Florida

Talonvest Capital Secures $123.3M Refinancing for Self-Storage Portfolio in Three States

by Alex Tostado September 24, 2019

IRVINE, CALIF. — Irvine-based Talonvest Capital Inc. has secured two refinancing loans totaling $123.3 million on behalf of Metro Self Storage. Lake Forest, Ill.-based Metro Self Storage will use the loan proceeds to refinance existing debt on eight properties in Georgia, 12 properties in Florida and two properties in Illinois. The portfolio totals more than 1.5 million square feet of rentable space. The two non-recourse loans feature a fixed 3.2 percent interest rate and 10 years of interest-only payments. An undisclosed national bank provided the funds.

September 24, 2019

Acquisitions Florida Hospitality Loans Southeast

Ready Capital Provides $18M Acquisition, Renovation Loan for Hotel in South Florida

by Alex Tostado September 23, 2019

WEST PALM BEACH, FLA. — Ready Capital Structured Finance has provided an $18 million acquisition and renovation loan for a 199-room hotel in West Palm Beach. The undisclosed borrower plans to upgrade the property and reflag it from a Holiday Inn hotel to a Crowne Plaza. The non-recourse, floating-rate loan features a 36-month term and two extension options. The seller was not disclosed.

September 23, 2019

Acquisitions Florida Retail Southeast

Generation Income Properties Acquires Walgreens-Occupied Retail Building in Space Coast for $4.5M

by Alex Tostado September 23, 2019

COCOA, FLA. — Generation Income Properties Inc. (GIP) has acquired a Walgreens-occupied retail building in Cocoa for $4.5 million. The 15,000-square-foot building is located at 1106 Clearlake Road, 19 miles west of the Kennedy Space Center. American Momentum Bank provided acquisition financing. The seller was not disclosed.

September 23, 2019

Acquisitions Florida Multifamily Southeast

PIA Residential Purchases Apartment Complex in Pensacola for $26.3M

by Alex Tostado September 19, 2019

PENSACOLA, FLA. — PIA Residential has purchased Crystal Lake, a 224-unit value-add apartment complex in Pensacola, for $26.3 million. The property was 98 percent occupied at the time of sale. The buyer plans to upgrade unit interiors and improve the property. Communal amenities include a beach volleyball court, barbecue area, playground, car washing station, private lake stocked with bass and a dog park. Arbor Realty Trust provided the buyer with a Fannie Mae acquisition loan. Jimmy Adams and Josh Jacobs of Cushman & Wakefield represented the seller, ExchangeRight, in the transaction.

September 19, 2019

Acquisitions Florida Industrial Self-Storage Southeast

SkyView Advisors Arranges Sale of 1,001-Unit Self-Storage Facility in Naples, Florida

by Alex Tostado September 19, 2019

NAPLES, FLA. — SkyView Advisors has arranged the sale of a 1,001-unit self-storage facility in Naples. The 99,713-square-foot property is located on 4.3 acres at 3807 White Lake Blvd. Cameron Vale and Ryan Clark of SkyView Advisors represented the undisclosed seller in the transaction. Public Self Storage acquired the facility for an undisclosed price.

September 19, 2019

Florida Industrial Loans Southeast

Ready Capital Provides $13.4M Acquisition Loan for Industrial Building in Tampa

by Alex Tostado September 19, 2019

TAMPA, FLA. — Ready Capital has provided a $13.4 million acquisition loan to an undisclosed borrower for a 365,000-square-foot industrial building in Tampa. The borrower plans to renovate the property, including various interior repairs, HVAC replacement, roof repairs, fresh paint and parking lot maintenance. The non-recourse, floating-rate loan features a 36-month term, one extension plan and flexible prepayment options. Further details of the transaction were not disclosed.

September 19, 2019

Development Florida Multifamily Southeast Student Housing

Public-Private Partnership Delivers $105M Mixed-Use Student Housing Tower on UCF’s Campus in Downtown Orlando

by Alex Tostado September 17, 2019

ORLANDO, FLA. — Development Ventures Group (DEVEN) and Ustler Development Inc., in a public-private partnership with the City of Orlando, have delivered UnionWest at Creative Village on the University of Central Florida’s campus. UnionWest is a 15-story building with 644 student housing beds, 100,000 square feet of academic space, 11,000 square feet of ground-level retail space and a 600-space parking garage. Construction on the $105 million development began in October 2017. The building is located at the corner of West Livingston Street and North Terry Avenue in downtown Orlando, which grants access to both University of Central Florida and Valencia College students. Five of the six ground-floor retail locations in UnionWest are leased. Tenants include Vera Asian, Addition Financial, Subway, Dunkin’ and Qdoba Mexican Grill. The student housing portion opened in time for the fall 2019 semester at 97 percent occupancy.

September 17, 2019

Acquisitions Florida Multifamily Southeast

Westside Acquires Multifamily Community in Tampa for $29.5M

by Alex Tostado September 17, 2019

TAMPA, FLA. — Westside Capital Group has acquired Watermans Crossing Apartments, a 337-unit multifamily community in Tampa’s Wellswood neighborhood, for $29.5 million. The property, which Westside Capital will rebrand as Westshore Crossing, comprises 20 buildings and offers studio through three-bedroom floor plans averaging 895 square feet. Communal amenities include a clubhouse, 876 parking spots, fitness center and three swimming pools. Westside plans to invest $5 million in capital improvements, which will include updating common areas and perform targeted interior unit upgrades. Bridge Investment Group provided the buyer with a $26.3 million acquisition loan with a five-year term and a floating interest rate. Charles Foschini of Berkadia arranged the loan on behalf of the buyer. Luis Elorza and Brad Capas of Cushman & Wakefield represented the buyer in the sale. The seller was not disclosed.

September 17, 2019

Acquisitions Florida Multifamily Southeast

CBRE Negotiates $29.5M Sale of Multifamily Complex in Metro Tampa

by Alex Tostado September 16, 2019

LARGO, FLA. — CBRE has negotiated the $29.5 million sale of Enclave on East, a 196-unit multifamily complex in Largo. The property was 95 percent occupied at the time of sale. Enclave on East is located at 3660 E. Bay Drive, 20 miles west of downtown Tampa. Communal amenities include a swimming pool, playground, picnic tables, hammocks, clubhouse, business center and a car wash area. Shelton Granade, Luke Wickham, Justin Basquill, Michael Regan and Francesco Carriera of CBRE represented the seller, Insula Cos. The buyer was Providence Acquisitions LLC.

September 16, 2019

Development Florida Mixed-Use Southeast Top Stories

PMG, Greybrook Plan 49-Story Mixed-Use Tower in Miami

by Alex Patton September 13, 2019

MIAMI — A development partnership between New York City-based Property Markets Group (PMG) and Toronto-based Greybrook Realty Partners are currently developing 400 Biscayne, a mixed-use project offering 646 rental apartments in Miami. Slated for completion in 2021, the 49-story building will include 51,000 square feet of commercial space and a 22,000-square-foot redesigned First United Methodist Church of Miami. PMG originally bought the development site from the church in 2018 for $55 million, and the developers broke ground on 400 Biscayne in June of this year. The church will incorporate a chapel, fellowship hall, basketball court, classrooms and offices spanning the bottom 10 floors of the building, and will have its own separate entrance and parking. “We are working hand-in-hand with First United Methodist Church and Greybrook Realty Partners to create something special for the neighborhood, which will continue to foster growth and connection in this city we love,” says Ryan Shear, managing partner of PMG. Additional amenities of the building will include a public lobby lounge and restaurant, co-working spaces, a gym and fitness studio with frequent group classes, bike storage facilities, and a massive pool. The Miami Herald reports that a portion of the units at the 400 Biscayne project …

September 13, 2019

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