Florida

Walker & Dunlop Arranges $138.1M Construction Loan for 57-Story Condominium Tower in Miami

by Camren Skelton August 16, 2018

MIAMI — Walker & Dunlop has arranged a $138.1 million construction loan for Elysse, a 57-story condominium tower in Miami. The 100-unit community, located at 788 N.E. 23rd St., overlooks the Intracoastal Waterway in Miami’s Edgewater neighborhood. Kevin O’Grady and Eric McGlynn of Walker & Dunlop arranged the financing through JPMorgan Chase Bank on behalf of Two Roads Development, which is developing the project in partnership with entities managed by investment firm DW Partners. The transaction is Miami’s largest condo construction loan this year, according to Two Roads Development. “There was strong lender interest in the project given the presale activity, the developer’s experience and the boutique nature of the building,” says O’Grady. The loan comes as Elysse approaches the 50 percent-sold mark, with unit sales representing more than $100 million in total transaction volume so far. “Construction is in full swing at Elysee and this financing will provide for the continued development and completion of the tower,” says James Harpel, chairman and senior partner of Two Roads Development. The West Palm Beach-based company broke ground on the project in 2017 and expects to wrap up construction by 2020. Elysse will offer three- and four-bedroom floor plans ranging from 2,300 …

August 16, 2018

Development Florida Restaurant Retail Southeast

McDonald’s to Invest $186M to Modernize 240 Restaurants Across Florida

by Camren Skelton August 15, 2018

CHICAGO — McDonald’s and its franchisees plan to invest approximately $186 million to modernize 240 restaurants located across Florida. The initiative is part of the fast food giant’s aim to invest $6 billion to modernize most of their U.S. restaurants by 2020. The transformed Florida restaurants will feature modernized dining rooms with globally and locally inspired décor; new furniture; refreshed exterior designs; digital self-order kiosks; remodeled counters; digital menu boards outside and at the drive-thru; designated parking spots for curbside pick-up through mobile order and pay; expanded McCafé counters; and larger display cases. The renovations will take place throughout this year and 2019. In addition to the investments to modernize the spaces, McDonald’s has also introduced its McDelivery service with Uber Eats at more than 5,000 U.S. restaurants. In June, McDonald’s opened its new $250 million headquarters in Chicago’s West Loop after 47 years in the suburbs. The fast food chain also opened its newly designed flagship restaurant in Chicago last week.

August 15, 2018

Acquisitions Florida Multifamily Southeast

Cushman & Wakefield Secures $18.5M Sale of Class A Office Building in Northwest Tampa

by Camren Skelton August 15, 2018

TAMPA, FLA. — Cushman & Wakefield has secured the $18.5 million sale of Citrus Park Crossings, a 75,845-square-foot, Class A office building located at 12750 Citrus Park Lane in northwest Tampa. Mike Davis, Rick Brugge and Michael Lerner of Cushman & Wakefield arranged the transaction on behalf of the seller, Ryan Cos., which also developed the property. Empire Square Group LLC acquired the three-story asset. Constructed in 2013, Citrus Park Crossings was fully leased at the time of sale to tenants such as EVO Payments International, Stellar, Rizzetta & Co., Corin USA, All Risks Ltd., CopyPress and Land Castle Title Co.

August 15, 2018

Development Florida Leasing Activity Retail Southeast

Tavistock, Steiner + Associates Sign Movie Theater Chain to Orlando’s Lake Nona Town Center

by Camren Skelton August 15, 2018

ORLANDO, FLA. — Tavistock Development Co., in partnership with Steiner + Associates, has signed Cinépolis USA, a Dallas-based movie theater chain, to Lake Nona Town Center, a 100-acre mixed-use development that anchors the master-designed Lake Nona community in Orlando. Cinépolis will open a nine-screen, 40,000-square-foot theater at Lake Nona Town Center in 2020, anchoring the project’s second phase of development. The luxury theater will feature a lobby bar and lounge; stadium-style, fully reclining leather seats; and an in-theater wait staff that will service patrons with a full menu and bar at the touch of a button. Cinépolis USA’s Mexico-based parent company, Cinépolis, is the fourth largest movie theater exhibitor in the world, operating in 14 countries including the U.S. Lake Nona Town Center’s first phase opened in 2016 with an 85,000-square-foot office building, Marriott Residence Inn, Courtyard by Marriott, the 280-unit LandonHouse apartment community, 16,000 square feet of retail and restaurant space and a multi-level parking structure. In spring 2018, Lake Nona Town Center welcomed the 60,000-square-foot flagship location of Drive Shack, a golf entertainment destination. Pixon Apartments, Park Pizza & Brewing Co. restaurant, an outdoor container park and the new BBA Aviation/Signature Flight Support headquarters are also slated to open …

August 15, 2018

Florida Loans Multifamily Southeast

Aztec Group Secures $28M Construction Loan for Multifamily Community in Broward County

by Camren Skelton August 14, 2018

TAMARAC, FLA. — Aztec Group Inc. has secured a $28 million construction loan for the first phase of Tamarac Village, a multifamily project located at the northeast corner of West Commercial Boulevard and Northwest 94th Avenue in Tamarac. City National Bank of Florida provided the three-year loan on behalf of the project developer, JKM Developers. The first phase of Tamarac Village will include 211 rental units. The second phase will include an additional 190 units and 35,000 square feet of lifestyle and retail amenities. Community amenities will include a two-story clubhouse with gaming and entertainment rooms, fitness center, public park, swimming pool with private cabanas and an outdoor kitchen and bar. A construction timeline for Tamarac Village was not disclosed.

August 14, 2018

Florida Industrial Loans Multifamily Office Retail Southeast

Walker & Dunlop Secures $120M Refinancing for Mixed-Property Portfolio in Metro Miami

by Camren Skelton August 13, 2018

MIAMI LAKES, FLA. — Walker & Dunlop has secured a $120 million loan for the refinancing of the Graham Portfolio, a 29-property portfolio in Miami Lakes, a master-planned community located less than 20 miles northwest of Miami. The 1.2 million-square-foot portfolio includes retail, office, industrial, flex, multifamily and ground lease assets. Al Rex, Marty McGrogan and Ariel Zucker of Walker & Dunlop arranged the 15-year, non-recourse loan on behalf of the borrower, the Graham Cos., which developed the properties within the portfolio. An unnamed life insurance company provided the loan. All of the properties included in the Graham Portfolio are located within a mile of downtown Miami Lakes and many are anchored by tenants such as CVS/pharmacy, Burger King and Publix.

August 13, 2018

Florida Loans Multifamily Southeast

Berkadia Provides $36.2M Fannie Mae Loan for New Apartment Community in Jacksonville

by Camren Skelton August 13, 2018

JACKSONVILLE, FLA. — Berkadia has provided a $36.2 million Fannie Mae loan for the acquisition of Portiva, a 260-unit apartment community located at 6898 Skinner Parkway in Jacksonville. Mitch Sinberg, Matt Robbins and Wesley Moczul of Berkadia arranged the 12-year, fixed-rate loan on behalf of the borrower, Myers Apartment Group, which acquired the property for $50.7 million. Portiva was constructed in 2018 and includes a mix of one- to three-bedroom apartment units. Community amenities include a saltwater pool, pet park and spa, bocce ball court, yoga/cross-training center, outdoor fire pits, bike storage and repair station and a car wash station.

August 13, 2018

Acquisitions Florida Retail Southeast

Time Equities Acquires Shopping Center in Southwest Florida for $15.5M

by Camren Skelton August 13, 2018

INVERNESS, FLA. — Time Equities Inc. (TEI) has acquired Citrus Center, a 142,196-square-foot shopping center in Inverness, for $15.5 million. Casey Rosen and Dennis Carson of CBRE arranged the transaction on behalf of the seller, an affiliate of McKinley Cos. TEI’s Ami Ziff, Jonathan Kim and Adam Levitt represented the company internally. T.J. Maxx anchors Citrus Center, which was 98 percent leased at the time of sale. Additional tenants include Regal Cinemas and Office Max. Bealls Outlet shadow-anchors the center.

August 13, 2018

Florida Loans Multifamily Southeast

Walker & Dunlop Arranges $53.6M Bridge Loan for Acquisition of Multifamily Portfolio in Jacksonville

by Camren Skelton August 10, 2018

JACKSONVILLE, FLA. — Walker & Dunlop Inc. has arranged a $53.6 million bridge loan for the acquisition of a five-property multifamily portfolio in Jacksonville. Alex Inman of Walker & Dunlop arranged the cross-collateralized financing on behalf of the borrower, S2 Capital LLC. The Walker & Dunlop team also negotiated special release provisions that allow the borrower to sell individual properties if desired. The 1,104-unit portfolio includes Eagle Pointe I & II, Arlington Eagle, Eagle Court, Jacksonville Village and Eagle Ridge. The properties were originally constructed in the 1960s. S2 Capital plans to complete a value-add program for each property, including improvements to common amenities, interior upgrades and rebranding. Community amenities across the portfolio include pools, outdoor space, laundry facilities, fitness centers and leasing offices.

August 10, 2018

Acquisitions Florida Office Southeast

Cushman & Wakefield Brokers $52M Sale of Office Portfolio in Tampa

by Camren Skelton August 10, 2018

TAMPA, FLA. — Cushman & Wakefield has brokered the $52 million sale of The Collection at Sabal Park, a 435,837-square-foot office portfolio in Tampa. The portfolio includes eight buildings located at 10117, 10002, 9950 and 9720 Princess Palm Ave. and 3923-3295, 3901, 3829 and 3922 Coconut Palm Drive. Mike Davis, Michael Lerner and Rick Brugge of Cushman & Wakefield arranged the transaction on behalf of the seller, IP Capital Partners. Priam Capital acquired the assets, which are located within Sabal Park, a 4.8 million-square-foot, master-planned business park located less than 10 miles northeast of downtown Tampa. The portfolio was 86 percent leased at the time of sale to tenants such as Coca-Cola, Permanent General, U.S. Army Corps of Engineers, Sodexo, Advantage Sales & Marketing and Taylor Morrison. Priam Capital has retained Mercedes Angell and Lauren Coup of Cushman & Wakefield to handle the portfolio’s leasing assignment. The team was originally awarded the listing when IP Capital Partners acquired the portfolio in 2014.

August 10, 2018

Newer Posts

Older Posts