Florida

Summit Buys Courtyard by Marriott Fort Lauderdale for $85M

by John Nelson June 6, 2017

FORT LAUDERDALE, FLA. — Summit Hotel Properties Inc., a hotel REIT based in Austin, Texas, has purchased the Courtyard by Marriott Fort Lauderdale, a 261-room hotel situated on Fort Lauderdale Beach. The $85 million acquisition includes a 0.8-acre vacant land parcel and 6,200 square feet of retail space. The hotel’s guestrooms were recently renovated, and Summit plans to invest $1.6 million over the next year into public space improvements and a patio bar redesign that will enhance the hotel’s outdoor experience. Over the past 12 months, the hotel had revenue per available room (RevPAR) of $155, which represents a 36 percent premium over the Summit’s pro forma RevPAR for the comparable period. The seller was not disclosed.

June 6, 2017

Florida Loans Mixed-Use Southeast

Ready Capital Structured Finance Arranges $11M Loan for Mixed-Use Building in Miami

by John Nelson June 6, 2017

MIAMI — Ready Capital Structured Finance has closed an $11 million loan for a 47,000-square-foot, Class B building located at 3415 N.E. 2nd Ave. in Miami’s Edgewater neighborhood. The property features street-level retail space, offices on the second and third floors and 104 parking spaces. Ready Capital closed the non-recourse, fixed-rate loan that features a 36-month term with one extension option and flexible pre-payment options. The loan includes facilities to provide future funding for capital improvements, leasing costs and interest and carry reserves.

June 6, 2017

Florida Industrial Southeast

Bluescope Breaks Ground on 441,117 SF Industrial Park Near Orlando

by John Nelson June 5, 2017

OCOEE, FLA. — Bluescope Buildings North America Inc. has broken ground on two industrial buildings within The Park @ 429 spanning 441,117 square feet. The industrial park is situated in Ocoee, roughly 12 miles west of Orlando. The two rear-load buildings feature 30- and 32-foot clear heights, dock doors, drive in doors, truck courts and ESFR sprinkler systems. The park has immediate access to the Western Beltway, Florida’s Turnpike, the East-West Expressway and State Route 50. Cite Partners is marketing The Park @ 429 on behalf of the owner, The 429 LLC, according to the Orlando Business Journal.

June 5, 2017

Florida Multifamily Southeast

Truamerica, Investcorp Purchase Orlando Multifamily Portfolio for $98M

by John Nelson June 2, 2017

ORLANDO, FLA. — A joint venture between Truamerica Multifamily and Investcorp has purchased a two-property multifamily portfolio totaling 708 units in Orlando for $98 million. The communities include the 360-unit Montevista at Windermere and the 348-unit Highpoint Club. Each community features a mix of one- and two-bedroom floor plans and amenities including a resort-style pool, resident clubhouse, dog park and fitness center. The joint venture plans to launch a value-add renovation program across the portfolio that will include faux wood vinyl flooring, upgraded countertops and backsplashes, new cabinet fronts, light fixtures and microwaves. Other improvements will include upgrades to the fitness centers, clubhouses, signage, landscaping and new paint on all building exteriors. Richard Jordan of CBRE’s Atlanta office arranged a seven-year, floating-rate, agency loan on behalf of the joint venture. Shelton Granade, Luke Wickham and Justin Basquill of CBRE represented the undisclosed seller in the transaction.

June 2, 2017

Florida Multifamily Southeast

Robbins Electra Acquires Multifamily Community in South Florida for $61.2M

by John Nelson June 2, 2017

MIAMI — Robbins Electra has acquired The Broadwater at the Hammock Apartments, a 424-unit multifamily community located at 15000 S.W. 104th St. in Miami. Robbins Electra purchased the asset from HRA Broadwater for $61.2 million. Broadwater’s community amenities include two swimming pools, a fitness center, jogging trail, sand volleyball court and an indoor racquetball court. Larry Stockton, Jeff Resnick, Jaime Rodriguez and Alex Morcate of Colliers International represented both parties in the off-market transaction. Robbins Electra plans to rebrand the property Lago Paradiso and renovate the interiors and community amenities.

June 2, 2017

Florida Multifamily Southeast

Passco Purchases Apartment Property in Metro Tampa for $49.7M

by John Nelson June 2, 2017

RIVERVIEW, FLA. — Passco Cos. has acquired Pearce at Pavilion, a 250-unit apartment community located at 3603 Pavilion Palms Center in Riverview, about 15 miles south of Tampa. Passco purchased the community from partners Adler Group and Mattoni Group for $49.7 million. Pearce at Pavilion’s amenities include a resort-style swimming pool, whirlpool spa, 24-hour fitness and wellness center, clubhouse, coffee bar, multi-media game room, poolside kitchen and a leash-free dog park. JBM Institutional Multifamily Advisors represented the sellers in the transaction. Chris Black of KeyBank Real Estate Capital arranged a Fannie Mae acquisition loan on behalf of Passco, which has closed on three acquisitions in Florida in the past month.

June 2, 2017

Florida Hospitality Southeast

Xenia Hotels Purchases Hyatt Regency Grand Cypress in Orlando for $205.5M

by John Nelson June 1, 2017

ORLANDO, FLA. — Xenia Hotels & Resorts Inc. has purchased the 815-room Hyatt Regency Grand Cypress in Orlando for $205.5 million. An affiliate of Hyatt Hotels Corp. sold the hotel, which features six food and beverage outlets, more than 65,000 square feet of indoor and outdoor meeting and event space, a full-service spa and access to 45 holes of Jack Nicklaus signature-designed golf courses. The hotel has received roughly $32 million in capital investment over the past five years, including major improvements to the public spaces and food and beverage outlets. Xenia Hotels plans to renovate the guestrooms and existing meeting space, as well as add a new ballroom.

June 1, 2017

Florida Multifamily Seniors Housing Southeast

Big Rock Partners Tops Off $82M Seniors Housing Project in Celebration, Florida

by John Nelson June 1, 2017

CELEBRATION, FLA. — Big Rock Partners has topped off Windsor at Celebration, a new 239-unit seniors housing property in Celebration, the Disney-originated master-planned community in Central Florida. The independent living, assisted living and memory care project will be situated south of Walt Disney World along Interstate 4. The project team includes architect Gensler and construction manager Balfour Beatty Construction. Windsor at Celebration, which won’t require an up-front entrance fee, will comprise 151 independent living units, 55 one- and two-bedroom assisted living units and 33 one-bedroom memory care residences. Life Care Services, an LCS Co., will manage the new community upon completion. Big Rock Partners has launched preleasing at the project, which is set to open in spring 2018.

June 1, 2017

Florida Loans Multifamily Southeast

NorthMarq Capital Secures $21.2M Freddie Mac Green Up Loan for Multifamily Property in Naples, Florida

by John Nelson June 1, 2017

NAPLES, FLA. — NorthMarq Capital has arranged a $21.2 million acquisition loan for Berkshire Reserve, a 146-unit apartment community located in Naples. Lee Weaver and Melissa Marcolini-Quinn of NorthMarq Capital structured the loan through Freddie Mac’s Green Up program on behalf of the borrower, which has committed to saving at least 15 percent in energy or water usage.

June 1, 2017

Florida Multifamily Southeast

CBRE Arranges $50.7M Sale of Apartment Community in Southwest Orlando

by John Nelson May 31, 2017

ORLANDO, FLA. — CBRE has arranged the $50.7 million sale of Mission Club, a 356-unit apartment community located off International Drive at 6739 Mission Club Blvd. in southwest Orlando. White Eagle Property Group purchased the asset from Mission Club Owner LLC. Built in 1996, the gated property features a clubhouse, sports courts, pool and sundeck, whirlpool spa, 3D surround sound theater, fitness center, business center, playground with a wading pool and private garages. Shelton Granade, Luke Wickham and Justin Basquill of CBRE represented the seller in the transaction.

May 31, 2017

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