Florida

Berkadia Arranges $39.8M Acquisition Loan for Multifamily Property in Tampa

by Camren Skelton August 17, 2017

TAMPA, FLA. — Berkadia has secured a $39.8 million acquisition loan through Fannie Mae for Landmark at Grand Palms, a 438-unit multifamily community located at 3831 Northgreen Ave. in Tampa. Electra America acquired the asset from Starwood Capital for an undisclosed price. The property will be rebranded as Northgreen at Carrollwood, and Electra America will invest approximately $3.5 million in capital improvements, including updated lighting and plumbing fixtures, plank flooring in common areas and amenity and clubhouse enhancements. Situated on 34 acres, Northgreen at Carrollwood includes one- and two-bedroom units and features a fitness center, four pools, tennis courts, children’s playground and a dog park. The property was 96 percent occupied at the time of sale.

August 17, 2017

Florida Retail Southeast

BCDC, Dunphy Sell Publix-Anchored Retail Center in Metro Tampa for $21.7M

by Camren Skelton August 17, 2017

RIVERVIEW, FLA. — Batson-Cook Development Co. (BCDC), in a joint venture with Dunphy Properties, has sold Rivercrest Commons, a Publix-anchored shopping center in Riverview, for $21.7 million. The 75,000-square-foot center is situated at the intersection of Symmes Road and US 301, roughly 13 miles southeast of Tampa. Colliers International represented Atlanta-based BCDC and Tampa-based Dunphy Properties in the transaction. RealNet Tampa Bay represented the buyer, Nicklaus of Florida. The property was 92 percent leased at the time of sale to tenants including Dunkin’ Donuts, Fast Track Urgent Care Center and Heartland Dental.

August 17, 2017

Florida Loans Multifamily

Walker & Dunlop Secures $63.6M Bridge Loan for Multifamily Portfolio in Florida

by Camren Skelton August 16, 2017

KISSIMMEE AND OAKLAND PARK, FLA. — Walker & Dunlop has arranged a combined $63.6 million in financing for two apartment communities in Florida. The financing included a $38.1 million loan for Caribbean Isle in Kissimmee and a $25.5 million loan for Forest Park in Oakland Park. Geoff Smith, Kimberly Riordan and Randy Efron of Walker & Dunlop secured the three-year, floating-rate mortgage with interest-only payments on behalf of the apartment owners, Pilgrim V and GRA Equities.

August 16, 2017

Florida Multifamily Southeast

CBRE Arranges $49.5M Sale of Multifamily Property Near Orlando

by Camren Skelton August 15, 2017

KISSIMMEE, FLA. — CBRE has brokered the $49.5 million sale of Lake Tivoli Apartments, a 384-unit multifamily property located at 851 Lake Tivoli Blvd. in Kissimmee, roughly 22 miles south of Orlando. Shelton Granade, Luke Wickham and Justin Basquill of CBRE represented the seller, Lake Tivoli Apartments LLC. Newport News, Va.-based Chandler Residential acquired the asset. The property comprises 36 two- and three-story buildings. Community amenities include a lakeside sundeck, pool, tennis, racquetball and basketball courts, clubhouse, fitness center and a spa. Lake Tivoli Apartments was 97 percent occupied at the time of sale.

August 15, 2017

Florida Loans Multifamily Southeast

KeyBank Provides $50M Bridge Loan for Apartment Community in Naples

by Camren Skelton August 15, 2017

NAPLES, FLA. — KeyBank Real Estate Capital has provided a $50 million bridge loan for the acquisition of Alvista at Laguna Bay Apartments, a 426-unit multifamily community in Naples. Alan Isenstadt of KeyBank originated the 90-day loan on behalf of the borrower, Axonic Properties LLC, a New York City-based real estate private equity firm. KeyBank plans to refinance the bridge loan through agency permanent financing. Constructed in 1990, Alvista at Laguna Bay Apartments is situated on 38 acres and comprises 28 two-story buildings. Community amenities include two pools, a fitness center, lighted tennis courts, dog park and an outdoor grilling area.

August 15, 2017

Florida Retail Southeast

The Shopping Center Group Signs Tenants to Retail Center in Palm Beach County

by Camren Skelton August 14, 2017

DELRAY BEACH, FLA. — The Shopping Center Group (TSCG) has signed the initial tenants for Delray Square, a 150,000-square-foot shopping center situated at the intersection of West Atlantic Avenue and South Military Trail in Delray Beach. Constructed in the 1970s, the property is undergoing a redevelopment led by The Keith Corp. The shopping center will be anchored by a 45,600-square-foot Publix that is slated to open in the fourth quarter of 2018. The grocer will take the place of a former movie theater. In addition to Publix, the property is leased to Pet Supermarket, Chick-fil-A and Chipotle Mexican Grill. As part of the redevelopment, Keith Corp. will add 17,000 square feet of retail space and will modernize the existing space. Approximately 85,000 square feet of retail space is available to lease, including a 51,700-square-foot anchor box. Michael Fetherston of TSCG and Knox Cambell of Keith Corp. will handle the property’s leasing assignment. The redevelopment is slated for completion in mid-2018.

August 14, 2017

Affordable Housing Florida Multifamily Southeast

Housing Trust Group to Develop $36M Affordable Housing Community in Miami

by Camren Skelton August 14, 2017

MIAMI — Housing Trust Group (HTG) has unveiled plans to develop Princeton Park, a $36 million apartment community located at 13105 S.W. 248th St. in Miami. The development will be reserved for family households earning at or below 60 percent of the area median income (AMI). National Equity Fund, in conjunction with SunTrust Bank, provided $23.7 million in equity for construction of the project. Additionally, the financial package included 9 percent Low Income Housing Tax Credit (LIHTC) from the Florida Housing Finance Corp., a $3.5 million loan from Column Financial and a $23.3 million construction loan and $7.3 million permanent loan from KeyBank Real Estate Capital. Princeton Park will include a mix of one-, two- and three-bedroom floor plans. The 150-unit property will provide residents with literary training, family support coordinators and an employment assistance program.

August 14, 2017

Florida Market Reports Multifamily Southeast Southeast Market Reports

Miami Multifamily Market Remains Strong, But Where are the Deals?

by John Nelson August 14, 2017

The multifamily market in South Florida is gaining strength but not sales velocity due to converging market and demographic forces. Sales topped $400 million for the third year in a row in 2016, largely because the average price per unit jumped 13 percent to $185,300 per unit. The vacancy rate fell below 4 percent at the end of last year, and rents climbed almost 4 percent on all types of units to an effective rate of $1,351 per month. It’s clear the current upcycle will continue beyond the usual period as immense demand from investors is causing an incredible scarcity of Class A product, and the lifestyle preferences of millennials are intersecting with the luxury condo boom. Opportunities, Challenges In 2005 and 2006, adequate inventory kept the multifamily market in balance. Today, buyers are plentiful, capital is available and interest rates are affordable. What we don’t have is product, a phenomenon not exclusive to Miami and Fort Lauderdale. Why? Sellers have few options. They’re thinking, “If I sell at a premium and I want to stay in a similar market, I’m going to pay a premium. So, what’s the point of selling?” Therefore, owners are putting properties on the market …

August 14, 2017

Florida Industrial Loans Southeast

Walker & Dunlop Closes $96M in Loans for Industrial Portfolio in South Florida

by Camren Skelton August 11, 2017

MIAMI AND FORT LAUDERDALE, FLA. — Walker & Dunlop has closed 13 loans totaling $96 million for an industrial portfolio located throughout Miami and Fort Lauderdale. The 13-property portfolio totals 1.6 million square feet and houses more than 120 tenants. David Gahagan and Niki Perez of Walker & Dunlop arranged the loans through an unnamed life insurance company on behalf of the borrower.

August 11, 2017

Florida Loans Multifamily Southeast

Related Development Secures $52M in Construction Financing for Multifamily Project in Tampa

by Camren Skelton August 11, 2017

TAMPA, FLA. — Related Development LLC, an affiliate of Miami-based The Related Group, has secured $52 million in construction financing through SunTrust Bank for a 396-unit apartment community in Tampa’s Westshore neighborhood. Town Westshore will include 396 units situated on approximately eight acres of land. The four-story development will feature fitness and yoga studios, saunas, massage treatment rooms, dining rooms and concierge services.

August 11, 2017

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