Florida

Estate Cos. Secures $55.5M in Construction Financing for Soleste Cityline Multifamily Project in South Florida

by John Nelson February 16, 2021

DANIA BEACH, FLA. —The Estate Cos., a multifamily developer based in Miami, has secured $55.5 million in construction financing for Soleste Cityline. The eight-story property will be a Class A, mixed-use community with 340 rental units and 12,800 square feet of retail at 4 North Federal Highway in Dania Beach. Soleste Cityline will be located on the northeast corner of Federal Highway and Dania Beach Boulevard, around 25 miles from Miami. Synovus Financial Corp. arranged the financing. The developer plans to break ground this quarter. Fort Lauderdale-based Merrimac Ventures is a partner in the project and will own the retail portion of the property, along with Miami-based Tricera Capital. The project will offer units ranging from approximately 600 to 1,200 square feet. Studios, one-, two- and three-bedroom units include dual master suites, spacious walk-in closets, private balconies and a full-size washer and dryer. Soleste Cityline will feature a pool deck, fitness center, outdoor grilling stations, clubroom and private event space.

February 16, 2021

Acquisitions Florida Industrial Southeast

Lexington Realty Trust Purchases Industrial Facility in Lakeland, Florida for $22.3M

by John Nelson February 16, 2021

LAKELAND, FLA. — Lex Lakeland LLC, an affiliate of Lexington Realty Trust, has purchased a 222,134-square-foot industrial property at 5275 Drane Field Road in Lakeland for $22.3 million. The newly constructed, tilt-wall facility is located on 19.5 acres approximately 2.8 miles from Interstate 4. Ryan Vaught, Robyn Hurrell and Oliver de la Croix-Vaubois of Colliers International represented the seller, Fort Wayne, Ind.-based Bobeck Real Estate, in the transaction. The buyer, a New York-based real estate investment trust (REIT), was self-represented. At the time of the sale, the Lakeland property was 52.9 percent leased to Motion Industries, which occupies 117,440 square feet. Motion Industries is an industrial solutions company based in Birmingham, Ala.

February 16, 2021

Affordable Housing Development Florida Multifamily Southeast

Wendover Housing Partners Breaks Ground on $16.3M Affordable Housing Community in Sanford, Florida

by John Nelson February 16, 2021

SANFORD, FLA. — Wendover Housing Partners, an Altamonte Springs, Fla.-based multifamily developer, has broken ground on Monroe Landings, a $16.3 million affordable housing community in Sanford. Wendover received $11.5 million in tax credit equity, $1.3 million from partner Orlando Housing Authority and a $2.8 million permanent loan from Neighborhood Lending Partners. Roger B. Kennedy Construction is overseeing the construction of the community. Located at 375 Oleander Ave. in Sanford, Monroe Landings will be a 60-unit, multifamily community with one-, two- and three-bedroom units. Community amenities will include a clubhouse with a gathering area and fireplace, resident computer center, pool, tot lot, gazebo with picnic tables, outdoor grills and a community gardening area. Rent is expected to start at $766 per month for one-bedroom units, $908 per month for two-bedroom units and $1,041 per month for three-bedroom units. Wendover expects to move residents in by the end of 2021 or beginning of 2022. In November 2013, HUD demolished an existing affordable housing community at the site after being deemed uninhabitable. Several hundred residents were displaced at the time the community was demolished. Wendover will offer the former residents the option to live at Monroe Landings when completed. The property will serve …

February 16, 2021

Acquisitions Florida Industrial Leasing Activity Southeast

Cushman & Wakefield Arranges $14.5M Sale-Leaseback for Industrial Facility in Orlando

by John Nelson February 16, 2021

ORLANDO, FLA. — Cushman & Wakefield has arranged a $14.5 million sale-leaseback for a distribution facility in Orlando. GES, a Las Vegas-based marketing and logistics partner for the exhibition and convention industry, is the seller and the sole tenant of the property. Skye Cook, Brad Torell, Jared Bonshire, David Perez, Taylor Zambito, Rick Colon, Mike Davis and Rick Brugge of Cushman & Wakefield represented GES in the transaction. An affiliate of Coral Springs, Fla.-based Eisenberg Investment Group acquired the property. Located at 4805 W. Sand Lake Road, the 192,700-square-foot property is situated on 17 acres and is used for GES’ regional and international operations. The property includes 44,167 square feet of two-story office space, a trailer storage yard, onsite weigh station, clear heights of 21 feet to 29 feet, 38 dock doors and 254 parking spaces. The GES facility is located 12 miles from Walt Disney World Resort.

February 16, 2021

Florida Loans Multifamily Southeast

NorthMarq Arranges $38.2M Loan for The Shore Apartments in Lakeland, Florida

by John Nelson February 15, 2021

LAKELAND, FLA. — Robert Hernandez of NorthMarq’s Tampa regional office has arranged the $38.2 million Fannie Mae Green Rewards loan for The Shore Apartments, a newly constructed, 300-unit multifamily property in Lakeland. The permanent, fixed-rate loan was structured with a 10-year term on a 30-year amortization schedule. The loan includes five years of interest-only payments. Built in 2019-2020, The Shore features 15 three-story residential buildings spread across a 65-acre site. The lakeside property is located at 5680 Waterside Blvd., about 58 miles from Orlando. The Shore’s community amenities include a private lake, resort-style pool and spa, cabanas with outdoor kitchen, fire pit, gas grills, walking trail with fitness stations, playground, dog park, 54-detached garages for rent, two electric car charging stations, car care center, clubhouse, cyber café with coffee bar, theater room, business center, 24-hour fitness center and yoga and spin room. The Shore’s unit interiors feature nine-foot ceilings, walk-in closets, full-size washer and dryer and a private screened-in balcony and most units offering views of the lake and nature preserve. At loan closing, the property was 100 percent occupied.

February 15, 2021

Acquisitions Florida Loans Office Southeast Walker & Dunlop

Walker & Dunlop Arranges $61.3M Acquisition Loan for Bank of America Tower in Downtown Jacksonville

by John Nelson February 12, 2021

JACKSONVILLE, FLA. — Walker & Dunlop Inc. has arranged $61.3 million in financing for the acquisition of Bank of America Tower, a 44-story office building located at 50 N Laura St. in downtown Jacksonville. Adam Schwartz, Aaron Appel, Keith Kurland, Jonathan Schwartz, Michael Ianno, Sean Bastian and Ian Hawk of Walker & Dunlop arranged the financing for the buyer, Group RMC. Prime Finance provided the three-year, interest-only bridge loan, which features a low floating interest rate. Bank of America Tower is the only LEED-certified office tower in Jacksonville, according to Walker & Dunlop, and features views of the St. Johns River. The Class A high-rise building features over 662,241 rentable square feet, a five-story annex with an additional 35,881 square feet, as well as 900 parking spaces. In addition to a new HVAC system, recent upgrades have been made to the property’s amenities, lighting systems, security systems, elevator modernization, and refurbishment of all the common areas and lobby. Group RMC bought the tower from Hertz Investment Group, according to the Jacksonville Daily Record.

February 12, 2021

Acquisitions Florida Industrial Southeast

Terra, Terranova Sell Former PepsiCo Bottling Plant in South Florida for $55M

by John Nelson February 11, 2021

DORAL, FLA. — Terra and Terranova Corp. have sold a 23.7-acre site in Doral for $55 million, or $2.3 million per acre. The land houses PepsiCo’s former bottling plant, which spans 232,000 square feet. Terra and Terranova, two South Florida investment firms led by David Martin and Stephen Bittel, respectively, initially acquired the site for $40 million in January 2018 and subsequently leased the property back to PepsiCo through July 2020. The unnamed buyer shares a Santa Monica address with GLP Capital Partners (GCP), an investment firm that specializes in logistics properties. The former PepsiCo bottling plant is located at 7777 Northwest 41st St. and is situated less than two miles from Miami International Airport. The property is zoned for industrial development and can accommodate up to 500,000 square feet of commercial space. Terra is a Miami-based real estate development and investment company. Terranova Corp. is a South Florida commercial real estate investment firm.

February 11, 2021

Acquisitions Florida Multifamily Southeast

Bluerock Sells Grandewood Pointe Apartments in Orlando for $46.2M

by John Nelson February 9, 2021

ORLANDO, FLA. — Bluerock Real Estate has sold Grandewood Pointe, a 306-unit apartment community in Orlando, for $46.2 million. Jay Ballard and Ken DelVillar of JLL represented Bluerock in the sale to the buyer, a joint venture led by Miami-based multifamily investor and operator Lloyd Jones LLC. Elliott Throne, Jesse Wright, Tarik Bateh and Jennifer Swanson and Drew Jennewein of JLL arranged a 10-year, fixed-rate acquisition loan on behalf of the borrower. The loan is a Fannie Mae Green Rewards Program product, which JLL will service. Grandewood Pointe features one-, two- and three-bedroom units. The new ownership group is planning to make renovations to the building’s exterior, community amenities and units, including new countertops, vanities and lighting. Current community amenities include a courtyard, barbecue and picnic area, playground and a business center. Located at 3701 Grandewood Blvd., Grandewood Pointe is situated close to Lake Nona’s Medical City and 17 miles from downtown Orlando.

February 9, 2021

Acquisitions Florida Mixed-Use Southeast

JLL Arranges Sale of Mixed-Use Marina in Miami

by John Nelson February 9, 2021

MIAMI — JLL Capital Markets has arranged the sale of Monty’s Coconut Grove, a fully leased mixed-use marina in Miami’s Coconut Grove neighborhood. Also known as Bayshore Landing, the property features retail, office and restaurant. Manny de Zárraga, Luis Castillo, Ted Taylor and Kim Flores of JLL marketed the property on behalf of the seller, Aligned Bayshore Marina LLC. Suntex Ventures LLC purchased the asset for an undisclosed price. Monty’s Coconut Grove is situated along Biscayne Bay at 2550 S. Bayshore Drive, with direct access to the Atlantic Ocean. The property features a 111-slip marina, a 30,535-square-foot boutique office and retail building and Monty’s Raw Bar, a 750-seat restaurant that has been around for 50 years. Dallas-based Suntex Ventures is a real estate firm focused on the ownership of marina properties.

February 9, 2021

Affordable Housing Florida Loans Multifamily Southeast

Greystone Provides $29M HUD Loan for Affordable Housing Property in Palm Beach County

by John Nelson February 9, 2021

MANGONIA PARK, FLA. — Greystone has provided a $29 million HUD loan to refinance Hampton Court Apartments, a 288-unit affordable housing property in the Palm Beach County town of Mangonia Park. Fred Levine of Greystone originated the financing on behalf of the borrower, North Miami-based Royal Castle Development. The HUD 223(f) financing carries a 35-year term and 35-year amortization schedule, along with a low, fixed interest rate. The property has a LIHTC land-use restriction agreement (LURA) that requires limits on tenant income and rent restrictions for all units. Hampton Court Apartments is located on 4761 N Australian Ave., about nine miles from the Palm Beach International Airport. Constructed by the borrower in 2000, the property consists of 19 apartment buildings featuring two- and three-bedroom units with updated appliances, washer/dryer hook-ups and private outdoor living spaces. Amenities to the gated community include a clubhouse and business center, swimming pool, fitness center, tennis court, picnic and playground area, laundry facility and onsite parking.

February 9, 2021

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