Tuesday, April 23, 2024
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DevelopmentFloridaRetailSelf-StorageSoutheast

Futura, Linkvest Capital Deliver 130,000 SF Self-Storage, Retail Facility in Orlando

by John Nelson

ORLANDO, FLA. — Futura and Linkvest Capital have completed the construction of Nona Cove Self Storage, a 130,000-square-foot development featuring self-storage and retail space at 14800 Narcoossee Road in the Lake Nona neighborhood of Orlando. The facility — which comprises 122,000 square feet of self-storage space and 8,000 square feet of retail space — is part of the first phase of Futura at Nona Cove, a 17-acre mixed-use project anchored by a new 260-unit apartment community. Managed by Extra Space, Nona Cove Self Storage includes 1,046-square-foot bays with a gated drive-thru and is currently 57 percent leased.

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AcquisitionsBuild-to-RentFloridaMultifamilySingle-Family RentalSoutheast

Berkadia Brokers $14.6M Sale of Build-to-Rent Townhouse Community in Fort Lauderdale

by John Nelson

FORT LAUDERDALE, FLA. — Berkadia has brokered the $14.6 million sale of ID Flagler Village, a build-to-rent (BTR) townhouse community located at 113 N.E. 6th St. in the Flagler Village neighborhood of Fort Lauderdale. The property totals 24 homes spanning 1,600 square feet each. Built in 2018, ID Flagler Village also features private two-car garages, private patios and balconies and amenities including an onsite dog park and controlled access entry. Yoav Yuhjtman, Roberto Pesant, Jaret Turkell and Omar Morales of Berkadia’s South Florida office represented the seller, locally based Ceiba Groupe, in the transaction. An entity doing business as US Housing Reditus Fund LLC acquired the property.

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DevelopmentFloridaIndustrialSoutheast

BBX Logistics, FRP to Develop 213,500 SF Industrial Park in Lakeland, Florida

by John Nelson

LAKELAND, FLA. — A joint venture between BBX Logistics Properties and FRP Development Corp. plans to develop BBX Park at Lakeland, a 213,500-square-foot logistics park in Lakeland. The 22.5-acre project will be located at 8255 State Road 33 N, which is directly north of I-4 and within 50 miles of both Tampa and Orlando. BBX and FRP plan to break ground on the park in the fourth quarter, with delivery and occupancy slated for 2025. The joint venture has tapped Kris Courier of CBRE’s Tampa office to market BBX Park at Lakeland for lease.

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DevelopmentFloridaLoansMultifamilySoutheast

Berkadia Arranges $328M Construction Loan for Luxury Condo Tower in Miami

by John Nelson

MIAMI — Berkadia has arranged a $328 million construction loan for Baccarat Residences Miami, a 355-unit luxury condominium tower planned at the gateway of Brickell Avenue in Miami. Scott Wadler, Michael Basinski, Mitch Sinberg, Matt Robbins and Brad Williamson of Berkadia arranged the floating-rate loan through Bank OZK on behalf of the borrowers, Related Group and GTIS Partners. Baccarat Residences, which is currently 95 percent presold, is scheduled for completion in early 2028. Designed by Arquitectónica and managed by SH Hotels & Resorts, the tower will feature more than 75,000 square feet of high-end amenities, including a marina, spa, art installations and a health and fitness center.

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DevelopmentFloridaIndustrialSoutheast

Foundry Commercial to Develop 457,000 SF Logistics Center in Boynton Beach, Florida

by John Nelson

BOYNTON BEACH, FLA. — Foundry Commercial has purchased 30 acres at 3800 S. Congress Ave. in Boynton Beach, with plans to develop a 457,000-square-foot logistics center at the site. Upon completion, the development — dubbed Egret Point Logistics Center — will feature two rear-load warehouses with 180-foot truck courts, 32-foot clear heights, parking and ESFR sprinkler systems. The Orlando-based developer plans to demolish the existing 126,000-square-foot office and warehouse building currently occupying the site to make way for the new project. Construction is scheduled to be completed in spring 2025.

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Affordable HousingDevelopmentFloridaLoansMultifamilySeniors HousingSoutheast

CREI Holdings Secures $67M Loan for Affordable Housing Development in Metro Miami

by John Nelson

SWEETWATER, FLA. — CREI Holdings has secured a $67 million construction loan for the development of Li’l Abner III, an affordable and workforce housing community in Sweetwater, roughly 15 miles outside of Miami. Centennial Bank provided the financing. Upon completion, which is scheduled for the second quarter of 2026, the property will feature an eight-story building with 328 one- and two-bedroom apartments, with 40 percent of the residences reserved for households earning 80 percent of the area median income (AMI). Additionally, 40 percent of units will be designated for residents age 55 and older. Amenities at Li’l Abner III, which will be situated adjacent to Li’l Abner I and II, will include a fitness center, lounge, central courtyard and storage facilities. Yuleisy Montalvo of Centennial Bank arranged the financing internally. Attorney Manny Diner represented CREI in the loan transaction, and attorney Richard Barbara represented Centennial Bank.

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DevelopmentFloridaLoansMultifamilySoutheast

Mast Capital Receives $65M Construction Financing for Multifamily Community in Fort Myers

by John Nelson

FORT MYERS, FLA. — Mast Capital has received a $65 million loan for the construction of Hancock Bridge Square, a 320-unit multifamily project in Fort Myers. The developer has recently broken ground on the development, which will be located at 13370 N. Cleveland Ave. and feature three- and four-story apartment buildings. General contractor Kaufman Lynn is building the community, which was designed by Humphreys & Partners Architects. Amenities at Hancock Bridge Square will include a fitness center, lounge and entertainment kitchen, workspace, swimming pool and a sun deck. Chris Drew, Brian Gaswirth, Jesse Wright and Paul Adams of JLL secured the construction financing through Centerbridge Partners — which served as an agent for MassMutual Life Insurance Co. — on behalf of Mast Capital. A construction timeline was not disclosed.

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FloridaLoansMultifamilySoutheast

Walker & Dunlop Arranges $49.5M Agency Refinancing for Palmilla Apartments in Pensacola, Florida

by John Nelson

PENSACOLA, FLA. — Walker & Dunlop has arranged a $49.5 million Fannie Mae loan for the refinancing of Palmilla Apartments, a 240-unit multifamily community located at 51 S. Coyle St. in Pensacola, a city on the Florida-Alabama border. Will Baker and Doug McDaniel of Walker & Dunlop’s Birmingham office arranged the five-year, fixed-rate loan on behalf of the borrower, Kore LLC. The borrower will use the proceeds to reach stabilization at Palmilla and pay off construction debt. Kore used Fannie Mae’s green platform for better pricing, according to Walker & Dunlop. Palmilla features studio, one-, two- and three-bedroom units ranging in size from 588 to 1,618 square feet, according to Apartments.com. Amenities include a pool, fitness center, clubhouse, putting green and electric vehicle charging stations.

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DevelopmentFloridaLeasing ActivityMixed-UseOfficeSoutheast

DigitalBridge Signs 79,141 SF Corporate Headquarters Lease at Sundy Village in Delray Beach, Florida

by John Nelson

DELRAY BEACH, FLA. — DigitalBridge, a digital infrastructure investment firm active in data centers and cell towers, has signed a 79,141-square-foot office lease at Sundy Village, a mixed-use development located at 100 S.E. 1st Ave. in Delray Beach. The South Florida property will serve as the new corporate headquarters for DigitalBridge, which is relocating from nearby Boca Raton. The company plans to move its 300 employees to Sundy Village in the third quarter. The development’s other office tenants will include the developer, Pebb Capital, as well as Vertical Bridge. Joe Freitas and John Criddle of CBRE oversee office leasing at Sundy Village, which also features retail space, structured and subterranean parking and green spaces.

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DevelopmentFloridaLeasing ActivityMixed-UseRetailSoutheast

Bowlero Opens 30,000 SF Lucky Strike Bowling Alley at Miami Worldcenter

by John Nelson

MIAMI — Bowlero Corp. has opened Lucky Strike Miami, a 30,000-square-foot entertainment venue within the $6 billion Miami Worldcenter development. The venue is the second new build for Bowlero using the Lucky Strike brand since it was acquired in September. Lucky Strike Miami features 28 bowling lanes, an arcade, craft cocktail bar, food service and a VIP room with six private bowling lanes. The venue is situated adjacent to Kaseya Center, home arena of the NBA’s Miami Heat. Miami Worldcenter Associates is the master developer of the 27-acre district, which comprises 10 city blocks and features three residential towers and the newly opened citizenM hotel, among other uses.

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