Florida

Centennial Bank Provides $117M Construction Loan for Multifamily Project in West Palm Beach

by John Nelson June 24, 2025

WEST PALM BEACH, FLA. — Centennial Bank has provided a $117 million senior construction loan for The District at Northwood, a 382-unit multifamily community underway at 2484 Pinewood Ave. in West Palm Beach. The borrower is Immocorp Ventures LLC, a joint venture between Gilbert Benhamou of Immocorp Capital and Gideon Friedman of Beachwold Residential. The financing will cover the remaining vertical construction of The District at Northwood, as well as reserves and closing costs for the project, which broke ground in February 2024 and is now approximately 30 percent complete. Construction is scheduled for full completion in the fourth quarter of 2026. The development is situated near Currie Park, where the City of West Palm Beach is investing $35 million for a major renovation. The District at Northwood will offer coworking spaces, an indoor/outdoor fitness studio, padel courts, rooftop entertainment complex with poolside cabanas, outdoor kitchen and dining areas, a pet park, approximately 61,000 square feet of ground-level retail space and 22,131 square feet for either a grocery store or another anchor tenant.

June 24, 2025

Features Florida Office Southeast Southeast Feature Archive

The Office Sector Is Turning a Corner. What Is Fueling its Return?

by John Nelson June 24, 2025

By Brett Reese of CP Group After several years of disruption, the office market is beginning to show meaningful signs of recovery. Market fundamentals are strengthening, sentiment is shifting and the data backs it up. Office sales totaled $64.3 billion last year, up nearly 21 percent from 2023, according to MSCI Real Assets. Net absorption also turned positive, with 6.5 million more square feet of U.S. office space leased than vacated, marking the most substantial annual gains since 2019. Rent growth has been substantial across key markets, lenders are re-engaging and marquee transactions are driving capital back to the sector. These are the first broad signs that the innovative strategies employed by experienced owners and operators over the past five years are beginning to pay off. Sun Belt momentum In Southeastern markets like South Florida and Atlanta, recovery outpaces national trends, driven by location, flexibility and amenitized space. Hard-learned lessons by tenants, lenders and landlords have reshaped the market. As the industry recalibrates, operators with conviction and capital can double down on what’s working. Debt is returning Perhaps the most significant harbinger of market recovery is the thawing of the debt markets. Just a year ago, lenders willing to underwrite …

June 24, 2025

Acquisitions Florida Multifamily Southeast

Excelsa Properties Acquires 216-Unit Multifamily Community in Naples, Plans $7M Overhaul

by Abby Cox June 23, 2025

NAPLES, FLA. — Excelsa Properties has acquired Oasis Naples, a 216-unit garden-style multifamily property located at 2277 Arbour Walk Circle in Naples. The buyer purchased the property on behalf of Excelsa’s US Real Estate II LP fund and a co-investment vehicle related to Fund II LP, which are both managed by Excelsa. Built in 1992, Oasis Naples offers one- and two-bedroom floorplans ranging in size from 762 square feet to 1,012 square feet across18 residential buildings. Amenities at the property include a swimming pool, lounge areas, coffee station and a 24-hour fitness center. Excelsa plans to invest roughly $7 million to enhance the property’s appeal and performance. This marks the seventh multifamily property to be acquired through Excelsa’s US Real Estate II LP fund and the 20th multifamily acquisition across its portfolios.

June 23, 2025

Acquisitions Florida Multifamily Southeast

Berkadia Arranges Sale of Build-to-Rent Development Site in Metro Tampa

by Abby Cox June 23, 2025

LAND O’ LAKES, FLA. — Berkadia has arranged the sale of a 28.5-acre development site located within the master-planned community of Bexley in Land O’ Lakes, roughly 30 miles north of downtown Tampa. The Dinerstein Cos., in partnership with Maymont Homes, will design the site to offer a mix of two- and three-bedroom residences featuring private yards and attached garages. Amenities at the property, dubbed Sunlake North, will include a clubhouse, fitness center, resort-style swimming pool and various neighborhood parks. Sunlake Boulevard, which forms the site’s eastern boundary, is scheduled for a future extension that will connect the development to the new Moffitt Cancer Center Pasco Life Sciences Campus and the Angeline master-planned community. Preleasing at the development is expected to begin in late spring 2026, with the first homes available for move-in by the fourth quarter of that year.

June 23, 2025

Florida Market Reports Office Southeast Southeast Market Reports

Miami Office Market Defies National Trends, Sees Rent and Occupancy Growth

by John Nelson June 23, 2025

Over the past five years, the national office market has faced its fair share of challenges: hybrid work reshaping demand, a surge in sublease spaces and rents stagnating in many cities. But Miami’s office market? It’s been a standout performer, and it’s soaring, not just holding its ground. From the onset of the COVID-19 pandemic, Miami began to separate itself from other major metros. While cities across the country struggled to coax tenants back to the office, Miami became a hotspot for companies eager to expand. What began as an influx of interest from financial firms, law practices and tech companies quickly evolved into a significant shift. These weren’t temporary moves — these were long-term leases and major investments. Since 2020, Miami-Dade has absorbed nearly 3 million square feet of office space. Unlike other cities where growth has fluctuated, Miami’s demand has been steady. Even as leasing slowed down nationally in 2023, Miami managed to hold strong. By 2024, leasing activity picked up again, and the first quarter of 2025 saw impressive absorption numbers. A major factor in Miami’s success is its disciplined approach to office development. While other markets overbuilt, leading to high vacancy rates, Miami’s new supply has …

June 23, 2025

Development Florida Leasing Activity Mixed-Use Restaurant Retail Southeast

Seritage Growth Signs 17 New Tenants at Esplanade at Aventura in Metro Miami

by John Nelson June 19, 2025

AVENTURA, FLA. — Seritage Growth Properties, a REIT created by Sears Holdings in 2015, has signed leases with 17 new tenants at Esplanade at Aventura, its 215,000-square-foot mixed-use development located in the northeastern Miami suburb of Aventura. Retail and restaurant concepts including The Salty Donut, If So, Chip City and The Shade Store recently opened at the property, while Tremble, Bank of America and Hästens will open this summer. Pura Vida Miami, Salt & Straw, Starbucks Coffee, Wairua Beauty and Next Health are expected to open this fall. Additional stores that will be arriving later in the year include 7th Avenue, Lola + The Boys, The Keys Co. and Anatomy Fitness. Lastly, Feulard Aesthetic Lab plans to open in spring 2026. The new tenants will occupy approximately 55,000 square feet at the development. Completed in 2023 and located adjacent to Aventura Mall, Esplanade at Aventura features more than 40 retail, dining and entertainment options, including Pinstripes and The LEGO Store. The project also includes healthcare tenants like One Medical and CCRM Fertility, as well as coworking operator Industrious.

June 19, 2025

Development Florida Loans Retail Southeast

Ocean Bank Provides $54M Construction Loan for Whole Foods-Anchored Retail Project in Miami Beach

by John Nelson June 19, 2025

MIAMI BEACH, FLA. — Ocean Bank has provided a $54 million construction loan for a retail development in Miami Beach. The borrower, 1901 Alton Property LLC, an affiliate of veteran developer Russell Galbut and his daughter Marisa Galbut, is developing a commercial building that will house a 40,883-square-foot Whole Foods Market, 4,000-square-foot Wells Fargo bank branch and 271 parking spaces. Jorge Hernandez of Ocean Bank originated the financing on behalf of the borrower, which has been doing business with Ocean Bank for 35 years. Details of the loan and the development timeline were not released.

June 19, 2025

Development Florida Loans Multifamily Restaurant Southeast Walker & Dunlop

Walker & Dunlop Arranges $125M Construction Loan for Cassi Apartment Tower in Miami

by John Nelson June 18, 2025

MIAMI — Walker & Dunlop has arranged a $125 million construction loan for Cassi, a 20-story apartment tower located at 91 N.E. 36th St. in Miami’s Design District. Sean Reimer, Aaron Appel, Keith Kurland, Jonathan Schwartz, Adam Schwartz, Jordan Casella and Michael Stepniewski led Walker & Dunlop’s New York Capital Markets team in arranging the financing on behalf of the borrower, a joint venture between the Miami Design District Associates and The Forbes Co. Amerant Bank was the lead lender, with Bank Hapoalim also participating. Cassi will feature one-, two- and three-bedroom apartments averaging 1,509 square feet in size. The tower will also include 23,000 square feet of retail space.

June 18, 2025

Acquisitions Florida Retail Southeast

Native Realty Brokers $10.3M Sale of Pinecrest Square Shopping Center in Fort Lauderdale

by John Nelson June 18, 2025

FORT LAUDERDALE, FLA. — Native Realty has brokered the $10.3 million sale of Pinecrest Square, a 40,409-square-foot shopping center located in the Fort Lauderdale neighborhood of Cypress Creek. Tenants at the property include ChenMed, 7-Eleven, Jiffy Lube, Cheers Food and Spirits and Veterinary Emergency Group. Jaime Sturgis of Native Realty represented the buyer, an entity doing business as 903 Cypress Creek LLC, in the transaction. An entity operating as Pinecrest AP LLC was the seller. Native is also leasing Pinecrest Square on behalf of the new owner.

June 18, 2025

Development Florida Loans Seniors Housing Southeast

JLL Arranges Two Construction Takeout Loans Totaling $114M for EDEN Living BTR Projects in Florida

by John Nelson June 17, 2025

WEST MELBOURNE AND JACKSONVILLE, FLA. — JLL has arranged $114 million in bridge loans on behalf of BTR developer EDEN Living to refinance existing construction debt on two Florida properties. The package includes a $70 million loan for the 373-unit EDEN at Heritage Lakes in West Melbourne and a $44 million loan for the 265-unit EDEN at Kendall West in Jacksonville. The direct lender of the construction takeout loans was not disclosed. Both properties were developed in 2024. Max La Cava, Melissa Quinn, Rob Rothaug and Jade Starkey of JLL arranged the financing on behalf of the borrower.

June 17, 2025

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