Florida

FourPoint Arranges Sale of Two Student Housing Communities Near University of South Florida

by Camren Skelton May 14, 2018

TAMPA, FLA. — FourPoint Student Housing Investments has arranged the sale of Campus Club North and Campus Club South, two student housing properties located roughly one mile from University of South Florida’s campus in Tampa. Campus Club North offers 256 beds in fully furnished units, and Campus Club South offers 356 beds with shared amenities including a resort-style swimming pool, fitness center and movie theater. Chris Bancroft, Chris Epp and Meredith Wolff of FourPoint represented the seller, Realco Capital Partners, in the transaction. CF Real Estate Services acquired both properties for an undisclosed price. Walker & Dunlop assisted in securing an acquisition loan for the buyer.

May 14, 2018

Acquisitions Florida Multifamily Southeast

HG Management Sells 350-Unit Apartment Community in Palm Beach County for $120M

by Camren Skelton May 11, 2018

WELLINGTON, FLA. — Tampa-based HG Management LLC has sold The Quaye at Wellington, a 350-unit apartment community in Palm Beach County, for $120 million. Walker & Dunlop arranged the transaction on behalf of HG Management, which delivered the property in the spring of 2017. Stockbridge Capital Group acquired the asset. Situated on 32 acres in Wellington, The Quaye includes a mix of one- to four-bedroom floor plans and townhome-style units with direct-access garages. Community amenities include four lakes, a nature preserve with a walking path, dog park, playground, heated pool, clubhouse, game room, fitness center with a boxing ring, yoga and spin studio, indoor sports court and an outdoor summer kitchen. The community was more than 90 percent occupied at the time of sale.

May 11, 2018

Development Florida Multifamily Southeast

Crescent Communities to Develop 390-Unit Multifamily Asset at Bromley’s Midtown Tampa Project

by Camren Skelton May 11, 2018

TAMPA, FLA. — Crescent Communities, in conjunction with The Bromley Cos., has unveiled plans for NOVEL Midtown Tampa, a 390-unit multifamily community. The project is the residential component of Midtown Tampa, Bromley’s 1.8 million-square-foot mixed-use development. The master-planned project is located between downtown Tampa and the Westshore Business District. NOVEL Midtown Tampa will feature ground-floor retail and restaurant space and will be situated within walking distance to Midtown Tampa’s amenities, including the recently announced, 48,000-square-foot Whole Foods Market. In addition to the apartment community, at full build-out Midtown Tampa will feature more than 200,000 square feet of retail, restaurant, entertainment and outdoor space; 750,000 square feet of office space; and two boutique hotels. NOVEL Midtown Tampa is expected to open in the second half of 2020.

May 11, 2018

Florida Loans Multifamily Southeast

Berkadia Arranges $41.9M Acquisition Loan for Apartment Community in Orlando

by Camren Skelton May 11, 2018

ORLANDO, FLA. — Berkadia has arranged a $41.9 million loan for the acquisition of Alexan Crossroads, a 314-unit apartment community in Orlando. Charles Foschini, Christopher Apone and Lourdes Carranza-Alvarez of Berkadia arranged the five-year loan with three years of interest-only payments and two one-year extension options on behalf of the borrower, Harbor Group International. A life insurance company provided the fixed-rate loan. Virginia-based Harbor Group acquired the property, constructed in 2016, for $64 million. Alexan Crossroads includes one-, two- and three-bedroom units and features a saltwater pool, grilling stations, yoga and spin room, two-story fitness center and a clubhouse.

May 11, 2018

Acquisitions Florida Retail Southeast

Highline Real Estate Acquires 88,000 SF Shopping Center in Tallahassee for $7.3M

by Camren Skelton May 11, 2018

TALLAHASSEE, FLA. — Highline Real Estate Capital has acquired Capital West Shopping Center, an 88,000-square-foot retail center in Tallahassee, for $7.3 million. Mark Gilbert, Adam Feinstein, Michell Halpern and Azam Malik of Cushman & Wakefield arranged the transaction on behalf of the seller, DDR Corp. Chris Lentz and Jason Hochman of Cushman & Wakefield arranged acquisition financing through Starwood Mortgage Capital on behalf of Highline. Ross Dress for Less anchors Capital West, and Walmart shadow-anchors the center.

May 11, 2018

Development Florida Southeast Top Stories

Okan Group to Build 70-Story, Mixed-Use Tower in Downtown Miami

by David Cohen May 11, 2018

MIAMI — Turkish real estate developer Okan Group has announced plans to build a 70-story, mixed-use project in downtown Miami at 555 North Miami Ave. The $300 million development is slated to include a 294-room Hilton hotel, 64,000 square feet of office space, 236 condo-hotel units and 149 condominium residences as well as four penthouses. Condo-hotel units are often sold to individuals as vacation homes, then rented out the rest of the year. Once completed, Okan Tower will become one of the tallest buildings in Miami. Currently, the 85-story Panorama Tower, which rises 868 feet, is the tallest. Construction on the tower is expected to begin this fall with One Sotheby’s International Realty handling sales and marketing for the development. Architectural firm Behar Font & Partners designed the building, which was inspired by the silhouette of a tulip, Turkey’s official flower. “It is with great pleasure that we unveil Okan Tower as we embark on a journey to present a bold real estate product in one of the world’s leading destinations,” says Bekir Okan, chairman of Okan Group. “In selecting our projects throughout the world, we always seek to establish an impact that will make history. Not only in its design, …

May 11, 2018

Development Florida Healthcare Southeast

Skanska to Lead $229M Renovation, Expansion of Hospital in Southwest Florida

by Camren Skelton May 10, 2018

FORT MYERS, FLA. — Skanska USA has unveiled renovation and expansion plans for Gulf Coast Medical Center, a hospital in the Southwest Florida city of Fort Myers. The $229 million expansion will add three floors totaling 365,700 square feet. The project includes the expansion of the emergency departments, clinical laboratory, radiology department, dining services and the central energy plant. The planned expansions will increase the hospital’s bed capacity from 356 to 624. Skanska will also renovate an existing 48,500 square feet of space at the hospital. Skanska is leading the project on behalf of the hospital owner, Lee Health. The development team, including general contractor Gates Construction and architect HKS Inc., expects to complete the hospital’s renovation program by September 2021.

May 10, 2018

Acquisitions Florida Office Southeast

IPA Brokers $16.4M Sale of 10-Story Office Building on Florida’s Gulf Coast

by Camren Skelton May 10, 2018

SARASOTA, FLA. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the $16.4 million sale of Kane Plaza, a 77,089-square-foot office building located at 1 S. School Ave. in Sarasota. Douglas Mandel and Nicholas Hanson of IPA arranged the transaction on behalf of the seller, TerraCap Management LLC. JLK Global Fund U.S. 2 Inc. acquired the asset. The 10-story Kane Plaza was constructed in 2000 and features a structured parking garage and renovated lobby.

May 10, 2018

Development Florida Industrial Loans Southeast

Bridge Development Receives $75M Construction Loan for 2.1 MSF Industrial Project in South Florida

by Camren Skelton May 9, 2018

MIAMI GARDENS, FLA. — Bridge Development Partners has received a $75 million construction loan to develop Bridge Point Commerce Center, a planned 2.1 million-square-foot industrial project in Miami Gardens. Steve Roth of CBRE arranged the loan through CIBC Bank U.S. and Hartford Investment Management Co. The first phase of the project, which will include three Class A buildings totaling 1.1 million square feet, is expected to deliver in the second quarter of 2019. The first two buildings will feature 32-foot clear heights and the third building will feature 36-foot clear heights. Located at 3900 N.W 215th St., Bridge Point Commerce Center is equidistant to Miami International Airport and Fort Lauderdale International Airport. Bridge Development is an active industrial developer in the South Florida region. In April, the Chicago-based firm received a $32.1 million loan to develop Bridge Point Powerline Road, a 467,832-square-foot facility in Pompano Beach.

May 9, 2018

Florida Loans Multifamily Southeast

Love Funding Arranges $40.6M HUD Loan for New Apartment Community in Southwest Florida

by Camren Skelton May 9, 2018

FORT MYERS, FLA. — Love Funding has arranged a $40.6 million loan for the construction and permanent financing of Grand Central Apartments, a 280-unit multifamily community in Fort Myers. Tammy Tate of Love Funding arranged the loan through the U.S. Department of Housing and Urban Development (HUD)’s 221 (d)(4) program on behalf of the developer, Tampa-based Aileron Investment Management. The loan provides non-recourse financing for the construction of the property, followed by a 40-year permanent loan. The community will feature one- and two-bedroom apartment units housed within two four-story and two three-story buildings. Aileron Investment Management is aiming for Grand Central Apartments to earn Bronze Level Green/Energy Efficient mortgage insurance premiums (MIP) through the National Green Building Standard Program. MHK Architecture & Planning is the architect for the project, and Brooks & Freund is the general contractor. ZRS Management LLC will manage the community upon completion. Aileron Investment Management expects to start leasing the first building in 12 months.

May 9, 2018

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