DAVENPORT, FLA. — Tailwinds Development LLC will develop a Publix-anchored shopping center within Champions Crossing in Davenport. The grocery store is slated to open in summer 2021. The new Publix will be located at 1200 Champions Drive, 30 miles southwest of downtown Orlando. Ali Mushtaq of SVN Florida represented the property owner, Savi Tri-County LLC, in the lease negotiations. According to Mushtaq, there is 7,121 square feet available for in-line leasing and 5,415 square feet available at an outparcel at the shopping center development. Champions Crossing is a master-planned development, which upon completion will feature retail, restaurant and office space. The 110-room WoodSpring Suites hotel opened in 2019, as well as the 326-unit Champions Vue Apartments.
ORLANDO, FLA. — Berkadia has provided a $37.3 million Freddie Mac refinancing loan for Advenir at Polos East Apartments, a 308-unit multifamily community in Orlando. The seven-year loan offers a fixed interest rate with interest-only payments for the full term at a 70 percent loan-to-value ratio. The property offers one- through three-bedroom floor plans averaging 877 square feet. Communal amenities include a pool; 24-hour fitness center; sauna; basketball, volleyball, tennis and racquetball courts; internet café; and a game room. Advenir at Polos East is situated at 1700 Woodbury Road, 13 miles east of downtown Orlando. Charles Foschini and Christopher Apone of Berkadia originated the loan on behalf of the borrower, Aventura, Fla.-based Advenir Real Estate.
PINELLAS PARK, FLA. — SRS Real Estate Partners has brokered the $5.6 million sale of a new, 3,109-square-foot convenience store in Pinellas Park. The property was delivered in late 2019 and has 15 years remaining on a corporate-guaranteed triple-net lease with 7-Eleven. The property sold for $1,798 per square foot to an undisclosed investor based in New York City completing a 1031 tax exchange. An undisclosed developer sold the property. The asset is situated at 9401 49th St. N., 20 miles west of downtown Tampa. Frank Rogers and Michael Carter of SRS represented the seller in the transaction.
SUNNY ISLES BEACH, FLA. — Fortune International Group and Château Group have received a $119 million loan for the refinancing of La Playa de Varadero, an oceanfront condominium development site in Sunny Isles Beach, a barrier island about 20 miles north of Miami. Located at 18801 Collins Ave., the 4.7-acre site boasts beach frontage of 435 feet directly on the Atlantic Ocean. Plans call for 490 residential units across two condominium towers. Construction of the 1.2 million-square-foot project will be completed in two phases. In 2015, the developers received site plan approval from the City of Sunny Isles Beach. The team recently secured final approval for the last set of modifications to the original design. To date, a portion of the predevelopment work has been completed, including the demolition of an existing structure and a structural build-out of the sales center. Dustin Stolly, Jordan Roeschlaub, Nick Scribani, Chris Kramer and Dominick Calisto of Newmark Knight Frank (NKF) arranged the refinancing, with Bank OZK as the lender. The loan covers some predevelopment costs and land carry costs, according to NKF. Fortune International Group is a real estate development firm located in Miami that is known for its luxury condo projects. Fortune’s …
Atlantic Housing Partners Delivers $14.8M Affordable Seniors Housing Facility in Palm Coast, Florida
PALM COAST, FLA. — Atlantic Housing Partners LLLP has opened Central Landings Senior Living, a $14.8 million affordable seniors housing community in Palm Coast. The 83-unit facility is reserved for those 62 years of age and older earning between 40 and 80 percent of the area median income. The property offers one- to three-bedroom floor plans. Each unit features granite countertops, CleanSteel appliances and screened-in patios. Communal amenities include a clubhouse with a dedicated senior resident activities center, pool table, business center, Amazon HUB package center, fitness center, walking trails and a dog park. The community is situated within the Palm Coast Town Center, a master-planned development that will include up to 2,500 multifamily units, 1.4 million square feet of office space and 3.4 million square feet of commercial space, including a movie theater and a hotel. The developer received $7.4 million in tax-exempt bonds through the Housing Finance Authority of Volusia County and $5.2 million in equity from the sale of Federal Housing Tax Credits allocated through Florida Housing Finance Corp. ConcordRents is managing the property.
How will the COVID-19 fallout impact the Miami multifamily market? Although many investors are approaching markets known for leisure travel and cruise industries with caution these days, RED Mortgage Capital research posted last week indicates Fort Lauderdale/Broward County may offer a more attractive risk and reward profile than is commonly understood in the intermediate term, even under severe recessionary stress. Can the same be said of Miami as many of the same arguments apply? Let us stipulate that coronavirus has struck Magic City a particularly sharp blow. Miami relies on international tourism to a larger degree than most other domestic travel destinations and has experienced greater tourism revenue and job losses as a result. Travel industry consultants STR analyzed the top 25 tourist destinations in America and noted that Miami hotels recorded the largest decline in average daily hotel room rates in April (-56.8 percent from 2019), while the metro area’s hotel occupancy plunged to 20 percent from 95 percent in 2019. Employment data are available only through March at this writing, but even at this early stage, job losses were severe. The Miami-Miami Beach metropolitan division employed population fell 86,000 in March, a one-month decline of 6.5 percent. Job …
JACKSONVILLE, FLA. — Berkadia has provided a $16.2 million Fannie Mae loan for the refinancing of Creekwood Club in Jacksonville. The 176-unit multifamily community was built in 1975 and offers studio to three-bedroom floor plans ranging from 422 to 1,300 square feet. The 10-year loan features a fixed interest rate with partial interest-only payments at a 75 percent loan to value ratio. The property was 95 percent occupied at the time of refinancing. Communal amenities include a pool, clubhouse with stone fireplace, fitness center, billiard and media room, lighted tennis court, dog park and a playground. The property is located at 8343 Hogan Road, seven miles southeast of downtown Jacksonville. Charles Foschini and Christopher Apone of Berkadia originated the financing on behalf of the borrower, Westside Capital.
PANAMA CITY BEACH, FLA. — Preferred Apartment Communities Inc. (PAC) has acquired Parkside at the Beach, a 288-unit multifamily complex in Panama City Beach. The community was built in 2019 and is situated at 17225 Panama City Beach Parkway, less than a mile from the beach. The property offers one-, two- and three-bedroom floor plans. Communal amenities include a pool, sundeck, business center, fitness center and a clubhouse. An undisclosed lender in Freddie Mac’s Optigo program provided a 10-year acquisition loan, which features a fixed 2.95 percent interest rate. The seller/developer and sales price were not disclosed.
POMPANO BEACH AND PLANTATION, FLA. — Madison Realty Capital has provided a $102 million construction loan to Invesca Development Group for two planned multifamily projects in South Florida’s Broward County. Invesca will use some of the loan to complete a 214-unit property at 452 E. Atlantic Blvd. in Pompano Beach. Construction is 98 percent complete, and Invesca expects to start lease-up in the next two months. The yet-to-be-named property will also include 12,000 square feet of ground-floor retail space. The asset will feature two buildings connected by a sky bridge and will offer studio to three-bedroom floor plans. Invesca will use the other portion of the loan to begin construction on a 330-unit project at 4350 W. Sunrise Plantation Blvd. in Plantation. The planned development includes an additional 30,000-square-foot commercial building, office space and 10 townhomes with 37 townhome lots on a 12-acre site. The property will comprise eight nine-story buildings offering studio, one- and two-bedroom floor plans. The two communities are situated 11 miles from each other. Josh Zegan of Madison Realty Capital originated the loan.
TALLAHASSEE, FLA. — In the midst of the ongoing COVID-19 crisis, Florida Gov. Ron DeSantis has outlined Phase I of the state’s plan to slowly start reopening. Phase I, which will be enacted tomorrow, includes allowing retailers and restaurants to reopen, though they’re advised to operate at 25 percent capacity to comply with social distancing protocols. Schools will continue to do online learning. Visiting senior living facilities will still be prohibited. Gyms, bars and personal services such as hair salons will also remain closed. To help with testing demand, the state will open five more drive-thru testing sites, bringing the total number of state-supported sites to 13. The new testing sites will be in Broward, Escambia, Lee, Sarasota/Manatee and Miami-Dade counties. The governor’s office reports that to date, the testing sites have conducted 88,000 tests. The governor’s office sought advice from several organizations and those in leadership roles to roll out the parameters, including speaking with healthcare system executives, elected officials, law enforcement, small business owners and unemployed residents.