WESTON, FLA. — Citigroup’s CMBS & commercial real estate finance office has arranged the $60 million refinancing of Weston Town Center, a retail and office campus in Weston. Anchored by Publix, the property is located at 2000 Main St. in South Florida’s Broward County. Michael Cohen of Citigroup arranged the 10-year, fixed-rate loan on behalf of the undisclosed borrower.
MIAMI — HFF has brokered the $35.5 million sale of Miami International Centre, a 20.9-acre former yacht manufacturing facility and existing 90-slip marina with access to the Miami River in Miami. Located immediately east of the Miami International Airport, the site will be home to a mixed-use development that will feature retail, hotel, residential, office and marina uses. The site is part of the recently-created 220-acre Palmer Lake Metropolitan Urban Center zoning district established by Miami-Dade County to foster the creation of a modern urban center. Manuel De Zárraga, Maurice Habif, Jaret Turkell and Marty Busekrus of HFF represented the seller, Alecta Real Estate Investment, in the transaction. The buyer was Interterra Investments Group.
EUSTIS, FLA. — Colliers International has brokered the $5.9 million sale of Eustis Shopping Center, a 191,000-square-foot shopping center located in Eustis, roughly 36 miles outside of Orlando. The property’s tenant roster includes Tractor Supply Co., Beall’s Outlet, Aaron’s, Family Dollar and Save-A-Lot. The buyer, Spigal Properties, plans to upgrade the shopping center. Joe Montgomery and Tony D’Ambrosio of Colliers’ Atlanta office and Cynthia Shelton and Kane Morris-Webster of the firm’s Orlando office represented the seller, EquiTrust Life Insurance Co., in the transaction. EquiTrust foreclosed on the property in September 2014 and hired Colliers International to provide property management, leasing and investment sales services.
NAPLES, FLA. — Investment Properties Corp. (IPC) has arranged the $14 million sale of the Iberia Bank Building, a 59,476-square-foot office building located at 2150 Goodlette Road N. in Naples. SHA Realty Holdings LLC purchased the asset from IberiaBank. The sale also included adjacent land. David Stevens and Clint Sherwood of IPC brokered the transaction.
ORLANDO, FLA. — The Shopping Center Group (TSCG) has arranged the $15.5 million sale of Mariner’s Village, a 133,400-square-foot shopping center located in Orlando. The center is currently 92 percent occupied and is anchored by Winn-Dixie, LA Fitness and Walgreens. Anthony Blanco of TSCG represented the seller, an affiliate of Madison Marquette, in the transaction. South American Investment Group acquired the property.
HIGH SPRINGS AND ORLANDO, FLA. — Bank Leumi USA, a full-service commercial and private bank, has provided $16.7 million in total refinancing to Plantation Oaks Senior Living Management, a Florida-based owner/operator. The first loan is secured by a first mortgage on an existing seniors housing community located in High Springs, comprising 37 assisted living units and 29 memory care units. The credit facility was structured with a $5 million initial funding and a $1.2 million earn-out. The second credit facility is secured by an existing senior housing community located in Orlando, comprising 17 independent living units, 86 assisted living units and 22 memory care units. The $10.5 million financing was structured with an initial funding of $5.4 million, a $3.5 million holdback to fund the expansion of a 48-unit memory care building and a $1.6 million earn-out. Both of these loans refinanced existing debt, lowered the interest rate and provided a dividend to the owners of the communities. The fixed-rate loans have a five-year term and are intended to serve as a bridge to agency financing or to the future sale of the communities. Hely Santeliz of Bank Leumi led the team that structured the loan.
NORTH FORT MYERS, FLA. — Venture Commercial Real Estate has brokered the $4.5 million sale of a 23,104-square-foot retail building in North Fort Myers fully leased to Northern Tool + Equipment. The building is located at 14571 N. Cleveland Ave. Clay Mote of Venture Commercial represented the seller, DRW Partnership LLLP, in the transaction. The buyer, Realty Income Properties 6, was self-represented.
ZEPHYRHILLS, FLA. — American House Senior Living Communities has acquired Commons on Pretty Pond, an independent living, assisted living and memory care community in Zephyrhills. The purchase price was not disclosed. The community, which will be renamed American House Zephyrhills, features 132 studio, one- and two-bedroom units including 111 assisted living and 21 memory care apartments. Units range in size from 300 to 892 square feet. American House is a Michigan-based affiliate of REDICO, and is seeking to expand its seniors housing portfolio in Florida.
MIAMI — Miami-based Melo Group has closed a $95 million loan from Ocean Bank to fund the construction of Aria on the Bay, a 647-unit luxury condominium tower under development at 1770 N. Bayshore Drive in downtown Miami’s Arts & Entertainment district. Designed by Arquitectonica, the 53-story condo tower will overlook Margaret Pace Park and Biscayne Bay. Site development is underway and vertical construction is set to begin next month, with delivery slated for 2017. Upon completion, Aria on the Bay will offer one-, two- and three-bedroom condos, as well as three-story upper penthouses, with prices ranging from the $400,000s to more than $12 million. Residence features include private elevator access, floor-to-ceiling glass, wrap-around terraces, bay and city views, open-plan living areas, new finishes and fixtures and European-style kitchens with custom-designed cabinetry. Amenities will include a resort amenity deck on the 14th floor with four pools, a sundeck lounge with fire pits, barbecue grills and outdoor summer kitchens. Additional features include private spa and massage treatment facilities, a fitness center and yoga studio, indoor/outdoor social room and a private screening room with theater seating. The project will also feature about 20,000 square feet of commercial space on the lower floors, …
JACKSONVILLE AND PENSACOLA, FLA. — Walker & Dunlop Inc. has arranged two loans totaling $9.4 million for two apartment communities in Florida. The financing includes a $5.4 million loan for Mandarin Trace Apartments in Jacksonville and a $4 million loan for College Trace Apartments in Pensacola. Jeff Lawrence and Matt Baptiste of Walker & Dunlop arranged both fixed-rate loans with 15-year terms, three years of interest-only payments and 30-year amortization schedules. Walker & Dunlop arranged the loans on behalf of the borrower, Stonebridge Global Partners, a commercial real estate company focusing on acquiring and managing multifamily Section 8 housing projects across the United States.
