Florida

Trez Forman Provides $44.8M Construction Loan for Active Adult Rental Community on Florida’s Gulf Coast

by Camren Skelton February 9, 2018

VENICE, FLA. — Florida-based Trez Forman Capital Group has provided a $44.8 million loan for the construction The Floridian Club of Sarasota, a 309-unit active adult rental community in Venice. The gated community is located at 2445 E. Venice Ave., about four miles east of Venice Beach. Ben Jacobson of Trez Forman originated the loan on behalf of the developer, Sarasota Floridian LLC, an entity led by Larry Lieberman and Fred Starling. The community will include 261 single-story attached villas and 48 three-story units served by elevator. The units will feature one- and two-bedroom floor plans ranging in size from 991 to 1,339 square feet. All of the units will be available for long-term leases between two and 10 years. Although the community is designed for active baby boomers, it will not be age-restricted. Community amenities at The Floridian Club will include an infinity-style pool, separate lap pool, fitness center, café, club room, pickleball courts, guest suites, business center, outdoor barbeque area, pet spa and walking/running trails. Trez Forman is a joint venture formed in 2016 by Palm Beach-based Forman Capital and Vancouver-based Trez Capital Group.

February 9, 2018

Florida Mixed-Use Multifamily Office Retail Southeast Top Stories

Unicorp Announces $1B Mixed-Use Development in Orlando

by Katie Sloan February 9, 2018

ORLANDO, FLA. — Unicorp National Developments Inc. has unveiled plans for O-Town West, a $1 billion mixed-use development located at the corner of Palm Parkway and Daryl Carter Parkway in Orlando. The development will feature retail, restaurants, upscale apartments, a 600-car garage and a water show in the style of The Fountains of Bellagio in Las Vegas. The retail portion of the 82-acre development will be housed in two segments: the Village at O-Town West and the Boardwalk at O-Town West, according to reports by Orlando Weekly. The Village will feature retailers offering everyday necessities, including a national grocery store. The Boardwalk will offer new-to-market restaurants and retail. A 15,000-unit multifamily community is also planned for the development, alongside 300 to 400 homes, all of which will overlook a recreational lagoon by Miami-based Crystal Lagoons. Groundbreaking is slated for early 2019, with a grand opening projected for summer 2020, Orlando Weekly reports. Unicorp has developed over $2.5 billion worth of commercial and residential real estate, with a focus on retail, mixed-use centers, multifamily and master-planned communities. The company recently developed I-Drive 360 in Orlando, a mixed-use development featuring an observation wheel known as the Coca-Cola Orlando Eye. A $100 million Phase II is currently …

February 9, 2018

Florida Multifamily Southeast

ARA Newmark Brokers $97.3M Sale of Multifamily Community in South Florida

by Camren Skelton February 8, 2018

PALM BEACH GARDENS, FLA. — ARA Newmark has brokered the $97.3 million sale of The Fountains at Palm Beach Gardens, a 542-unit apartment community located at 4120 Union Square Blvd. in Palm Beach Gardens. Hampton Beebe, Avery Klann, Jonathan Senn, Matt Scarola, Dick Donnellan and Marc deBaptiste of ARA Newmark arranged the transaction on behalf of the seller, Landmark at Garden Square. Advenir at PGA LLC acquired the asset. Charles Foschini, Mitch Sinberg, Chris Apone, Matt Robbins and Lourdes Carranza-Alvarez of Berkadia arranged a three-year, $80 million loan through Freddie Mac on behalf of the buyer. Proceeds of the loan will be used to renovate individual apartment units. Constructed in 1974, The Fountains includes one- to three-bedroom apartment units averaging 999 square feet. Community amenities include three resort-style pools, dog parks, a fitness center and outdoor green space. At the time of sale, the property was 95 percent occupied.

February 8, 2018

Florida Mixed-Use Retail Southeast

Encore Signs First Tenants to Retail Portion of $750M Mixed-Use Project in Orlando

by Camren Skelton February 6, 2018

ORLANDO, FLA. — Encore Capital Management has unveiled the first retailers to join the 200,000-square-foot SunsetWalk at Margaritaville Resort Orlando. SunsetWalk will anchor the $750 million, 300-acre Margaritaville Resort development. At full build-out, the project will feature a 187-room Margaritaville hotel, 900 resort rental homes, 300 timeshare units and a 12-acre waterpark. The project is currently under construction near U.S. Highway 192 and State Road 429, across the street from Disney’s Animal Kingdom. The largest tenant to join SunsetWalk is Studio Movie Grill, a 40,000-square-foot theater that will feature 12 screens and more than 1,000 recliners. GameTime will also join the development, opening a 24,000-square-foot entertainment center that will include a restaurant, sports bar, video arcade games, prize machines and more than 60 TVs. Country band Rascal Flatts will open a themed restaurant at the development that will feature a full-service bar, live entertainment and retail space. In addition, Rock & Brews — a restaurant associated with musicians Gene Simmons and Paul Stanley — will join SunsetWalk. Other confirmed tenants at the development include Skechers, Bahama Bucks, Avalon Day Spa, Café Rio, Cold Stone Creamery, Paradise Spirits and Wine and BugerFi. The first phase of SunsetWalk is expected to open in November.

February 6, 2018

Florida Hospitality Loans Southeast

Ready Capital Provides $5.5M Refinancing for Hotel in Miami Beach

by Camren Skelton February 6, 2018

MIAMI BEACH, FLA. — Ready Capital Structured Finance has provided a $5.5 million loan for the refinancing of a 32,000-square-foot hotel and condominium property in Miami Beach. Ready Capital provided the two-year, non-recourse, floating-rate loan on behalf of the undisclosed borrower. The loan features one extension option and flexible prepayment. Of the 80 units, 13 are hotel properties and the remaining are condominiums. In addition, the property features 6,800 square feet of retail space and 19,000 square feet of garage space.

February 6, 2018

Florida Multifamily Southeast

ARA Newmark Brokers $64.1M Sale of Multifamily Community in Tampa Bay Area

by Camren Skelton February 5, 2018

ST. PETERSBURG, FLA. — ARA Newmark has arranged the $64.1 million sale of Reserve at Gateway, a 314-unit apartment community located at 500 Trinity Lane in St. Petersburg. Patrick Dufour, Richard Donnellan, Scott Ramey and Ryan Crowley of ARA Newmark arranged the transaction on behalf of the seller, New York-based Clarion Partners. Matthew Williams of NKF Capital Markets arranged acquisition financing for the asset on behalf of the buyer, Philadelphia-based Equus Capital Partners. Constructed in 1999, the property underwent renovations between 2013 and 2017. Individual units feature crown molding, faux-wood flooring, stainless steel appliances, granite countertops and new cabinetry and lighting. Community amenities include a resort-style pool, outdoor kitchen, fitness center, lighted tennis court, car care center and a dog park.

February 5, 2018

Florida Industrial Self-Storage Southeast

Strategic Storage Growth Trust Acquires 870-Unit Self-Storage Facility Near Miami

by Camren Skelton February 5, 2018

PEMBROKE PINES, FLA. — Strategic Storage Growth Trust Inc., a non-traded REIT sponsored by SmartStop Asset Management LLC, has acquired an 870-unit self-storage facility in Pembroke Pines, roughly 23 miles north of Miami. The property is located at the intersection of Pines Boulevard and S.W. 186th Avenue. The 84,000-square-foot, climate-controlled facility was completed earlier this year and comprises one two-story and one three-story building. The sales price was not disclosed.

February 5, 2018

Affordable Housing Florida Multifamily Southeast

Pinnacle Housing Group Opens $31.5M Affordable Housing Community in Miami

by Camren Skelton February 2, 2018

MIAMI — Pinnacle Housing Group has opened Pinnacle Heights, a 109-unit affordable housing community located at 3530 N.W. 36th St. in Miami. The $31.5 million project includes one-, two- and three-bedroom units, the bulk of which are reserved for residents earning 60 percent or less of the area median income (AMI). Four units will be leased at market-rate rents. Monthly rents for affordable units at Pinnacle Heights range from $797 for a one-bedroom apartment to $1,112 for a three-bedroom unit. Market-rate rents begin at $1,450 per month. The 13-story building features a cyber lounge, media room, computer lab, fitness center and a covered playground. In addition, the property includes a four-story parking garage with 173 spaces.

February 2, 2018

Florida Loans Multifamily Southeast

Hunt Mortgage Provides $24.5M Refinancing for Two Apartment Communities in South Florida

by Camren Skelton February 1, 2018

LAKE WORTH AND HIALEAH, FLA. — Hunt Mortgage Group has provided two loans totaling $24.5 million for the refinancing of two multifamily properties in South Florida: Village at Lake Osborne Apartments in Lake Worth and Amelia Oaks Apartments in Hialeah. Hunt Mortgage provided a $13 million, 10-year Fannie Mae loan for Village at Lake Osborne on behalf of the borrower, AHS Development Group LLC. The loan features two years of interest-only payments and a 30-year amortization schedule. Constructed in 2017, the 118-unit property, located at 2430 Lake Worth Road, includes three, three-story apartment buildings and 168 parking spaces. In addition, the gated community features nearby public transportation, a fitness center and a pool. In Hialeah, Hunt Mortgage provided a $10.5 million Fannie Mae loan for the refinancing of Amelia Oaks on behalf of the borrower, Hialeah 2.71 Acres LLC. The 10-year loan features five years of interest-only payments and a 30-year amortization schedule. Located at 295 W. 79th Place, Amelia Oaks features 82 units housed in five, three-story buildings and 164 parking spaces.

February 1, 2018

Florida Hospitality Loans Southeast

Aztec Group Secures $15.2M Construction Loan for Comfort Inn Hotel Near Miami

by Camren Skelton February 1, 2018

MIAMI SPRINGS, FLA. — Aztec Group Inc. has arranged a $15.2 million construction loan for the development of a new Comfort Inn & Suites hotel located at 665 Mokena Drive in Miami Springs. Aztec Group arranged the loan through TotalBank on behalf of the developer, 665 Mokena Partners LLC, an entity led by Steven Marin and Michael Pfeffer. The eight-story hotel will include 120 guestrooms and will feature complimentary breakfast, a fitness center, outdoor swimming pool and deck, business center, sundries shop, guest laundry and meeting space. Travelers Hotel Group will manage the hotel, which is expected to open mid-2019.

February 1, 2018

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