Monday, July 7, 2025
Read the Digital Magazines Subscribe to the Magazines
Subscribe

Florida

DevelopmentFloridaLoansRetailSoutheast

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

by John Nelson

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.

Continue Reading
FacebookTwitterLinkedinEmail
DevelopmentFloridaLoansMultifamilyRestaurantSoutheastWalker & Dunlop

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

by John Nelson

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.  

Continue Reading
FacebookTwitterLinkedinEmail
AcquisitionsFloridaRetailSoutheast

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

by John Nelson

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.

Continue Reading
FacebookTwitterLinkedinEmail
DevelopmentFloridaLoansSeniors HousingSoutheast

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

by John Nelson

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.

Continue Reading
FacebookTwitterLinkedinEmail
5201 Gate Parkway
AcquisitionsFloridaLeasing ActivityOfficeSoutheast

SRS Real Estate Negotiates $38M Sale of Office Building in Jacksonville Leased to Deutsche Bank

by Abby Cox

JACKSONVILLE, FLA. — SRS Real Estate Partners has negotiated the $38 million sale of a 150,000-square-foot office building located at 5201 Gate Parkway in Jacksonville. Deutsche Bank fully occupies the property on a long-term, corporate-guaranteed lease. Built in 2006, the three-story building sits on 13 acres. Jeff Gates of SRS Capital Markets’ San Francisco office represented the seller, a New York-based institutional investor, in the transaction. The buyer was AJC Partners LLC, a private family office based in Michigan and New York City.

Continue Reading
FacebookTwitterLinkedinEmail
FloridaMarket ReportsMultifamilySoutheastSoutheast Market Reports

South Florida Is a Magnet for Multifamily Owners, Investors and Lenders

by John Nelson

South Florida remains one of the most attractive markets for multifamily investment in the United States, driven by population growth, job creation and limited rental supply. While 2024 saw slower transaction volumes, fundamentals suggest a rebound is coming in 2025.  This article explores trends in investment sales, debt capital markets and joint venture (JV) equity, highlighting how strategic structuring and strong relationships are driving activity in today’s selective capital environment. Poised for sales growth Miami’s multifamily market continues to thrive, fueled by population growth, high rental demand and major developments. The city’s job market, with an unemployment rate of just 2.4 percent, is expected to grow by over 18,000 positions in 2025. Corporate expansions — like Citadel, MSC Group, Nvidia, Microsoft and Shopify — have driven demand for luxury rentals, while vacancy rates remain under 5 percent. With home prices rising over 70 percent in the past five years and mortgage rates more than doubling, homeownership is out of reach for many. As a result, demand for luxury rentals remains strong, especially in suburban areas where transit-oriented developments are emerging. One standout is Terra’s $1 billion Upland Park in West Miami-Dade County. In partnership with the county, the project includes …

Continue Reading
FacebookTwitterLinkedinEmail
The Perrin
FloridaLoansMultifamilySoutheast

Newmark Arranges $111M Construction Loan for Perrin Multifamily Development in Miami

by Abby Cox

MIAMI — Newmark has arranged a $111 million construction loan for The Perrin, a 310-unit multifamily development located at 901 SW 3rd Ave. in Miami’s Brickell district. Danny Matz of Newmark secured the financing on behalf of the borrower, The Empira Group. Goldman Sachs provided the loan. The 26-story project will feature a mix of studios, one-, two- and three-bedroom floorplans, 2,500 square feet of ground-floor retail space and 380 parking spaces. Amenities at the property will include a fitness center with a yoga room, coworking spaces, entertainment lounge, resort-style pool with cabanas, barbecue grills, a rooftop Zen garden and a tea room. The development also offers immediate access to I-95 and the Brickell Metrorail station. The Perrin, which is Empira’s first high-rise development in the United States, is slated for completion in 2028.

Continue Reading
FacebookTwitterLinkedinEmail
AcquisitionsFloridaMultifamilySoutheast

Mesa Capital Partners Acquires 260-Unit Luxury Apartment Community in Jacksonville

by Abby Cox

JACKSONVILLE, FLA. — Atlanta-based Mesa Capital Partners has acquired The Julington, a 260-unit luxury apartment community located in the Mandarin neighborhood of Jacksonville. Constructed in 2023 by RISE Development, the complex offers one-, two- and three-bedroom floorplans, ranging in size from 765 square feet to 1,426 square feet. The property features elevator-serviced units, as well as resident amenities such as private coworking spaces, a resort-style pool deck, pet spa and Zen garden. Walker & Dunlop’s Atlanta office arranged the financing for the acquisition. The sales price was not disclosed. Pegasus Residential will oversee day-to-day management of the property.

Continue Reading
FacebookTwitterLinkedinEmail
AcquisitionsFloridaRetailSoutheast

Continental Realty Corp. Acquires CityPlace Doral Retail Development in South Florida for $87.5M

by John Nelson

DORAL, FLA. — Baltimore-based Continental Realty Corp. (CRC) has purchased CityPlace Doral, a 235,000-square-foot lifestyle retail center located at 8300 N.W. 36th St. in Doral, a western suburb of Miami. CRC financed the $87.5 million acquisition using funds from Continental Realty Opportunistic Retail Fund I LP, a related co-investment and a $58.3 million loan from a regional bank. Danny Finkle and Jorge Portela of JLL represented the seller, PGIM Real Estate, in the transaction. Michael DiCosimo and Maddy McMillen of JLL’s Debt Advisory team arranged the acquisition loan. The tenant roster at CityPlace Doral, which was 80 percent leased at the time of sale, includes The Fresh Market, Cooper’s Hawk, Anatomy Fitness, Carrot Express, Copper Blues Rock Pub & Kitchen, Kings Dining & Entertainment, CMX CineBistro, Kuba Cabana, Novecento and Tap 42. Built in 2017, the center also includes a structured parking garage and a central plaza for events. CityPlace Doral is connected to The Flats, a 303-unit apartment community that is under separate ownership. With this acquisition, CRC owns 13 retail centers in Florida, including assets in Fort Myers, Lakeland, Lake Worth, Marco Island, Naples, Ocoee, Orlando and Seffner.

Continue Reading
FacebookTwitterLinkedinEmail
Affordable HousingDevelopmentFloridaSeniors HousingSoutheast

McDowell Housing Completes 160-Unit Affordable Seniors Housing Community in Naples, Florida

by John Nelson

NAPLES, FLA. — McDowell Housing Partners (MHP) has completed the construction of Ekos Cadenza, a 160-unit affordable seniors housing community in Naples. This marks MHP’s second phase of development at the site. The first phase, which also comprises 160 units of affordable housing for seniors, opened in October 2024. Totaling five stories, Ekos Cadenza features studio, one- and two-bedroom residences ranging from 527 to 1,007 square feet. Amenities include a swimming pool, wet bar, fitness center, game room, media center, pickleball court and clubhouse. The Healthcare Network of Southwest Florida will provide onsite healthcare services to residents, with Collier County administering a daily meal program. Nineteen apartments will be reserved for seniors earning at or below 30 percent of the area median income (AMI), and 119 units will be reserved for seniors earning at or below 60 percent of AMI. Monthly rents will range from $529 to $1,406.

Continue Reading
FacebookTwitterLinkedinEmail
Newer Posts
Older Posts