Florida

Avison Young Arranges $16.6M Sale of Office Building in Broward County

by Camren Skelton August 22, 2018

PLANTATION, FLA. — Avison Young has arranged the $16.6 million sale of Pointe 1801, a 99,255-square-foot office building located at 1801 N.W. 66th Ave. in Plantation. David Duckworth, John Crotty, Michael Fay, Greg Martin and Brian de la Fé of Avison Young arranged the transaction on behalf of the seller, a global private equity firm. Zaragon Inc. acquired the property. The transaction represents the final sale of a three-asset portfolio Avison Young listed on behalf of the seller. The three properties, including Southpointe and Pointe Broward, sold separately within one month for a total of $49.3 million. Pointe 1801 was fully leased at the time of sale to two tenants.

August 22, 2018

Florida Industrial Loans Southeast

NXT Capital Provides Acquisition Loan for 563,000 SF Industrial Building in Central Florida

by Camren Skelton August 22, 2018

LAKE MARY, FLA. — NXT Capital has provided a $14 million loan for the acquisition of Innovation Center, a 563,000-square-foot warehouse located in Lake Mary. Chris Drew of HFF arranged the loan on behalf of the undisclosed borrower. Located roughly six miles west of Orlando Sanford International Airport, the property features a fully insulated warehouse ceiling, heavy power and storage for 40 to 50 trailers.

August 22, 2018

Florida Hospitality Loans Southeast

Mission Capital Arranges $53M Refinancing of Waterfront Hotel in Tampa

by Camren Skelton August 21, 2018

TAMPA, FLA. — Mission Capital Advisors has arranged a $53 million loan for the refinancing of The Godfrey Hotel and Cabanas Tampa, a 276-room hotel located at 7700 W. Courtney Campbell Causeway in Tampa. The waterfront property was once owned by the New York Yankees and served as the team’s spring training home for several decades. Jordan Ray, Ari Hirt, Alex Draganiuk and Justin Hunt of Mission Capital arranged the non-recourse loan through Marathon Asset Management on behalf of the borrower, an affiliate of Oxford Capital Group. Oxford acquired the hotel in 2015 and transformed the property with the addition of 15 guestrooms, complete renovations of guestrooms and the lobby and the addition of the WTR Pool & Grill. WTR includes a pool, cabana club, bar and corporate event space overlooking Tampa Bay.

August 21, 2018

Development Florida Multifamily Seniors Housing Southeast

Public-Private Venture Breaks Ground on 123-Unit Affordable Seniors Housing Community in Miami

by Camren Skelton August 21, 2018

MIAMI — A public-private collaboration between Miami-Dade County, Pinnacle Housing Group and the South Miami Heights Community Development Corp. has broken ground on Caribbean Village, an affordable seniors housing property in Miami. Located in the South Miami Heights submarket, Caribbean Village will offer 123 units. The development is part of a two-phased plan to develop transit-oriented affordable housing in Miami. The community will be the first new affordable seniors housing project in the area in 25 years, according to the developers. Miami-Dade County, which will own the project, selected the partners following a competitive bidding process. The county contributed the land, as well as $11.5 million in funding. Other funding for the project came from tax-exempt bonds, housing tax credits and a $5.3 million loan from Florida Housing Finance Corp. Citibank purchased both the bonds and the tax credits. According to local media reports, Caribbean Village will be reserved for residents earning 60 percent or less of the area median income (AMI), and some units will be designated for people making as low as 28 percent of the AMI. The community will include one- and two-bedroom units and will feature a fitness center, cyber lounge, game room, outdoor recreation area …

August 21, 2018

Acquisitions Florida Office Southeast

Colliers Brokers $22.3M Sale of Former School-Turned Office Building in West Palm Beach

by Camren Skelton August 21, 2018

WEST PALM BEACH, FLA. — Colliers International has arranged the $22.3 million sale of a 66,770-square-foot building located at 2410 Metrocentre Blvd. in West Palm Beach. The property formerly housed the Lincoln College of Technology Campus, but was converted into an office property in 2017 to fit the needs of Belcan Engineering Group, which houses its regional headquarters at the building. Kevin McCarthy and Bastian Laggerbauer of Colliers arranged the transaction on behalf of the seller, a partnership between Tambone Cos. and Catalfumo Cos., and procured the buyer, Czech Republic-based ICP Capital Partners. In addition, the Colliers team secured a $13.5 million acquisition loan on behalf of the buyer.

August 21, 2018

Acquisitions Florida Multifamily Southeast

Cushman & Wakefield Arranges $59.8M Sale of Multifamily Community in Miami

by Camren Skelton August 20, 2018

MIAMI — Cushman & Wakefield has arranged the $59.8 million sale of Vista Verde at Westchester, a 302-unit apartment community located at 10491 S.W. 14th Terrace in Miami. Robert Given, Troy Ballard, Zachary Sackley and James Quinn of Cushman & Wakefield arranged the transaction on behalf of the seller, Rilea Group. Advenir Inc. acquired the asset, which is located adjacent to Florida International University, a public university with an enrollment of more than 55,000 students. Charles Foschini, Christopher Apone and Lourdes Carranza-Alvarez of Berkadia originated a $44.3 million Freddie Mac loan to fund Advenir’s acquisition. The 11-year, fixed-rate loan features six years of interest-only payments. Approximately 20 percent of the units at Vista Verde have been updated with stainless steel appliances, granite countertops, new flooring, new cabinetry, new sinks and refinished ceilings. Originally constructed in 1993, Vista Verde includes a mix of studio to two-bedroom units and features a pool, fitness center, playground and picnic areas. In addition, the community is situated adjacent to 300,000 square feet of retail in two shopping centers anchored by Publix and YouFit Health Clubs.

August 20, 2018

Florida Loans Multifamily Southeast

Walker & Dunlop Secures $30.6M HUD-Insured Construction Loan for Apartment Property in Melbourne, Florida

by Camren Skelton August 20, 2018

MELBOURNE, FLA. — Walker & Dunlop has secured a $30.6 million construction loan for The Highline, a 171-unit, market-rate apartment community in Melbourne. Jeremy Pino, Livingston Hessam, Keith Melton and David Strange of Walker & Dunlop arranged the 40-year, fixed-rate loan through the U.S. Department of Housing and Urban Development (HUD)’s 221(d)(4) program on behalf of the project developer, Zimmerman Development. The Highline will feature a pool, sundeck, gated dog walk area, fire pit, catering kitchen, sports bar, game room and a fitness center with a yoga studio. A construction timeline for the project was not disclosed.

August 20, 2018

Acquisitions Florida Office Retail Southeast

HFF Negotiates $9.3M Sale of Retail, Office Building in Palm Beach County

by Camren Skelton August 20, 2018

PALM BEACH GARDENS, FLA. — HFF has brokered the $9.3 million sale of the Shoppes & Offices at PGA West, a retail and office property located in Palm Beach Gardens. Luis Castillo, Danny Finkle, Eric Williams and Nat Scarmazzi of HFF arranged the transaction on behalf of the seller, LNR Partners Inc., and procured the buyer, Juster Development Co. Constructed in 2001, the Shoppes & Offices at PGA West includes 18,348 square feet of retail space and 19,434 square feet of office space. The property was 98.3 percent leased at the time of sale to a mix of experiential retailers, restaurants and boutique office tenants.

August 20, 2018

District of Columbia Florida Hospitality Loans New York Northeast Southeast Top Stories

Qatar-based Investor Receives $503M Refinancing for Hotel Portfolio in NYC, Miami, D.C.

by Kristin Harlow August 17, 2018

NEW YORK CITY, MIAMI AND WASHINGTON, D.C. — Qatar-based Al Rayyan Tourism Investment Co. (ARTIC) has received $503 million in refinancing for a three-property hotel portfolio totaling 1,049 rooms in New York City, Miami and Washington, D.C. HFF arranged three floating-rate loans through Mack Real Estate Credit Strategies for the refinancing. The breakdown includes: a $290 million loan for The Manhattan at Times Square Hotel; a $132 million loan for the St. Regis Bal Harbour Resort in Miami; and an $81 million loan for the St. Regis Washington, D.C. Each loan carries a four-year term. Originally developed in 1952, The Manhattan at Times Square Hotel houses 685 rooms and 9,100 square feet of retail space. The 22-story hotel is located in Times Square at 790 7th Ave. ARTIC will continue to operate the hotel and plans to redevelop the property into a much taller mixed-use tower. Once redeveloped, the building will include 44,000 square feet of LED signage wrapping the base, 134,000 square feet of retail space, 250 hotel rooms and 150 luxury condominium residences. The St. Regis Bal Harbour is a 27-story luxury hotel in Miami with 192 guest rooms and 24 condo units. The hotel features the Remède Spa, two pools, a …

August 17, 2018

Florida Loans Office Southeast

HFF Arranges $41M Acquisition Loan for Office Building in Fort Lauderdale

by Camren Skelton August 16, 2018

FORT LAUDERDALE, FLA. — HFF has arranged a $41 million acquisition loan for Coastal Tower, a 261,676-square-foot office building located at 2400 E. Commercial Blvd. in Fort Lauderdale. Chris Drew, Brian Gaswirth and Matthew McCormack of HFF arranged the four-year, floating-rate bridge loan through New York Life Insurance Co. on behalf of the borrower, Cardinal Point Management. The 12-story tower was most recently renovated in 2008 and is home to tenants such as USI Insurance, Morgan Stanley and Mass Mutual.

August 16, 2018

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