Florida

Neology Development Receives $84.5M Loan for Julia Apartments in Miami

by John Nelson January 20, 2025

MIAMI — Neology Development Group has received an $84.5 million loan for The Julia Residences, a 14-story apartment tower that recently delivered in Miami’s Allapattah neighborhood. Affiliates of Apollo provided the permanent loan. The borrower obtained its TCO for the development last May and stabilized the community at 97 percent occupancy by October. Named after historic Miami businesswoman Julia Tuttle, the $140 million Julia Residences features 323 apartments and 13,000 square feet of retail space on the ground level. The property is located at 1625 N.W. 20th St., within walking distance of Jackson Memorial Hospital and the Civic Center Metrorail Station.

January 20, 2025

Development Florida Loans Multifamily Southeast

Northmarq Arranges $43.9M Construction Loan for Gibsonia Gardens Apartments in Lakeland, Florida

by John Nelson January 20, 2025

LAKELAND, FLA. — Northmarq has arranged a $43.9 million construction loan for Gibsonia Gardens, a 276-unit apartment community underway at 6508 US Highway 98 N in Lakeland. Bob Hernandez of Northmarq arranged the three-year loan on behalf of the borrower, a repeat client, through a correspondent lender. The sponsor and direct lender were not disclosed. The apartment community is set for completion in 2026.

January 20, 2025

Acquisitions Florida Industrial Loans Southeast

Patterson Secures Acquisition Financing for 181,100 SF Industrial Portfolio in Tallahassee

by John Nelson January 17, 2025

TALLAHASSEE, FLA. — Patterson Real Estate Advisory Group has arranged a loan of an undisclosed amount on behalf of Albany Road Real Estate Partners for Capital Circle Commerce Park, a six-building industrial portfolio totaling 181,100 square feet in Tallahassee. Ameris Bank is providing the acquisition loan. The portfolio, which was 99 percent leased at the time of sale, is situated less than 10 miles from the Tallahassee International Airport and includes IOS parking for current tenants as well as any future third-party parking needs.

January 17, 2025

Acquisitions Florida Retail Southeast

Marcus & Millichap Arranges $9.7M Sale of Retail Center in Metro Miami

by John Nelson January 17, 2025

DORAL, FLA. — Marcus & Millichap has arranged the $9.7 million sale of Doral Shops & Professional Center, a retail center located in the western Miami suburb of Doral. Scott Sandelin and Edward Romo of Marcus & Millichap represented the seller and procured the buyer in the deal. Situated at 3655 NW 107th Ave., the multi-tenant property spans 15,314 square feet. Nine tenants are operating on a triple-net leased basis at the property, including South Dental Doral, Doral Physical Therapy, Uni K Wax and Venezuelan restaurant La Coriana.

January 17, 2025

Development Florida Restaurant Retail Southeast Top Stories

Miami Marlins, Cordish Partner to Develop Miami Live! Entertainment Destination at loanDepot Park

by Kristin Harlow January 15, 2025

MIAMI — Major League Baseball’s Miami Marlins have formed a partnership with The Cordish Companies to develop Miami Live! at loanDepot Park, the home ballpark of the Marlins. The entertainment destination in the city’s Little Havana neighborhood will feature indoor-outdoor dining and entertainment spaces aimed at elevating the fan experience, including year-round space activations. The official opening of Miami Live! is anticipated for early 2026. LoanDepot Park opened in 2012 and hosts events such as the World Baseball Classic, Caribbean Series and Choque de Gigantes in addition to Marlins home games. “This project represents our commitment to our community, as we develop our ballpark’s campus to feature dining, entertainment and gathering options for everyone to enjoy,” says Bruce Sherman, Miami Marlins chairman and principal owner. The Marlins organization has prioritized sustainability and inclusivity in its design, including features such as energy-efficient lighting, accessible pathways and community art installations. Miami-Dade County Mayor Daniella Levine Cava emphasizes that the privately financed project comes at zero cost to taxpayers. The project is being developed and designed in partnership with Cordish, which is known for its sports-anchored mixed-use developments. Cordish has partnered with many of the country’s professional sports franchises, including the St. Louis …

January 15, 2025

Development Florida Hospitality Loans Southeast

Bayview PACE Provides $137M C-PACE Financing for Westin Cocoa Beach Resort Development

by John Nelson January 14, 2025

COCOA BEACH, FLA. — Bayview PACE has provided $137 million in C-PACE financing for the development of Westin Cocoa Beach Resort & Spa, a $420 million hospitality development located at 100 N. Atlantic Ave. in Cocoa Beach. Coral Gables, Fla.-based Driftwood Capital is the borrower and developer behind the 502-room development, which is slated to open in early 2027. In addition to the C-PACE loan, Driftwood Capital obtained $70 million in construction financing from City National Bank of Florida and a $50 million credit facility from Amerant Bank, bringing the new capital infusion to a combined $257 million. Construction is currently underway on the Marriott-branded project, which will feature 11 food-and-beverage venues and 123,700 square feet of indoor/outdoor meeting space in addition to the hotel rooms and wellness features. The transaction represents the largest C-PACE deal in Florida and the third-largest hospitality C-PACE loan in the United States, according to Bayview PACE. Commercial property assessed clean energy financing (C-PACE) has become a viable financing method for developers as the loan becomes an assessment that borrowers pay with their tax bill. These loans also pay for energy and water upgrades in new construction and rehabilitation projects, including retroactively.

January 14, 2025

Acquisitions Florida Seniors Housing Southeast

Titan Development Sells Three Seniors Housing Communities in Central Florida

by John Nelson January 14, 2025

THE VILLAGES AND WINTER PARK, FLA. — Titan Development has sold a portfolio of three seniors housing communities in Central Florida. The properties include Watercrest Buena Vista and Watercrest Spanish Springs in The Villages and Watercrest Winter Park in Winter Park. AEW Capital Management acquired the 416-unit portfolio for an undisclosed price. JLL represented Titan in the sale. Additionally, JLL is arranging acquisition financing for two of the properties on behalf of the buyer. Built in 2018, Watercrest Buena Vista features 224 residences, with 118 independent living, 74 assisted living and 32 memory care units. Amenities at the community include underground parking, a heated pool, fitness center, salon, media room, bistro and bar and a golf cart charging station. Watercrest Spanish Springs, which opened in 2016, comprises 86 assisted living and memory care units. Amenities at the property include restaurant-style dining, gathering areas, salon services and wellness and exercise programs. Built in 2019, Watercrest Winter Park is an assisted living and memory community that totals 106 units. AEW Capital Management will retain the current, third-party operator of the properties, Watercrest Senior Living.

January 14, 2025

Acquisitions Florida Industrial Southeast

Dalfen Acquires Two Industrial Facilities in Orlando, Tampa Totaling 67,420 SF

by John Nelson January 10, 2025

ORLANDO AND TAMPA, FLA. — Dalfen Industrial has purchased two fully leased industrial facilities in Orlando and Tampa totaling 67,420 square feet. The properties include a 35,100-square-foot facility at Orlando Central Park and a 32,320-square-foot property within Pinebrooke Business Park in east Tampa. Colliers’ industrial capital markets team represented Dalfen in the transaction. The seller and sales price were not disclosed. Dalfen plans to “significantly” expand its presence in the Florida market over the next 12 months, according to the Dallas-based firm.

January 10, 2025

Acquisitions Florida Industrial Southeast

JLL Brokers Sale of 513,560 SF Industrial Park in Orlando

by John Nelson January 8, 2025

ORLANDO, FLA. — JLL has brokered the sale of a 513,560-square-foot industrial park located in Orlando’s Northwest Orange County submarket. LaSalle Investment Management purchased the property from an affiliate of PGIM Real Estate for an undisclosed price. Luis Castillo, Cody Brais and Taylor Osborne of JLL brokered the transaction. Built in 2018-2019, the five-building park represents Phase I of Princeton Oaks and was fully leased to 15 tenants at the time of sale. Justin Ruby and Joey Woodman of Foundry Commercial spearhead the leasing assignment at Princeton Oaks.

January 8, 2025

Acquisitions Florida Retail Southeast

Plaza Advisors Negotiates Sale of 47,653 SF Shopping Center in Largo, Florida

by John Nelson January 8, 2025

LARGO, FLA. — Plaza Advisors has negotiated the sale of Central Park Plaza, a 47,653-square-foot shopping center in Largo, a city in the Tampa metro area. Jeff Berkezchuk and Jim Michalak of Plaza Advisors represented the undisclosed seller in the transaction. The buyer and sales price were also not disclosed. Situated on 4.3 acres along Missouri Avenue, Central Park Plaza was 95 percent leased at the time of sale to tenants including NAPA Auto Parts, Rent-A-Center, Boost Mobile and AMA Medical Group (Humana).

January 8, 2025

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