Florida

CBRE Arranges $5.6M Sale of Cypress Creek Business Park in Fort Lauderdale

by Julia Sanders April 7, 2022

FORT LAUDERDALE, FLA. — CBRE has arranged the sale of Cypress Creek Business Park, two office and flex buildings totaling 55,825 square feet in Fort Lauderdale. Adler Development Acquisitions LLC purchased the property for $5.6 million. Tom O’Loughlin, Larry Genet and Michael Oretsky of CBRE represented the seller, Mississippi-based EastGroup Properties, in the transaction. Located at 6555 Powerline Road, the two buildings have multiple suites ranging from 2,000 square feet to 4,000 square feet. Constructed in 1985, the property received recent capital upgrades, including new roofs, landscaping, renovated suites, exterior LED lighting and striped and sealed parking lots. The property is situated close to Interstate 95 and the Florida Turnpike (State Road 91).

April 7, 2022

Florida Loans Multifamily Southeast

CBRE Secures $71.3M Acquisition Loan for Multifamily Property in Tampa Bay Area

by Julia Sanders April 6, 2022

CLEARWATER, FLA. — CBRE has secured $71.3 million in acquisition financing for Genesis Apartments, a 372-unit multifamily property in Clearwater. Eric Fixler and Chandler Kaye of CBRE arranged the loan on behalf of the borrower, a private investor. The senior loan includes layered mezzanine financing representing a 87 percent loan-to-cost ratio. Built in 1972, Genesis Apartments is a 22-building property featuring one-, two-, and three-bedroom units averaging 920 square feet. Community amenities include a pool, fitness center, car care center, tennis court and a clubhouse with a café. Located at 530 Fairwood Ave., the property is 18.7 miles from St. Petersburg and 18.4 miles from Tampa.

April 6, 2022

Acquisitions Florida Multifamily Southeast

Waterton Acquires 216-Unit Apartment Community in Boynton Beach, Florida

by Julia Sanders April 6, 2022

BOYNTON BEACH, FLA. — Chicago-based Waterton has acquired Verona at Boynton Beach, a 216-unit apartment community in Boynton Beach. The seller and sales price were not disclosed. Built in 2002, Verona at Boynton Beach offers 72 one-bedrooms, 108 two-bedrooms and 36 three-bedroom floorplans. The units average 1,097 square feet in size. Unit features include nine-foot ceilings, upgraded finishes and full-size washers and dryers in every unit. Community amenities include a clubhouse, business center, fitness center, dog park, pet wash station, playground, pool, package center, barbecue and picnic areas. The new owner plans to complete renovations on the property, including enhancements to the amenity package and refreshed residence finishes. Located at 1575 SW 8th St. on 14.2 acres, the property is 6.5 miles from Delray Beach and 11.2 miles from Boca Raton Airport.

April 6, 2022

Florida Loans Multifamily Southeast

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

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