Florida

Berkadia Arranges $22M in Equity for Six-Property Multifamily Portfolio in Georgia, Florida

by Alex Tostado May 19, 2020

NEW YORK CITY — Berkadia has arranged $22 million in equity for a six-property multifamily portfolio in Georgia and Florida. An undisclosed REIT partnered with the owner of the portfolio, Strategic Holdings. The four properties in Georgia are Belmont Crossing, a 192-unit complex in Smyrna; Sierra Terrace, a 135-unit community in Atlanta; Sierra Village, a 154-unit property in Atlanta; and Georgetown Crossing, a 168-unit asset in Savannah. The two properties in Florida are the 240-unit Park on the Square in Pensacola and the 328-unit The Commons in Jacksonville. Noam Franklin, Chinmay Bhatt and Cody Kirkpatrick of New York City-based Berkadia arranged the equity partner on behalf of the owner. Strategic Holdings acquired the properties from 2016 to 2019 and plans to use the funds to target more acquisitions throughout the Southeast.

May 19, 2020

Development Florida Multifamily Southeast

Altman Cos. to Open 350-Unit Apartment Community in Metro Tampa in Early June

by Alex Tostado May 19, 2020

ODESSA, FLA. — The Altman Cos. is on schedule to open Altis Grand at The Preserve, a 350-unit apartment community in Odessa, in early June. The property will feature one-, two- and three-bedroom floor plans ranging from 722 to 1,479 square feet. Preleasing has begun and the company is offering virtual tours to prospective residents. Each unit will feature spa-inspired bathrooms equipped with dual sink vanities, a soaking tub and clear glass shower enclosures. The kitchens will offer quartz countertops and energy-efficient appliances. Communal amenities include a game room with pinball, billiards and shuffleboard; a movie theater with a 120-inch high-definition screen; wellness room with access to a virtual doctor, blood pressure machine and thermometers; fitness center; and a heated saltwater pool with cabanas. The property is located at the intersection of Suncoast Parkway and State Road 54, 23 miles north of downtown Tampa.

May 19, 2020

Development Florida Healthcare Southeast

Tampa General, Kindred Healthcare Unveil Plans for New $35M Rehabilitation Hospital in Tampa

by Alex Tostado May 18, 2020

TAMPA, FLA. — Tampa General Hospital and Kindred Healthcare have formed a joint venture to develop and operate a $35 million, 59-bed hospital in Tampa. The building will be located on West Kennedy Boulevard between Oregon and Willow avenues, two miles west of downtown Tampa and one mile west of the University of Tampa. The joint venture plans to break ground this summer with an expected completion date in fall 2021. Kindred will operate the day-to-day operations of the hospital. The developers expect to employ more than 140 people. The new inpatient rehabilitation hospital will care for adults recovering from conditions such as stroke, neurological disease, injury to the brain or spinal cord and other debilitating illnesses or injuries. The new facility will feature all private rooms and will also have a secured brain injury unit with private dining and a therapy gym.

May 18, 2020

Development Florida Loans Multifamily Southeast

Berkadia Arranges $9.1M Construction Loan for Multifamily Development in Downtown Fort Lauderdale

by Alex Tostado May 18, 2020

FORT LAUDERDALE, FLA. — Berkadia has arranged a $9.1 million construction loan for The Forge, a 35-unit multifamily community within FATVillage in downtown Fort Lauderdale. The developer and borrower, Urban Street Development, expects to break ground this year and open the seven-story complex in late 2021. An undisclosed bank provided the loan at a 55 percent loan-to-value ratio. The Forge will offer one- and two-bedroom loft-style floor plans ranging from 781 to 1,350 square feet. Apartments will feature 12- to 14-foot ceilings, finished concrete floors, Bauhaus-inspired windows, open entertainment kitchens, quartz countertops and smart home technology. Community amenities will include a CrossFit-inspired gym, garage parking and shared access to the Foundry Loft’s pool deck next door. Additionally, the property is located one block away from the Fort Lauderdale’s Brightline/Virgin Trains Station, offering direct service to Miami and West Palm Beach. FATVillage (Flagler + Arts + Technology Village) is a neighborhood that includes dozens of eateries, markets, boutiques and galleries.

May 18, 2020

Florida Industrial Market Reports Southeast Southeast Market Reports

Miami-Dade County’s Industrial Market Sees Healthy Activity Amid COVID-19 Headwinds

by John Nelson May 18, 2020

The Miami-Dade industrial market saw a prolific year in 2019, followed by a healthy, yet slower first quarter in 2020. PortMiami’s record-shattering fiscal year 2019, with cargo operations posting 1.1 million twenty-foot equivalent units (TEUs) and cruise passengers totaling a world’s best 6.8 million passenger total, correlated with the robust warehouse and distribution demand the market experienced throughout 2019. There was a 9 percent uptick in South Florida industrial investment sales, and developers delivered 5.6 million square feet of product to Miami-Dade County. Industrial completions in 2019 exceeded the all-time high set in 2018, and the local inventory expanded by nearly 3 percent. In first-quarter 2020, as the coronavirus pandemic began to unfold and cause widespread global challenges, the flow of cargo continued to meet essential needs from medical supplies to food, while all cruise lines voluntarily ceased sailings. In addition, after a strong start to the year, COVID-19 caused construction to pause and dimmed demand from space users that service hard-hit industries such as tourism and brick-and-mortar retail. The unprecedented boost in e-commerce, grocery, and medical supply distribution currently drives the industrial sector. Leasing remains solid despite roadblocks Overall industrial vacancy in Miami-Dade is at 4.33 percent, up from …

May 18, 2020

Development Florida Multifamily Southeast Top Stories

Mill Creek Starts Construction of 292-Unit Modera Creative Village Multifamily Property in Orlando

by Alex Patton May 15, 2020

ORLANDO, FLA. — Mill Creek Residential, a Florida-based developer, has broken ground on Modera Creative Village, a 292-unit luxury multifamily property in the Orlando. Located at 505 Chatham Ave., the eight-story midrise building will feature studio, one-, two- and three-bedroom units as well as 10,000 feet of ground-floor retail space. Amenities include a fitness center with a yoga area and classes, a pool and an outdoor courtyard lounge. Modera Creative Village is part of a master plan for the 68-acre Creative Village district of downtown Orlando. The project is a redevelopment of the former Amway Center sports and entertainment venue. The full development plans include multiple office, residential, retail, hotel and higher education projects. Modera Creative Village is adjacent to the Lynx Central railway station and the Downtown Recreation Complex at Sunshine Park. Other attractions include a range of museums, restaurants and retail centers, including the Bob Carr Theater, Dr. Phillips Performing Arts Center and several art galleries. “The momentum of Creative Village will produce a dynamic urban infill neighborhood with prime opportunity for immediate growth, and we’re excited to be a part of it,” says Eran Landry, vice president of development for Mill Creek Residential. First move-ins are anticipated …

May 15, 2020

Civic Development Florida Southeast

Skanska USA Delivers $189M Building for University of South Florida Within Water Street Tampa

by Alex Tostado May 14, 2020

TAMPA, FLA. — Skanska USA has delivered University of South Florida (USF) Morsani College of Medicine and Heart Institute, a 13-story, 395,000-square-foot building that will bring 1,800 students, staff and faculty to Water Street Tampa. The building features a 400-seat auditorium, clinical teaching labs and research laboratories, office space and a wellness center. Skanska USA and design firm HOK began construction in August 2017. Additionally, the Morsani College of Medicine is situated a mile from Tampa General Hospital, USF’s primary teaching hospital. Water Street Tampa is a $3 billion mixed-use development in downtown that will offer more than 2 million square feet of office space; 1 million square feet of retail, cultural, educational and entertainment space; and two new hotels totaling more than 650 rooms, including the city’s first five-star hotel. Tampa Bay Lightning owner Jeffrey Vinik created Strategic Property Partners LLC to spearhead the project, along with Cascade Investment LLC. The project’s first residential building, 815 Water Street Tampa, is expected to open in late 2020.

May 14, 2020

Florida Industrial Leasing Activity Southeast

Refresco Beverages US Leases 364,084 SF of Industrial Space in Tampa

by Alex Tostado May 13, 2020

TAMPA, FLA. — Refresco Beverages US Inc. has leased 364,084 square feet of industrial space at 5210 S. 16th Ave. in Tampa. The 10-year lease is valued at $18 million. Refresco Beverages US is a North American subsidiary of the Netherlands-based soft drink bottler and distributor. This is Refresco’s third location in Tampa, growing its footprint in the region by 50 percent. The property, located six miles east of downtown Tampa, was previously home to Southern Glazer’s Wine & Spirits. Ryan Vaught and Robyn Hurrell of Colliers International represented the landlord, RealOp Investments, in the transaction. Foundry Commercial represented the tenant.

May 13, 2020

Development Florida Mixed-Use Southeast Top Stories

Rieber Developments Breaks Ground on 10-Story Mixed-Use Project in Suburban Miami

by Kristin Harlow May 13, 2020

AVENTURA, FLA. — Rieber Developments has broken ground on 12|12 Aventura, a 10-story mixed-use project featuring medical office, luxury senior residences and a food hall. The property is situated in Aventura, approximately 20 miles north of Miami. Arquitectonica designed the development, which will include a 30,000-square-foot gourmet marketplace and food hall, 25,000 square feet of office space and a 160-unit senior living component with a structured parking garage. The roof will feature gardens and micro-parks. Along with its sister project Ivory 214, the development will serve as the epicenter of what the developer is calling the Aventura Health District. Located at 21290 Biscayne Blvd., 12|12 Aventura is less than one mile from Aventura Mall and directly adjacent to Aventura Hospital. “Breaking ground on 12|12 Aventura is a significant milestone for us, especially in these challenging times,” says Bernardo Rieber, principal of Rieber Developments. “Our philosophy in creating this project has always been to bring something new and unique to the neighborhood, melding community, culture, health and wellness to benefit the area.” Cervera Real Estate will serve as the exclusive brokerage for the office condos, 40 percent of which are sold and under contract. Winmar Construction, an affiliate of Coastal Construction, …

May 13, 2020

Florida Loans Multifamily ORIX Southeast

Hunt Real Estate Capital Provides $71.3M Refinancing Loan for New Multifamily Property in Metro Miami

by Alex Tostado May 12, 2020

NORTH MIAMI BEACH, FLA. — Hunt Real Estate Capital has provided a $71.3 million Freddie Mac refinancing loan for Lazul Apartments, a 365-unit multifamily community in North Miami Beach. The 11-year, nonrecourse loan features a fixed interest rate in the 3 to 3.5 percent range, a 30-year amortization schedule and interest-only payments for the full term. The borrower, a limited liability company comprising Hunt Cos., EDEN Multifamily and Florida Value Partners, developed the asset in 2018. Lazul Apartments offers studio to three-bedroom units, which were 89 percent occupied at the time of the transaction. Communal amenities include a clubhouse, package services, picnic area, dog grooming area, fitness center, eight-story parking garage and a pool. The eight-story asset is situated at 2145 NE 164th St., 17 miles north of downtown Miami.

May 12, 2020

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