Florida

Berkadia Brokers $17.6M Sale of Apartment Community in Jacksonville

by John Nelson September 15, 2016

JACKSONVILLE, FLA. — Berkadia has arranged the $17.6 million sale of Viera at Mandarin, a 188-unit apartment community located at 4263 Losco Road in Jacksonville. Built in 1984, the property features one- and two-bedroom units averaging 833 square feet. Unit interiors feature granite countertops, in-unit washer and dryers and private patios or balconies, as well as wood-burning fireplaces and vaulted ceilings in select units. Community amenities include an indoor athletic center, swimming pool and a 21-acre lake with fountains, a deck and boat storage. Greg Rainey, Cole Whitaker, Tal Frydman and Jason Stanton of Berkadia brokered the sale between the buyer, North Kansas City, Mo.-based Maxus Realty Trust Inc., and the seller, Nashville, Tenn.-based Woodbridge Multifamily Partners LLC.

September 15, 2016

Florida Hospitality Southeast

PRISA, Peachtree Hotel Group to Develop Three Hotels in Florida

by John Nelson September 13, 2016

ORLANDO AND TAMPA, FLA. — The PRISA Group and Peachtree Hotel Group have partnered to develop three hotels in Florida, including a dual-branded hotel development in Orlando and a new hotel in Tampa’s Westshore district. The properties include the dual-brand SpringHill Suites by Marriott Orlando/Mall at Millenia and Residence Inn by Marriot Orlando/ Mall at Millenia and the 175-room AC Hotel by Marriott Tampa/Airport – Westshore. The dual-branded project will feature 120 SpringHill Suites rooms, 134 Residence Inn rooms, a resort-style pool with a bar, game area with large board games and a lounge with water and fire features. Other amenities will include complimentary breakfast, a 24-hour market, lobby bar, complimentary Wi-Fi, fitness center and two meeting rooms totaling 1,600 square feet. Amenities at the AC Hotel in Tampa include a market, two media salons, business/social events room, 900-square-foot fitness center, pool and pool bar, complimentary Wi-Fi and 2,300 square feet of meeting space. The properties are currently under construction with a planned opening date of December 2017. Marriott Corp. will manage the three hotels. The construction is being conducted by a partnership between PRISA Group and Orlando-based Welbro Building Corp. Miami-based Popular Community Bank provided construction financing for the …

September 13, 2016

Florida Southeast Student Housing

Landmark Properties Unveils Student Housing Development Near University of Florida

by John Nelson September 13, 2016

GAINESVILLE, FLA. — Landmark Properties has unveiled The Standard at Gainesville, a 1,200-bed, mixed-use student housing community located near the University of Florida campus in Gainesville. The development will be connected to an AC by Marriott Hotel, and will be occupied by retailers including Target, Chick-fil-A and Bento Café. The 430-unit development will offer 22 different floor plans, ranging from studios to six-bedroom options, including two-story penthouse townhomes. Each unit will be wired for high-speed internet and cable, and will include a flat screen TV, gourmet kitchens with stainless steel appliances and granite countertops and a full-size washer and dryer. Community amenities will include rooftop pools and cabanas, a fitness center, racquetball court, golf simulator, computer labs, 24-hour study lounges and an internet café. Premium VIP units will also feature billiards tables and exclusive access to a private rooftop lounge and a second rooftop pool. The development is scheduled for completion in fall 2017. Pre-leasing for the property will begin this Thursday.

September 13, 2016

Florida Georgia Multifamily Southeast

Blue Rock Partners Buys Two Multifamily Communities in Atlanta, Orlando for $44.4M

by John Nelson September 13, 2016

ORLANDO, FLA. AND ATLANTA — Blue Rock Partners LLC has purchased two apartment communities in Orlando and Atlanta totaling $44.4 million. The acquisitions included the $21 million purchase of the 320-unit Silver Oaks Apartments in Orlando and the $23.4 million purchase of the 450-unit Landings at Oak Hill in Atlanta. Blue Rock Partners purchased the Orlando asset from Madison Exchange LLC and the Atlanta complex from Chartwell Multifamily LLC. The Tampa-based company purchased both assets in partnership with Canadian investor Rosdev Group. Blue Rock plans to invest $5.8 million in interior and exterior upgrades at the two apartment communities. The company will also rebrand Silver Oaks as The Park at Highgate and Landings at Oak Hill as The Park at Morella. Marcus & Millichap brokered the sale of the Orlando community, and Cushman & Wakefield brokered the sale of the Atlanta project. Pembrook Capital Group provided acquisition financing for the Orlando community, and Wells Fargo Multifamily Capital provided acquisition financing for the Atlanta complex.

September 13, 2016

Florida Mixed-Use Southeast

GoPro, Other Tenants Lease Space in Mixed-Use Building in Miami’s Wynwood District

by John Nelson September 12, 2016

MIAMI — CBRE has arranged multiple leases at a retail, showroom and office development located at 48 N.W. 25th St. in Miami’s Wynwood district. The lease transactions include GoPro leasing 4,469 square feet, Scripps Network leasing 4,640 square feet and Cooltech Inc. leasing 3,713 square feet. Existing tenants at the recently renovated building include Revlon, Shorecrest Construction and Bieffe Designs. Each suite in the Wynwood property features 22-foot ceilings, updated restrooms, new HVAC and polished cement floors. Zach Winkler and Kevin Gonzalez of CBRE represented the landlord, Forte Capital Management, in each transaction. Will Morrison of JLL represented GoPro, and Dave Steinfeld of JLL represented Scripps Network.

September 12, 2016

Florida Multifamily Southeast

Crescent Communities Opens Apartment Development in Tampa’s Westshore District

by John Nelson September 9, 2016

TAMPA, FLA. — Crescent Communities has opened Crescent Westshore, a new 374-unit luxury apartment community located at 2202 N. Lois Ave. in Tampa’s Westshore district. Situated near the intersection of Lois Avenue and Boy Scout Boulevard, Crescent Westshore features studio, one-, two- and three-bedroom residences ranging from a 528-square-foot studio to a 1,431-square-foot, three-bedroom apartment. Unit interiors include stainless steel appliances, quartz countertops, tile backsplashes, quiet-close cabinets and drawers and full-size washer and dryers. Community amenities include a two-story clubhouse with an outdoor elevated terrace and three courtyards. The community also features a meeting area with a flat screen TV, shared indoor/outdoor summer kitchen, dog run for small and large dogs, two saline pools, a fitness center and an 18-foot, aluminum-plated sculpture with an LED lighting core. The sculpture is situated at the front of the community.

September 9, 2016

Affordable Housing Florida Loans Multifamily Southeast

KeyBank Arranges $39.9M Fannie Mae Facility to Harmony Housing for Affordable Housing Portfolio

by John Nelson September 9, 2016

CLEVELAND — KeyBank has structured and arranged a $39.9 million Fannie Mae master credit facility for Harmony Housing, a 501(c)(3) nonprofit that focuses on preserving affordable housing rental properties. Harmony Housing will use the facility for a five-property affordable housing portfolio in Florida and Wisconsin. The properties include Centre Court Apartments in Bradenton, Fla.; Villas at Cove Crossing in Lantana, Fla.; The Overlook at Monroe in Sanford, Fla.; Foxbrook Senior Apartments in Brookfield, Wis.; and Prairie Ridge Senior Apartments in Pleasant Prairie, Wis. The facility structure allows Harmony Housing to add properties to the facility, accounting for future acquisitions, and to refinance assets in its existing portfolio.

September 9, 2016

Florida Industrial Loans Southeast

BankUnited Provides $65M Loan to McCraney for 1 MSF Industrial Portfolio in Florida

by John Nelson September 8, 2016

WEST PALM BEACH, FLA. — BankUnited has provided a $65 million loan to McCraney Property Co. to refinance its 1 million-square-foot industrial portfolio in Florida. The assets include Vista Business Center and Belvedere Business Park in West Palm Beach, Orlando Central Park and Discovery Lakes in Orlando and Treasure Coast Commerce Center in Stuart. Robert Hummel led BankUnited’s Miami office in providing the long-term loan.

September 8, 2016

Florida Retail Southeast

CBRE Brokers $37.8M Sale of Shopping Center in Central Florida

by John Nelson September 8, 2016

LADY LAKE, FLA. — CBRE has brokered the $37.8 million sale of Rolling Acres, a 189,390-square-foot shopping center located along U.S. Highway 441 in Lady Lake. The property is anchored by TJ Maxx, Ross Dress for Less, Petco, Staples, Beall’s Outlet and Michaels. Outparcel tenants include Chick-fil-A, Outback Steakhouse and Carrabba’s Italian Grill. Cole Credit Property Trust IV Inc. purchased Rolling Acres from an affiliate of Sterling Global Financial Ltd. Dennis Carson and Casey Rosen of CBRE’s national retail investment group’s Florida team represented the seller in the transaction.

September 8, 2016

Florida Hospitality Loans Southeast

Meridian Capital Arranges $56.1M Construction Loan for Dual-Branded Hotel in Downtown Fort Lauderdale

by John Nelson September 7, 2016

FORT LAUDERDALE, FLA. — Meridian Capital Group has arranged $56.1 million in construction financing for the development of a new dual-branded hotel located at 299 N. Federal Highway in downtown Fort Lauderdale. The property is slated to contain both a 209-room Tribute Portfolio hotel, named The Dalmar, and a 114-room Element by Westin hotel, both brands of Starwood Hotels and Resorts Worldwide Inc. The 23-story property will feature a rooftop lounge, sky lobby, infinity pool, gym, landscaped deck with a garden relaxation area, approximately 24,000 square feet of meeting space, coffee bar, restaurant, roughly 4,000 square feet of retail space on Northeast 3rd Street, as well as a 212-space parking garage. Ronnie Levine and Aggelos Sklavenitis of Meridian Capital’s New York City headquarters arranged the four-year construction loan with full-term interest-only payments through Bank of the Ozarks on behalf of the borrowers, Wurzak Hotel Group and DoveHill.

September 7, 2016

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