REBusinessOnline

Ready Capital Closes $10.1M Acquisition Loan for Multifamily Property in Tallahassee

TALLAHASSEE, FLA. — Ready Capital has closed the $10.1 million acquisition and stabilization financing for a 160-unit multifamily property in Tallahassee. The financing is a non-recourse, interest-only, floating-rate loan with a 24-month term and two extension options. The loan includes a facility to provide the unnamed borrower with future funding for capital expenditures. The name of the property was not

Tabani Group Acquires Retail Center in Central Florida for $9.2M

EUSTIS, FLA. — Tabani Group Inc., a Dallas-based commercial real estate firm, has acquired Shoppes at Eustis Village, a 29,367-square-foot retail strip center in Eustis, about 37.9 miles north from Orlando. Brad Peterson, Whitaker Leonhardt, Michael Brewster and Tommy Isola of JLL represented the seller, Miami-based CORE Investment Properties, in the transaction. The sales price was approximately $9.2 million.Completed in 2006, the Shoppes at Eustis Village is fully leased to nine tenants …

Athens Group, MSD Partners Acquire Naples Beach Hotel & Golf Club in Florida, Plan Mixed-Use Redevelopment

NAPLES, FLA. — A partnership between The Athens Group and MSD Partners has purchased Naples Beach Hotel & Golf Club, a 125-acre resort that fronts the Gulf of Mexico in Naples. The Watkins Family sold the beachfront resort to the partnership for an undisclosed price, but the Naples Daily News reports the price tag exceeded $362 million.The new ownership plans to redevelop the resort into a mixed-use destination called Naples Beach Club. The development will include a 216-room hotel …

Morgan Properties Acquires Two Southeast Multifamily Portfolios for $780.5M

KING OF PRUSSIA, PA. — Morgan Properties has purchased two separate multifamily portfolios in the Southeast totaling 4,724 units. The portfolios comprise 18 communities in four states: Georgia, Florida, North Carolina and South Carolina. The King of Prussia-based investor acquired the portfolios from Charleston-based Middle Street Partners (MSP) and Massachusetts-based Northland Investment Corp. for a combined $780.5 million.The MSP portfolio comprises 4,102 units spread across 15 Class B …

JLL Secures $48.9M Refinancing for Two Office Towers in Fort Lauderdale

FORT LAUDERDALE, FLA. — JLL Capital Markets has secured a $48.9 million loan for Tower 101 and Centre 101, two connected Class A office towers near downtown Fort Lauderdale. Melissa Rose and Giancarlo Paone of JLL worked on behalf of the borrower, Greenwich, Conn.-based Ivy Realty, to secure the three-year, floating-rate loan through Rialto Capital Management. The loan was meant to refinance existing debt and fund future capital improvements and leasing costs.Tower 101 is a 21-story …

Fifteen, Meritage Group Sell Apartment Complex in Orlando for $107.8M

ORLANDO, FLA. — A joint venture between affiliates of Miami-based Fifteen Group and San Francisco-based Meritage Group LP has sold Patterson Court Apartments, a 384-unit multifamily property in Orlando, for $107.8 million. West Hollywood, Calif.-based Trion Properties was the buyer, according to the Orlando Business Journal. Brett Moss and Jaret Turkell of Berkadia represented the seller.Patterson Court offers one-, two- and three-bedroom apartments ranging in size from 772 to 1,312 …

Stevens Construction Begins 13,712 SF PopStroke Project in Orlando

ORLANDO, FLA. — Stevens Construction has begun construction on PopStroke Orlando, a 13,712-square-foot experiential golf and casual dining concept. The project is slated for completion in spring 2022.PopStroke Orlando will be an interactive and competitive golf experience with food and beverage options, including an open-air restaurant with multiple open decks and covered dining areas and bars. The venue will also have a commercial kitchen, restrooms, covered playground, beer garden and …

Berkadia Institutional Solutions Arranges $132.5M Sale of Multifamily Portfolio in West Palm Beach

WEST PALM BEACH, FLA. — Berkadia Institutional Solutions, a partnership between Berkadia and the apartment brokerage of Moran & Co., has arranged the sale of three multifamily properties in West Palm Beach: Windward at the Villages, The Royal St. George and Village Place. The three properties have a combined 622 units and were sold for a total of $132.5 million. Jaret Turkell, Roberto Pesant, Omar Morales and Jose Mota of Berkadia’s Miami office completed the sale on behalf of the …

Klotz, KABR to Build $85M Apartment Project in South Daytona, Florida

SOUTH DAYTONA, FLA. — The Klotz Group of Cos., a Jacksonville, Fla.-based private equity real estate investment platform, plans to develop the Halifax Riverfront Residences & Marina, an $85 million mixed-use multifamily and marina project in South Daytona.Klotz, in partnership with KABR, purchased the site in September 2020 for $1.6 million and immediately began working with the City of South Daytona to review and approve the project. The partnership expects to break ground in late …

Cushman & Wakefield Brokers $12.3M Sale of Riverwalk Center Office Property in Jupiter, Florida

JUPITER, FLA. — Cushman & Wakefield has brokered the sale of Riverwalk Center, a 35,324-square-foot, Class A office building located in Jupiter. ESJ Capital Partners sold the property for $12.3 million.Anthony Librizzi of Cushman & Wakefield represented the buyer, an entity doing business as RJM Jupiter Riverwalk LLC, in the transaction. Librizzi will also oversee leasing at the property. Truist Wealth, a wealth management advisory firm, recently renewed a 10,930-square-foot lease …

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