Florida

PMG Secures $153.9M Construction Loan for Development of Mixed-Use Project in Fort Lauderdale

by Camren Skelton July 14, 2017

FORT LAUDERDALE, FLA. — Property Markets Group (PMG) has secured a $153.9 million construction loan for Phase I of the Fort Lauderdale Riverfront project, a mixed-use development situated along Fort Lauderdale’s New River. Eric McGlynn, Kevin O’Grady and Daniel Sheehan of Walker & Dunlop, in partnership with Steven Fischler of SRF Ventures Inc., secured the loan through Broad Street Real Estate Credit Partners III, the credit fund of Goldman Sachs & Co.’s merchant banking division. Fort Lauderdale Riverfront, which will include two apartment towers spanning 1,200 units, is being developed through PGM’s multifamily division, known as PGMx. Phase I of Riverfront will include a 36-floor residential tower with roughly 600 micro-units and multi-bedroom suites, over 100,000 square feet of communal amenity space, a public plaza on the ground floor featuring restaurants, nightlife and entertainment and approximately 18,000 square feet of retail space. Dev Motwani of Merrimac Ventures will own and manage the retail portion. PMG purchased the 2.4-acre parcel of land from Merrimac Ventures for $29 million earlier this year. The entire project is slated for completion in 2020.

July 14, 2017

Florida Multifamily Southeast Student Housing

The Preiss Co. Acquires 840-Bed Student Housing Community Near University of Central Florida

by Camren Skelton July 14, 2017

ORLANDO, FLA. — The Preiss Co., in a joint venture with a private investor, has acquired Mercury 3100, an 840-bed, 228-unit student housing community located roughly one mile from the University of Central Florida (UCF) in Orlando. The sales price and seller were not disclosed. The property features an outdoor swimming pool with sundeck, sand volleyball court, fitness center, tanning beds, basketball court, UCF shuttle service, recreation center, bike storage and on-site parking. Individual units are fully furnished and feature private bathrooms, private bedrooms and full-size washer and dryer units. The Preiss Co. plans to renovate both the interior and exterior with new flooring, upgraded lighting, new paint and roofing, HVAC replacements, parking lot resurfacing and pool enhancements.

July 14, 2017

Florida Loans Southeast

NorthMarq Capital Arranges $39.2M Construction Loan for Multifamily Property in Jacksonville

by Camren Skelton July 14, 2017

JACKSONVILLE, FLA. — NorthMarq Capital has arranged $39.2 million in permanent construction financing for Ciel Apartments, a planned 400-unit multifamily community in Jacksonville. Bob Hernandez of NorthMarq Capital’s Tampa office structured the 15-year loan through an undisclosed life insurance company. The financing includes a 30-year amortization schedule and several years of interest-only payments during construction and while the property is in lease-up.

July 14, 2017

Affordable Housing Florida Michigan Midwest Multifamily Southeast Texas Top Stories Wisconsin

KeyBank Provides $142.4M Financing for Six-Property Affordable Housing Portfolio in Texas, Florida, Midwest

by Kristin Harlow July 14, 2017

TEXAS, FLORIDA, WISCONSIN AND MICHIGAN — KeyBank Real Estate Capital has provided $142.4 million in loans for a six-property affordable housing portfolio across Texas, Florida and the Midwest region. The loans were used for a variety of purposes, including refinancing, acquisitions and renovations. KeyBank provided $115.7 million in Fannie Mae loans for Limestone Canyon, a 260-unit apartment complex, and Parkside Crossing, a 218-unit apartment complex, both located in Austin, Texas; Sendero Ridge, a 384-unit apartment property located in San Antonio, Texas; Arcade Apartments, a 75-unit apartment building in Racine, Wis.; and Pasco Woods, a 200-unit complex in Wesley Chapel, Fla. All properties reserve at least 50 percent of units for tenants making 60 percent or less of the area median income. KeyBank provided an additional $14.8 million bridge-to-HUD loan for Lakestone Apartments in Ann Arbor, Mich. The 144-unit property consists of one-, two- and three-bedroom units designated for those earning 50 to 60 percent of the area median income. Built in 1998, the apartment building features amenities such as a clubhouse, pool, recreation center, basketball court, computer center and laundry facilities. Harmony Housing, a nonprofit organization, was the borrower. KeyBank also provided an $11.9 million loan to the organization to …

July 14, 2017

Florida Mixed-Use Southeast

The Traina Cos. Receive Approval for 1.3 MSF Mixed-Use Development in Downtown Fort Lauderdale

by Camren Skelton July 13, 2017

FORT LAUDERDALE, FLA. — The Traina Cos. has received final zoning approval from the Fort Lauderdale City Commissioners for FATcity (Florida Arts and Technology), a 1.3 million-square-foot mixed-use development located at 300 N. Andrews Ave. in downtown Fort Lauderdale. Situated in the City Center (RAC-CC) Special Zoning District, FATcity will include two 30-story towers featuring 270,000 square feet of office and retail space with the potential for hospitality space, 612 residential units and 1,327 covered parking spaces. The development will connect the city’s Central Business District and Arts Districts through pedestrian-oriented streets, access to Brightline’s high-speed rail station and a Wave Streetcar stop on-site. FATcity marks the first new Class A office space developed in Fort Lauderdale in over a decade. Groundbreaking on the project is estimated for late 2018 or early 2019.

July 13, 2017

Florida Retail Southeast

Skanska Breaks Ground on $49.3M Renovation of Fort Lauderdale’s Las Olas Boulevard Corridor

by Camren Skelton July 12, 2017

FORT LAUDERDALE, FLA. — Skanska USA has broken ground on a $49.3 million renovation of the Las Olas Boulevard Corridor, Fort Lauderdale’s premiere thoroughfare for high-end shopping and dining. The project will include the addition of a 258,000-square-foot parking garage with 670 spaces, new canopy, public spaces, interactive water features, public beachfront park, architecturally designed landscaping and streetscape improvements. Designed by EDSA Inc., the parking facility will also feature stainless steel and aluminum wrap with LED lights and a partial amenity deck with views of downtown Fort Lauderdale and the Intracoastal Waterway. The project is slated for completion in August 2019.

July 12, 2017

Florida Industrial Southeast

Amazon to Open 850,000 SF Fulfillment Center in Orlando’s Lake Nona Development

by Camren Skelton July 10, 2017

ORLANDO, FLA. — Amazon has unveiled plans to open an 850,000-square-foot fulfillment center at Lake Nona, Orlando’s 17-square-mile master-planned development. Slated to open in 2018, the new site will create 1,500 full-time jobs. The project is being developed in a partnership between Seefried Industrial Partners and an affiliate of USAA Real Estate Co. Tavistock Development Co., master developer of Lake Nona, sold the site and will develop the infrastructure for the project. The property will utilize automated processes supported by Amazon Robotics, a Massachusetts-based manufacturer of robotic fulfillment systems. The new fulfillment center will bring Amazon’s workforce in Florida to more than 9,000.

July 10, 2017

Florida Loans Mixed-Use Southeast

Terra Secures $32M Construction Loan for Mixed-Use Development in Miami

by Camren Skelton July 10, 2017

MIAMI — Miami-based development firm Terra, in partnership with Mayfair Real Estate Advisors, has secured a $32 million construction loan from BB&T Bank for the development of Mary Street, a Class A office and retail complex in Miami’s Coconut Grove neighborhood. Designed by Touzet Studio, the project will transform a parking garage into 78,000 square feet of office space with 18,000 square feet of ground-level retail space. The building will feature 24-hour security, above ground public and office parking, electric car charging stations, bicycle stations and bicycle storage. Construction is expected to begin next month, with completion slated for late 2018.

July 10, 2017

Florida Retail Southeast

American Commercial Realty Acquires Shops at World Golf Village in St. Augustine

by Camren Skelton July 10, 2017

ST. AUGUSTINE, FLA. — American Commercial Realty Corp. (ACR) has acquired the Shops at World Golf Village, the retail component of World Golf Village in St. Augustine, located roughly 30 miles south of Jacksonville. The property, which includes five buildings totaling roughly 80,000 square feet, was occupied by two long-term tenants at the time of sale— Murray Brothers’ Caddy Shack Restaurant and the World Golf Foundation. The sales price was not disclosed. In addition to the commercial component acquired by ACR, World Golf Village is home to the World Golf Hall of Fame, a Renaissance Hotel, the St. Johns County Convention Center and the PGA of America’s national production center.

July 10, 2017

Florida Mixed-Use Southeast

CBRE Global Investors, Universal-Investment Purchase Mixed-Use Property in Miami Beach for $283M

by Camren Skelton July 7, 2017

MIAMI BEACH, FLA. — CBRE Global Investors and German investment company Universal-Investment have purchased 1111 Lincoln, a 146,327-square-foot mixed-use property in Miami Beach. The acquisition was made on behalf of Bayerische Versorgungskammer (BVK), one of Germany’s largest institutional investors. The sales price was not disclosed, but the South Florida Business Journal reports BVK paid $283 million for the asset. Designed by Herzog & de Meuron Architects, 1111 Lincoln includes 94,488 square feet of office space, 51,839 square feet of retail space and a 300-space parking garage and event space. The property was fully leased at the time of sale to tenants including Viacom International, public relations firm JeffreyGroup and Rosa Mexicano South Beach restaurant.

July 7, 2017

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