JACKSONVILLE, FLA. — KeyBank Real Estate Capital has arranged a $13.5 million Fannie Mae loan for Caroline Square, a 356-unit apartment community in Jacksonville. The property was originally built in 1974. Tom Peloquin of KeyBank Real Estate Capital arranged the loan, which was used to refinance a bridge loan used to acquire the property in September 2015.
LAKELAND, FLA. — NorthMarq Capital has arranged the $3.5 million refinancing of Meadowood Apartments, a 40-unit multifamily property located on Brook Meadow and Pogonia drives in Lakeland. The property comprises duplex townhomes on contiguous individual parcels. Robert Hernandez of NorthMarq Capital’s Tampa office arranged the 10-year loan with a 30-year amortization schedule through its Fannie Mae DUS program.
ROCKLEDGE, FLA. — Continental Realty Corp. has purchased Polo Glen Apartments, a 252-unit, garden-style apartment community located at 3603 Middleburg Lane in Rockledge. The Baltimore-based company acquired the asset from Pollack Shores via its Continental Realty Fund IV for $38 million. Built in 2008, Polo Glen is situated near cities such as Cocoa Beach, Melbourne and Viera and features units averaging 1,200 square feet. Unit interiors feature nine-foot ceilings, screened patios/balconies, cherry cabinetry and full-sized washers and dryers. More than 70 percent of the residences will feature ground-level entries. Community amenities include an interior lake with a lakeside walking path; clubhouse with a swimming pool and fitness center; car wash facility; outdoor barbecue area and fireplace; playground and tennis courts. Patrick Dufour, Scott Ramey, Kevin Judd and Ryan Crowley of ARA represented Pollack Shores in the transaction.
JACKSONVILLE, FLA. — NGKF Capital Markets has brokered the $23.8 million sale of the Stein Mart Building, a 10-story, Class A office property situated along the St. Johns River in downtown Jacksonville. Retailer Stein Mart occupies more than half of the 197,000-square-foot building, which was 93 percent leased at the time of sale to tenants such as Marks Gray PA and TD Bank. Built in 1985, the asset features a four-story atrium, pedestrian plaza, adjacent six-story parking garage, deli, laundromat, fitness center, conference room and banking facility. Lingerfelt CommonWealth Partners LLC purchased the property from Parkway Properties, which has owned the building since 2005. Michael Lapointe and Michael Lohmann of NGKF, along with Bryan Bartlett and Jim Sebesta of Phoenix Realty Group, represented Lingerfelt CommonWealth Partners in the transaction.
SEBRING, FLA. — Southern Management and Development LP (SMD) has broken ground on a new 43,690-square-foot Publix at Southgate Shopping Center in Sebring. The 101,621-square-foot Southgate Shopping Center is located at 2802-2940 U.S. Highway 27 S. Southgate’s other tenants include Bealls Outlet, Dollar Tree, Bank of America, CVS/pharmacy and additional restaurants and services. Boca Raton-based SMD has selected Cuhaci & Peterson Architects to design the new supermarket. SMD expects to complete the store’s shell and interior build-out this fall.
MIAMI — Weingarten Realty (NYSE: WRI) has acquired The Palms at Town & Country, a 664,000-square-foot, open-air shopping center in Miami, for $285 million. WRC Properties, an affiliate of TIAA-CREF, is the seller, according to the Miami Herald. The property features 71 retailers including Publix, Kohl’s, Nordstrom Rack, Dick’s Sporting Goods and Marshalls. National retailers comprise 87 percent of the revenue for the property. The Palms at Town & Country is located on 70 acres at 8505 Mills Drive, and was renovated in 2010. JLL is the exclusive leasing agent for the property, and has created events such as the Festival De Primavera Fashion Show, the Palms Restaurant Crawl and the All-American 4th of July Celebration that attracts thousands. Weingarten Realty’s stock price closed Thursday, July 28 at $42.67 per share, up from $34.62 per share a year ago, a nearly 19 percent increase. Weingarten Realty, a Houston-based REIT, is an owner, manager and developer of shopping centers throughout the United States.
MIAMI — The city of Miami’s Urban Design Review Board has unanimously voted (6 to 0) to recommend approval of Wynwood 25, a 400,000-square-foot mixed-use development in Miami’s Wynwood neighborhood. Situated between N.W. 24th and 25th streets, the project will include 289 apartment residences, 31,000 square feet of retail space and 340 parking spaces. After receiving this recommendation and the approval by the Wynwood Design Review Committee, East End Capital, the developer of Wynwood 25, expects to break ground on the project in the first quarter of 2017. East End Capital anticipates for 80 percent of Wynwood 25’s residences to rent for less than $2,000 per month. The apartments will comprise mostly studios and one-bedroom layouts, all including 10-foot ceilings and full-sized washers and dryers. Amenities will include a fitness center with yoga studio, work-from-home spaces, coffee lounge, 12,000-square-foot green courtyard, bike storage, package storage and dog wash facilities, as well as a rooftop terrace with a pool, spa, barbecue areas and outdoor and covered work areas. Kobi Karp designed the project, which includes a paseo connecting 24th and 25th streets.
JACKSONVILLE, FLA. — Blue Rock Premier Properties LLC has purchased The Reserve at Beach Boulevard, a 360-unit apartment community located at 11990 Beach Blvd. in Jacksonville. Blue Rock Premier purchased the property from LLJ Multifamily Ventures for $24.6 million. The Tampa-based buyer plans to invest about $3.8 million in exterior and interior upgrades at The Reserve at Beach Boulevard, which will be rebranded as The Park at Levanzo. The asset was 95 percent occupied at the time of sale. Dhaval Patel and Brian Moulder of CBRE’s Jacksonville office brokered the off-market transaction. ARES Capital Corp. provided debt financing on behalf of Blue Rock Premier.
PORT ST. LUCIE, FLA. — Watercrest Senior Living Group plans to construct Watercrest of St. Lucie West Assisted Living and Memory Care Community, a 128-unit seniors housing community in Port St. Lucie, located along the east coast of Florida midway between Orlando and Miami. D2 Architecture designed the luxury community, which Walker & Co. is building. The facility is scheduled to open in fall 2017. When completed, there will be 102 assisted living units and 26 memory care units in a 112,000-square-foot building. Watercrest, the developer, will operate the community.
GAINESVILLE, FLA. — Walker & Dunlop Inc. has arranged a $22 million refinance loan for a portfolio of three student housing communities located near the University of Florida campus in Gainesville. Paul Ahmed of Walker & Dunlop arranged the 10-year, fixed-rate loan with a 30-year amortization schedule on behalf of the borrower, Trimark Properties. The portfolio of properties includes Solaria II, Tuscana and Savion Park. Altogether, the three properties comprise 114 units and 157,000 square feet. Community amenities at the properties include private balconies, internal courtyards, parks with jogging paths, electric wine chillers and 24-hour concierge services.