Florida

Trez Capital Provides $42.2M Construction Loan for Ritz-Carlton Residences in Orlando

by Julia Sanders March 22, 2022

ORLANDO, FLA. — Trez Capital has provided a $42.2 million construction loan for The Ritz-Carlton Residences, Orlando, Grande Lakes project. Ben Jacobson of Trez Capital originated the loan on behalf of the borrower and project developer, Unicorp National Developments Inc. The Ritz-Carlton Residences will offer 37 three- and four-bedroom residences with pools in a gated community. Community amenities will include a private, owners-only clubhouse; full-service spa; 18-hole golf course; 11 restaurants and bars; water sports and hiking and nature trails. Located at 4012 Central Florida Parkway, the project is situated 20.2 miles from downtown Orlando and 9.3 miles from Orlando International Airport. The project is part of the Grande Lakes master-planned community, which includes the Ritz-Carlton Orlando Grande Lakes resort.

March 22, 2022

Acquisitions Florida Hospitality Southeast

Marcus & Millichap Brokers Sale of 100-Room Hotel in West Melbourne, Florida

by Julia Sanders March 22, 2022

WEST MELBOURNE, FLA. — Marcus & Millichap has brokered the sale of Holiday Inn Express & Suites, a four-story, 100-room hotel in West Melbourne. Leo Reilly, Robert Hunter and Scott Havericak of Marcus & Millichap represented the seller, an undisclosed limited liability company, in the transaction. Reilly and Hunter also procured the buyer, a Massachusetts-based undisclosed limited liability company. The sales price was not disclosed. Built in 2018, Holiday Inn Express & Suites offers property amenities including an onsite business center, 24-hour fitness center, heated outdoor pool and whirlpool, shuttle service, a meeting space and laundry facilities. The property has standard room rates starting around $199 per night. Located at 2255 W Coastal Lane, the hotel property is located off US-192, Interstate 95 and Highway 500. The property is also located on Florida’s Space Coast and is 45.1 miles from the Kennedy Space Center.

March 22, 2022

Acquisitions Florida Mixed-Use Multifamily Office Retail Southeast Top Stories

CIM Group Sells Strata Wynwood Mixed-Use Development in Miami

by John Nelson March 22, 2022

MIAMI — CIM Group, a commercial real estate developer, owner and lender based in Los Angeles, has sold Strata Wynwood, a mixed-use development in Miami’s Wynwood district. The buyer and sales price were not disclosed. The recently completed development spans a full city block and comprises two 12-story towers totaling 257 apartments, 27,040 square feet of retail space and an onsite parking garage with 474 spaces. CIM Group and co-developer One Real Estate Investment, a privately owned real estate investor and developer based in Miami, opened the property in October. Situated along North Miami Avenue and bounded by 22nd and 23rd streets, Strata Wynwood’s two towers feature retail space on the ground levels, three floors of offices and eight floors of apartments. “We were able to seamlessly blend these elements into an exceptionally functional and architecturally appealing property that enhances the dynamic Wynwood District,” says Shaul Kuba, co-founder and principal of CIM Group. Strata Wynwood’s apartments range from studios to three-bedroom units. Residential amenities include a 24-hour fitness center, swimming pool with cabanas, lounge areas, grilling stations, open-air theater, music room and coworking spaces. The apartments, offices and retail space feature floor-to-ceiling windows that maximize natural light. Additionally, locally based …

March 22, 2022

Development Florida Multifamily Southeast

BLD Group, JSB Capital Break Ground on 336-Unit Apartment Project in Central Florida

by Julia Sanders March 21, 2022

WILDWOOD, FLA. — Fort Lauderdale, Fla.-based BLD Group and JSB Capital Group have broken ground on Wildwood Apartments, a 336-unit garden-style apartment community in Wildwood, about 51.3 miles from Orlando. Construction is slated for completion by fall 2023. Wildwood Apartments will include one-, two- and three-bedroom units with stainless steel appliances, granite countertops, wood vinyl flooring throughout living areas, tile backsplashes, full-size washers and dryers, walk-in closets, tile shower surrounds and linen closets. Community amenities will include a resort-inspired swimming pool, clubhouse, barbecue area, game room, dog park and private work booths. The community will also have a club-quality fitness studio with a yoga and Pilates studio. The community is immediately adjacent to The Villages, the 55-plus community with a population of over 130,000 residents. The apartment project is also close to a variety of commercial offerings, including Publix, Winn-Dixie and Lowe’s Home Improvement.

March 21, 2022

Acquisitions Florida Multifamily Southeast

Berkadia Arranges Sale of 224-Unit Multifamily Community in Tampa

by Julia Sanders March 21, 2022

TAMPA, FLA. — Berkadia has arranged the sale and financing of The Place at Carrollwood, a 224-unit multifamily property in Tampa. Jason Stanton, Matt Mitchell, Greg Rainey, Cole Whitaker, David Etchison, Mary Beale and Lauren Gassie of Berkadia represented the seller, Chicago-based Redwood Capital Group. Scott Wadler and Matt Nihan of Berkadia secured an undisclosed amount of acquisition financing through ACRE on behalf of the buyer, Beacon Real Estate Group. Built in 1984, The Place at Carrollwood offers one- and two-bedroom apartments ranging from 629 square feet to 1,050 square feet. Individual units feature fireplaces, kitchen pantries, modern appliances, designer flooring, walk-in closets and balconies or patios. Community amenities include a pool with poolside grilling, fitness center, boardwalk, 24-hour laundry center, car care station, a playground, on-call maintenance and a nature preserve. Located at 4949 Marbrisa Drive, the property is 11.7 miles from downtown Tampa and 6.8 miles from Tampa International Airport. The property is also close to Veteran’s Expressway/589, Citrus Park Mall and Busch Gardens.

March 21, 2022

Florida Retail Southeast

BoConcept Signs Retail Lease at Gateway at Wynwood in Miami

by Julia Sanders March 21, 2022

MIAMI — BoConcept, a furniture retailer, has signed a 3,000-square-foot lease at The Gateway at Wynwood, an office building in Miami. Alex Cesar of CBRE represented the landlord of The Gateway at Wynwood, R&B Realty Group in the transaction. Drew Schaul of CBRE represented BoConcept. BoConcept is the first retail tenant at The Gateway at Wynwood and will occupy a ground-floor retail space at the newly opened office building. The Danish retail furniture chain has more than 300 stores in over 65 countries around the world, and this will be the company’s fifth store in South Florida. The Miami store is expected to open by the fall.

March 21, 2022

Acquisitions Florida Multifamily North Carolina South Carolina Southeast

Arch Cos. Sells Multifamily Portfolio in Carolinas, Florida for $199M

by Julia Sanders March 18, 2022

NEW YORK CITY — Arch Cos. has sold 1,993 multifamily units across six properties in Winston-Salem, N.C.; Spartanburg, S.C.; and Jacksonville, Fla. The sales price was $199 million. The buyer was not disclosed. Arch Cos. invested more than $15.5 million in capital expenditures in the properties and renovated 59 percent of all units over the past two years. The properties in the sale include The Arlington, The Arcadian and The Charleston in Winston-Salem; The Abner in Spartanburg; and Riverbank and Midtown Oaks in Jacksonville. Jeffrey Julien, Roberto Casas, Vic Ciancetta, Bill Weber, Bill Shippen and Denise Fansler of JLL represented Arch Cos. in the portfolio transaction. Other agents involved in the transaction include Kay Hill and Bern DuPree of Furman Capital Advisors and John Rutherford of NAI Hallmark.

March 18, 2022

Florida Hospitality Loans Southeast

Hall Structured Finance Provides $29.4M Refinancing for Serena Hotel in Aventura, Florida

by Julia Sanders March 17, 2022

AVENTURA, FLA. — Dallas-based Hall Structured Finance (HSF) has provided a $29.4 million loan for the refinancing of Serena Hotel, a Tapestry Collection Hotel by Hilton in Aventura. Locally-based Rieber Developments is the owner and developer of the hotel, and Driftwood Hospitality Management is the property manager. Dmitry Levkov and Jeffrey Donnelly of Colliers sourced the financing for the project. Built in 2021, Serena Hotel is a 100-room hotel that features 12-foot ceilings, luxury interior finishes and 34 extended stay guestrooms. Onsite amenities include a restaurant and lounge with a Michelin-rated chef, rooftop bar, outdoor pool and bar, meeting spaces, fitness center and lobby workstations. Additionally, the property is LEED Gold certified. Located at 2820 NE 214th St., the hotel is situated 13.7 miles from Fort Lauderdale, 8.8 miles from Fort Lauderdale-Hollywood International Airport and 21.9 miles from Miami Beach. The property is also located in the Aventura medical district within a mixed-use development including medical offices, ground-level retail and structured parking. HSF’s bridge loan financing program targets existing hotel properties and serves to complement its hotel and multifamily construction loan programs. HSF expects to close over $600 million in new loans in 2022, through a combination of new hotel …

March 17, 2022

Acquisitions Florida Office Southeast

CBRE Arranges Sale of 57,790 SF Office Property in Metro Miami

by Julia Sanders March 17, 2022

CORAL GABLES, FLA. — CBRE has arranged the sale of 2990 Ponce, a 57,790-square-foot office building in Coral Gables, about six miles from Miami. Black Diamond Equities LLC, an affiliate of Mexico-based BEA Equities, purchased the property for an undisclosed price. Christian Lee, Amy Julian and Tom Rappa of CBRE Capital Markets represented the undisclosed sellers. 2990 Ponce is a six-story building with 6,617 square feet of ground-floor retail space. Built in 2012, the property features contemporary finishes, a floor-to-ceiling curved glass curtain wall and a rooftop lounge offering views of Coral Gables and downtown Miami. The property’s tenants include Zubi Advertising, FirstBank Puerto Rico, Hunt Mortgage Group, Mas Group, Altermark and Collection Hair Studio. Located at 2990 Ponce De Leon Blvd., the property is situated 13 miles from Miami Beach, 2.5 miles from the University of Miami and 5.5 miles from Miami International Airport.

March 17, 2022

Acquisitions Florida Office Southeast Top Stories

CP Group, Related Fund Acquire Las Olas Square Office, Retail Complex in Fort Lauderdale for $144.5M

by Taylor Williams March 17, 2022

FORT LAUDERDALE, FLA. — A partnership between locally based office owner-operator CP Group and New York City-based investment manager Related Fund Management has acquired Las Olas Square, an office and retail complex in Fort Lauderdale. The sales price was $144.5 million, according to The South Florida Business Journal. The local news outlet also reports that the seller was a partnership between Steelbridge Capital, Square2 Capital and Apollo Global Management. Las Olas Square consists of a 17-story office building and a three-story office and retail building. Combined, the two buildings total 267,000 square feet. The larger office building features structured parking, meeting and conference facilities, and newly created outdoor amenity spaces. The previous owner recently completed a multimillion-dollar renovation of the lobby, common areas and restrooms. Suites are equipped with motion-activated lighting systems and floor-to-ceiling windows. Retail tenants at Las Olas Square include restaurant Del Frisco’s Grille, Truist Bank and Spaces, a coworking concept. Part of the appeal of Las Olas Square is the strong pipeline of multifamily developments that are underway in the area, as well as the location at a “main and main” intersection within the city’s urban core, according to Brett Reese, senior vice president at CP Group. …

March 17, 2022

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