Florida

Terra Receives $291M Financing Package for Centro City Mixed-Use Development in Miami

by Channing Hamilton January 3, 2025

MIAMI — Locally based development firm Terra has received a total of $291 million in permanent financing for the recently completed first phase of Centro City, a 38-acre mixed-use development located just west of Miami’s Little Havana neighborhood. Phase I comprises 350,000 square feet of retail space, as well as three eight-story multifamily buildings that house 470 market-rate apartment units. JVP Management issued a $187 million loan for the development’s multifamily component, while Hudson Bay Capital issued a $104 million loan for the retail component. The funds will be used to pay off the project’s existing construction financing, which was provided by Apollo Global Management and Mack Real Estate Credit Strategies in 2022. A Walker & Dunlop team led by Keith Kurland and Gangemi Law Group represented Terra in the loan transactions. Joe Dewey, Brett Holland, Shawn Amuial, Shaina Kamen and Brian Piper of Holland & Knight provided legal counsel for Hudson Bay Capital. Leasing is underway for the residential component, with the first move-ins slated to begin this March. Apartments come in studio, one- and two-bedroom floor plans ranging between 500 and 1,250 square feet in size. Rents begin at approximately $2,500 per month. Residents will have access to …

January 3, 2025

Development Florida Loans Multifamily Southeast

Estate Cos. Receives $78M Construction Loan for Luxury Apartment Development in Davie, Florida

by John Nelson January 3, 2025

DAVIE, FLA. — The Estate Cos. (EIG), a South Miami-based multifamily developer, has received a $78 million construction loan for its luxury apartment development in the north Miami suburb of Davie. Banesco Bank provided the loan for Phase I of Soleste Reserve, an eight-story property situated on 2.5 acres that features a selection of floor plans ranging from 500 to 1,100 square feet. The new complex will include 94 studios, 165 one-bedroom units, 68 two-bedroom units, seven three-bedroom units and 13 additional live-work apartments on the ground level. The Class A rental community will also include a resort-style pool and pool deck, an open-air rooftop terrace, gym, business center and resident’s lounge. The 347-unit project will take approximately two years to complete. EIG has plans to further develop an eight-story sister project adjacent to Soleste Reserve at 5081 S.W. 48th St.

January 3, 2025

Development Florida Leasing Activity Mixed-Use Restaurant Retail Southeast

Three New Tenants Sign Leases at Nora District in West Palm Beach

by John Nelson January 3, 2025

WEST PALM BEACH, FLA. — Three new tenants have signed leases at The Nora District, a mixed-use project currently underway in West Palm Beach. IGK Salon, Indaco and ZenHippo will occupy 2,347; 2,945; and 1,369 square feet at the property, respectively. The first phase of Nora District — which is being developed by a partnership between NDT Development, Place Projects and Wheelock Street Capital — is scheduled for completion early this year. Upon completion, Phase I will feature 150,000 square feet of retail, office and hospitality space. Committed retail tenants at The Nora District include Del Mar Mediterranean Restaurant, Sana Skin Studio, Mint, The Spot Barbershop, Loco Taqueria & Oyster Bar, H&H Bagels, Van Leeuwen Ice Cream, The Garret Group, Juliana’s Pizza, Sunday Motor Co., Celis Juice Bar and Café and [solidcore].

January 3, 2025

Acquisitions Florida Industrial Southeast

Terreno Realty Acquires Industrial Park in Doral, Florida for $195.6M

by John Nelson January 2, 2025

DORAL, FLA. — Metro Seattle-based Terreno Realty Corp. has acquired Terreno Doral Air Logistics, an industrial park in the Miami suburb of Doral, for $195.6 million. The seller was not disclosed. Located at 7725-7785 N.W. 41st St., the facility is situated near the Palmetto Expressway and Miami International Airport. The property provides 110 dock-high loading positions, 36-foot clear heights, six grade-level loading positions, parking for 528 cars (including 11 electric vehicle charging stations) across three rear-load industrial distribution buildings that span approximately 496,000 square feet. The 23.4-acre property was 76 percent leased at the time of sale to six tenants.

January 2, 2025

Development Florida Loans Office Southeast

Taubco, Landau Secure $74M Construction Loan for Office Project on Miami’s Bay Harbor Islands

by John Nelson January 2, 2025

MIAMI — A joint venture between Taubco and Landau Properties has secured a $74 million construction loan for One Kane Concourse, the only Class A office development on Bay Harbor Islands in Miami. The 125,000-square-foot project is also the only Miami office building that will offer private boat access and dockage. 3650 Capital provided the loan. Located at 9551 E. Bay Harbor Drive, the waterfront building will be situated adjacent to Bal Harbor Shops and feature a ground-floor restaurant, private outdoor space and a rooftop terrace. Miami-based architect Luis Revuelta designed the seven-story office project. Taubco and Landau have tapped Brian Gale, Andrew Trench, Ryan Holtzman and Edward Quinon of Cushman & Wakefield for the leasing assignment at One Kane Concourse. The developers plan to wrap up construction by late 2026.

January 2, 2025

Development Florida Loans Multifamily Southeast

Neology Development Obtains $63.5M Bridge Loan from Starwood for Miami Multifamily Project

by John Nelson January 2, 2025

MIAMI — Neology Development Group has obtained a $63.5 million bridge loan from Starwood Property Trust to pay off the construction loan for Fourteen Main Street Residences, a multifamily development located along downtown Miami’s historic 36th Street. Charles Foschini, Christopher Apone, Lourdes Carranza-Alvarez and Shannon Wilson of Berkadia arranged the financing on behalf of Neology and American Opportunity Zone Advisors, a group led by Peter Linneman. Berkadia also arranged the original $57.5 million construction loan through Churchill Real Estate to fund Neology’s third project in Miami’s Allapattah neighborhood. Upon completion, the development will feature 237 units that will range in size from 450 to 1,000 square feet across two buildings named the Highrise and Midrise. The 14-story Highrise will include studio, one- and two-bedroom floor plans, and the five-story Midrise will include two-bedroom walk-up homes and two-bedroom apartment units. The development will also include ground-level retail space. Amenities will include a multipurpose lobby, coworking spaces, outdoor movie screen, 12,000-square-foot rooftop pool and clubhouse, poolside cabanas, fitness and wellness center, yoga and cardio studio, dog park, bike storage, smart package lockers, parking garage with electric vehicle charging stations and a rideshare lobby. Fourteen Main Street Residences is on track to receiving …

January 2, 2025

Acquisitions Florida Industrial Leasing Activity Southeast

MAG Capital Partners Acquires Sarasota Industrial Facility in Sale-Leaseback Deal

by John Nelson December 24, 2024

SARASOTA, FLA. — MAG Capital Partners, a Dallas-based investment firm led by Dax T.S. Mitchell and Andrew Gi, has acquired a 23,895-square-foot industrial facility located at 6460 Parkland Drive in Sarasota. The firm purchased the asset for an undisclosed price in a sale-leaseback with the tenant and seller, MDC Precision. Andrew Sandquist, JC Asensio and Briggs Goldberg of Newmark represented MDC, which uses the facility for its insulator sealing division, in the transaction. The asset is situated on a 2.2-acre site near the Sarasota-Bradenton International Airport with 1,000 feet of frontage along US Highway 301.

December 24, 2024

Civic Development Florida Southeast

St. Lucie Public Schools Selects Spiezle to Design 217,500 SF Prototype Campus

by John Nelson December 24, 2024

ST. LUCIE, FLA. — St. Lucie Public Schools has selected Spiezle Architectural Group Inc. to provide design services for the school district’s 217,500-square-foot Western Grove K-8 prototype campus. General contractor Wharton-Smith plans to begin construction on the project in February and wrap up by August 2026. The six-building campus will include two-story academic buildings, a two-story administration building, gymnasium, chiller plant with thermal storage and a 33,569-square-foot auditorium/cafeteria that will feature dining facilities, a kitchen, custodial area, stage, band classroom, vocal classroom and an art classroom. Outdoor offerings will include playgrounds, multipurpose field, hard court and dropoff/pickup area. The Western Grove K-8 prototype campus is designed to accommodate nearly 2,000 students.

December 24, 2024

Acquisitions Florida NAI Office Southeast

NAI Miami | Fort Lauderdale Brokers $2.3M Sale of Office Building in Miami’s Pinecrest Village

by John Nelson December 23, 2024

MIAMI — NAI Miami | Fort Lauderdale has brokered the $2.3 million sale of a two-story, 9,192-square-foot office building located at 9703 S. Dixie Highway in the Miami village of Pincecrest. Jeremy Larkin, Joseph Gallaher and Valentina Tawil of NAI Miami | Fort Lauderdale represented the seller, an entity doing business as 9703 Dixie LLC, in the transaction. Robert Eckstein, also with NAI Miami | Fort Lauderdale, represented the undisclosed buyer, which plans to invest in capital improvements to bring the office building to market-ready conditions. According to LoopNet Inc., the property is known as The Pile Building and was originally completed in 1959.

December 23, 2024

Development Florida Hospitality Loans Southeast

Mast Capital, Amzak Obtain $72.5M Loan for Renovation of Saddlebrook Resort in Metro Tampa

by John Nelson December 20, 2024

WESLEY CHAPEL, FLA. — A partnership between Mast Capital and Amzak Capital Management has secured a $72.5 million loan for the renovation of Saddlebrook Resort, a 480-acre hospitality property located in the Tampa suburb of Wesley Chapel. Beachpoint Capital Management provided the loan. Chris Drew, Brian Gaswirth, Jeff Bucaro, Paul Adams, Mark Deslauriers and Nicole Barba of JLL arranged the loan on behalf of the borrowers. The renovation of Saddlebrook Resort is expected to total $92 million and encompass a full-scale redesign of the guestroom suites, lobby, meeting spaces, pool and outdoor facilities, golf course and food-and-beverage destinations, as well as significant upgrades to the resort’s landscaping, sports facilities and lifestyle amenities. Mast Capital first partnered with Amzak Capital to acquire the resort in spring 2022.

December 20, 2024

Newer Posts

Older Posts