayla Hankins of Cushman & Wakefield represented the undisclosed seller in the transaction. The sales price was not disclosed. Built in 2022, the facility totals 112,000 square feet and was fully leased at the time of sale to an unnamed e-commerce company. Property amenities include LED lighting, 32-foot minimum clear heights, a 9 per 1,000-square-foot parking ratio and direct access to Interstate 75, U.S. Highway 41 and the Port of Tampa. The facility also offers future development capabilities through a 44,000-square-foot expansion of the existing facility and construction of an additional 198,000-square-foot facility. Located at 13010 Bay Industrial Drive, the property is situated 25.4 miles from Tampa International Airport.

March 29, 2022

Florida Loans Retail Southeast

Concord Summit Capital Secures $16M Refinancing for Shopping Center in Delray Beach, Florida

by Julia Sanders March 29, 2022

DELRAY BEACH, FLA. — Concord Summit Capital LLC has secured a $16 million loan for the refinancing of Bed Bath & Beyond Plaza, a shopping center in Delray Beach. The Florida-based sponsor, Berta Management, will use the bridge loan to construct a new Starbucks store, provide for capital improvements and pay off existing debt. Massachusetts-based Seven Hills Realty Trust provided the non-recourse loan. Justin Neelis and Daniel Rojo of Concord Summit Capital LLC sourced the financing on Berta Management’s behalf. Bed Bath & Beyond Plaza was 86 percent leased at the time of financing to a newly renovated Bed Bath & Beyond and a CVS/pharmacy, which was built in 2018. The property also features tenants including Enterprise, Marios Market, Agapi Gourmet, Jack’s Pizza, Philly Grill, USPS, JN Nails and Celebrity Dry Cleaning. The Starbucks will be built as an outparcel facing Atlantic Avenue. Site work is underway, and once construction is completed, the shopping center will total 86,043 square feet of leasable space. Built in 1981 at 14802 S. Military Trail, the shopping center is situated seven miles from Boca Raton and Boca Raton Airport.

March 29, 2022

Acquisitions Florida Retail Southeast

CBRE Arranges Sale of 146,759 SF Shopping Center in Boynton Beach, Florida

by Julia Sanders March 28, 2022

BOYNTON BEACH, FLA. — CBRE has arranged the sale of Shoppes at Woolbright, a 146,759-square-foot shopping center in Boynton Beach. Casey Rosen, Dennis Carson, Chris Bosworth, Will Pike and Brian Pfohl of CBRE represented the seller, Des Moines, Iowa-based Principal Real Estate Investors. New York-based The Georgetown Co. acquired the property for an undisclosed price. Built in 2008, the property was 99 percent leased at the time of sale with Publix as the anchor tenant. The shopping center is located at 10935 Jog Road at the intersection of Jog and Woolbright roads. The property is situated 17.1 miles from Boca Raton and 8.4 miles from Delray Beach.

March 28, 2022

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