Florida

Federal Realty Acquires 85 Percent Interest in Mixed-Use Development in Miami for $110M

by John Nelson October 2, 2015

MIAMI — Federal Realty Investment Trust, alongside partners Grass River Property and The Comras Co., has acquired an 85 percent interest in The Shops at Sunset Place, a 515,000-square-foot mixed-use center located in Miami. The $110 million transaction includes the assumption of an existing $70.8 million mortgage with an interest rate of 5.6 percent and maturity date of September 2020. The center comprises 408,000 square feet of retail and 107,000 square feet of office space with a 1,700-square-foot parking garage. Tenants at the center include AMC Theatres, LA Fitness, Barnes & Noble, Forever 21, Splitsville and Z-Gallerie.

October 2, 2015

Florida Loans Multifamily Southeast

IPA Capital Markets Arranges $35.2M Acquisition Loan for Apartment Complex in Orlando

by John Nelson October 2, 2015

ORLANDO, FLA. — Institutional Property Advisors Capital Markets (IPA Capital Markets) has arranged $35.2 million in acquisition financing for Victoria Place, a 364-unit apartment community located at 12612 Victoria Place Circle in Orlando. Jake Roberts and Anita Paryani of IPA Capital Markets arranged the 15-year loan with a fixed 4.78 percent interest rate and a 30-year amortization schedule. The loan features 10 years of interest-only payments.

October 2, 2015

Florida Retail Southeast

Phillips Edison Grocery Center REIT II Acquires Shopping Center in Metro Orlando for $13.1M

by John Nelson October 2, 2015

DAVENPORT, FLA. — Phillips Edison Grocery Center REIT II Inc. has acquired Berry Town Center, a 99,441-square-foot, Publix-anchored shopping center located 15 miles southwest of Orlando in Davenport. The REIT purchased the shopping center from Sabal Financial Group for $13.1 million. Berry Town Center’s tenant roster includes Leslie’s Pool Supplies, Regis and Linksters Tap Room. CBRE represented the seller in the transaction.

October 2, 2015

Integra Meadows at ChampionsGate Davenport

Florida Loans Multifamily Southeast

Grandbridge Provides $29.5M Loan for Apartment Community Within ChampionsGate

by John Nelson September 30, 2015

DAVENPORT, FLA. — Grandbridge Real Estate Capital has closed a $29.5 million acquisition loan for Integra Meadows at ChampionsGate, an apartment community within ChampionsGate, a premier golf course resort in Davenport. The property is within 15 minutes from the Walt Disney World Resort and Celebration, a master-planned community originally developed by The Walt Disney Co. Taylor Williams and Purvesh Gosalia of Grandbridge originated the fixed-rate, non-recourse loan through BB&T Real Estate Funding.

September 30, 2015

Florida Multifamily Southeast

Multi Housing Advisors Brokers $27.1M Sale of Two Apartment Communities in Pensacola

by John Nelson September 29, 2015

PENSACOLA, FLA. — Multi Housing Advisors (MHA) has brokered the $27.1 million sale of two apartment communities in Pensacola. Totaling 392 units, the properties include Arbor Club Apartments and Ashley Club Apartments. ApexOne purchased the assets from Greystone and plans to make capital improvements to the two properties. Both communities had 50 percent of their unit interiors upgraded by the seller prior to the sale. Jimmy Adams of MHA’s Birmingham, Ala., office represented Greystone in the transaction.

September 29, 2015

Florida Seniors Housing Southeast

Big Rock to Build New Seniors Housing Property in South Florida

by John Nelson September 25, 2015

LAKE WORTH, FLA. — Big Rock Partners, a national real estate management and development firm, will begin construction this month on Atria at Villages of Windsor, a Class A seniors housing community in southern Palm Beach County. Big Rock is developing the community on a 22.5-acre site in the Villages of Windsor development. The new community will offer a total of 186 independent living units, 78 assisted living apartments and a 54-unit memory care building. Ventas Inc., one of the largest REITs in seniors housing, will provide equity capital and be the principal owner of the community when finished. Wells Fargo will provide construction financing. The finance advisor is Walker & Dunlop. Gensler is providing architectural services, and Moss & Associates is the construction manager. Atria Senior Living, which operates 180 senior living communities throughout the U.S. and Canada, will operate and market the community. Big Rock expects the community to open in the summer of 2017.

September 25, 2015

Florida Loans Multifamily Southeast

Walker & Dunlop Originates $41.2M Loan for Apartment Community in Metro Orlando

by John Nelson September 25, 2015

SANFORD, FLA. — Walker & Dunlop has closed a $41.2 million loan for Elan Towne Center, a 360-unit luxury apartment community in Sanford, roughly 24 miles north of Orlando. Built in 2014, the Class A property features a cyber café, coffee bar, valet door-to-door trash pickup, club room with billiards, private detached garages and a dog park. The community was more than 90 percent occupied at the time of financing. Paul Ahmed led Walker & Dunlop’s team to originate the 15-year loan on behalf of the undisclosed borrower.

September 25, 2015

Florida Retail Southeast

HFF Arranges $14.4M Sale of Two Tampa-Area Shopping Centers

by John Nelson September 25, 2015

TAMPA, FLA. — HFF has arranged the $7.7 million sale of Northwest Plaza, a 46,904-square-foot shopping center located in Tampa’s Citrus Park area; and the $6.7 million sale of Suncoast Crossing, a 29,289-square-foot shopping center located in the Tampa suburb of Odessa. Brad Peterson and Whitaker Leonhardt of HFF represented the seller, Redstone Investments, in the transaction. Cole Credit Property Trust IV Inc. (CCPT IV) acquired Northwest Plaza and APTT Investments LLC acquired Suncoast Crossing in two separate transactions. VEREIT Inc. worked on behalf of CCPT IV in the purchase of Northwest Plaza. Both centers were fully occupied at the time of sale.

September 25, 2015

Florida Loans Mixed-Use Southeast

NorthMarq Arranges Financing for Two Florida Properties Totaling $74.6M

by John Nelson September 24, 2015

KEY WEST AND PORT ST. LUCIE, FLA. — NorthMarq Capital’s Boca Raton office has arranged the refinancings of The Westin Key West Resort in Key West and The Atlantic at Tradition Apartments in Port St. Lucie for a combined $74.6 million. Located at 245 Front St., The Westin Key West Resort’s amenities include a swimming pool, marina, two different spa facilities, beach access and a workout fitness studio. Bill Johnson of NorthMarq arranged the 20-year, $50 million loan through a life insurance company on behalf of the borrower. Located at 10297 S.W. Village Parkway, the 252-unit Atlantic at Tradition is in close proximity to the 150-acre Tradition Center of Innovation Research Park and a VA hospital currently under construction. The property’s amenity package includes a clubhouse, swimming pool, sundeck, theater, Jacuzzi, veranda, 24-hour fitness center, business center, tennis court, dog park and lakeside walking trail. Johnson arranged the 10-year, $24.6 million loan for the apartment community through a life insurance company on behalf of the borrower. The loan features two years of interest-only payments followed by a 30-year amortization schedule.

September 24, 2015

Florida Multifamily Southeast

Marcus & Millichap Brokers $12.5M Sale of Apartment Community in Boca Raton

by John Nelson September 23, 2015

BOCA RATON, FLA. — Marcus & Millichap has brokered the $12.5 million sale of Realm Boca Raton, a 102-unit apartment property located in Boca Raton. Constructed between 1965 and 1991, the community’s amenity package includes three courtyard pools with sundecks, a fitness center, cyber café, laundry facilities and tropical landscaping. Joseph Thomas, Adam Duncan and Derek Soven of Marcus & Millichap’s Fort Lauderdale office represented the seller, a limited liability company based in New Jersey. Marcus Christensen of Marcus & Millichap’s Miami office represented the California-based buyer in the transaction. The buyer intends to renovate the 25 apartment units that were not upgraded by the previous owner, according to Marcus & Millichap.

September 23, 2015

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