ORLANDO, FLA. — Los Angeles-based Thorofare Capital has provided a $12 million acquisition loan for Four Points by Sheraton Orlando Studio City. The 301-room hotel is located on International Drive in Orlando and is directly across from Universal Orlando Resort. The seller, a New York City-based asset management firm, previously bought the defaulted CMBS note in a large pool and subsequently foreclosed on the prior owner. The non-recourse, fixed-rate bridge loan was sized to 80 percent of the purchase price. Thorofare capitalizes its transactions through a series of private closed-end funds on behalf of high-net-worth and institutional investors. Thorofare has funded in excess of $500 million across 26 states since 2011.
TAMPA, FLA. — Atlanta-based Pollack Shores Real Estate Group, in a joint venture with a client advised by Heitman LLC, has purchased Lexington Park in Tampa’s Westchase district. The joint venture purchased the 400-unit luxury apartment community for $64.5 million, according to the Tampa Bay Business Journal. The acquisition brings Pollack Shores’ current Florida portfolio to more than 4,400 units totaling more than $550 million. Pollack Shores plans to upgrade Lexington Park’s apartment interiors with wood plank flooring, new cabinetry, granite and quartz countertops, stainless steel appliances, new lighting and plumbing fixtures. The company will also renovate the 12,500-square-foot clubhouse, fitness center and pool areas. Matrix Residential, Pollack Shores’ multifamily residential management division, will manage the property. Pat Jones of Walker & Dunlop represented the undisclosed seller in the transaction. Mark Sixour and Elliott Throne of HFF arranged acquisition financing on behalf of Pollack Shores.
WEST PALM BEACH, FLA. — Meridian Design Build has broken ground on a 225,198-square-foot sorting and distribution facility in West Palm Beach. The project is a build-to-suit for a global shipping and information services firm. SunCap Property Group is developing the asset, which will be located on a 27.2-acre site at the southeast corner of Pike Road and 7th Place North. Meridian is currently demolishing two existing buildings and a significant amount of asphalt and concrete pavement, which will be broken up on-site and incorporated into the new construction. Upon completion, the facility will feature 8,160 square feet of office space, 51 loading docks, 153 interior van loading positions, 390 auto parking stalls and 134 exterior trailer stalls. In addition to Meridian and SunCap, the design team includes architect Ware Malcomb and civil engineer Langan.
PEMBROKE PINES, FLA. — Continental Properties Acquisition Corp. (CPAC) has sold Palm Johnson Plaza, a 90,000-square-foot shopping center located in Pembroke Pines, for $8.5 million. Bar Invest, a Miami-based private investment group, purchased the center. Prior to the sale, CPAC completed a repositioning program, including parking lot upgrades, landscaping and new tenant build outs. Tenants of the center include anchor Winn-Dixie and junior anchor Planet Fitness. CPAC purchased the center in 2012 for roughly $3.2 million and has since brought the center’s occupancy from 54 percent to 86 percent.
ST. PETERSBURG BEACH, FLA. — HFF has arranged $26.1 million in post-acquisition financing for Postcard Inn, a 196-room boutique resort located on the beach at 6300 Gulf Blvd. in St. Petersburg Beach near St. Petersburg. Located on an 8.5-acre site along the Gulf of Mexico, the hotel features a junior Olympic-sized pool with towel service, more than 16,000 square feet of indoor and outdoor meeting space, outdoor pool, table tennis, fire pit, arcade games, on-site parking, two fitness centers and three dining options including PCI Beach Bar & Snack Shack. The hotel was originally built in 1935 and underwent significant renovations in 2009. Dan Peek, Scott Wadler, Max Comess and Preston Reid of HFF arranged the five-year, floating rate loan through BankUnited on behalf of the borrower, CRP 6300 Gulf LLC.
MIAMI — Aztec Group Inc. has secured $20 million in financing for Crossings Shopping Village, a 109,000-square-foot shopping center located at 13047 S.W. 112th St. in Miami. The property’s tenant roster includes Publix, CVS/pharmacy and You Fit Fitness Center. Aztec Group arranged the loan through a Florida-based bank on behalf of the borrower, Michael D. Friedman. The seven-year loan has a fixed rate interest rate of 3.85 percent and is structured with one year of interest-only payments followed by a 29-year amortization schedule.
PEMBROKE PINES, FLA. — Suffolk Construction has completed vertical construction on City Center at Pembroke Pines, a 768,042-square-foot luxury apartment community in Pembroke Pines. Situated on a 12-acre lot comprising six residential buildings and two parking garages, the complex will feature a club room with a movie theater and conference spaces, pool deck with cabanas and pavilions, dog park, children’s play area and a fitness center with tennis courts, bocce ball courts and volleyball courts. The project’s design team includes Related Group-Miami, MSA Architects and Vstarr Interiors. This project is the first development within Pembroke Pines’ City Center community.
WESLEY CHAPEL, FLA. — Compark 75, a Class A business park in the Tampa Bay metro area, has announced its Phase III expansion, which will add 58,000 square feet of spec industrial space. Located at 4610 Pet Lane in Wesley Chapel, Compark 75 currently spans 237,053 square feet. Larry Morgan, owner of Compark 75, plans to deliver Phase III in early 2016. Phase III was announced on the heels of Streetside Classic Cars and a national dental products distribution company leasing a combined 78,000 square feet at Compark 75. Commercial Asset Partners Realty is the exclusive listing agent for Compark 75.
WEST PALM BEACH, FLA. — HFF has arranged $165 million in financing for Palm Beach Outlets, a 459,633-square-foot, open-air outlet center located at 1751 Palm Beach Lakes Blvd. in West Palm Beach. The loan proceeds were used to acquire the property. Opened in February 2014, the outlet mall is 95.8 percent leased to 121 tenants, including Saks Off 5th Avenue, Gap, Nike Factory Store, J. Crew, Ann Taylor Factory Store and Under Armour. The mall share access with the 300,000-square-foot, Whole Foods-anchored Marketplace at the Outlets, which wasn’t included in the loan. Palm Beach Outlets is the first and only retail outlet center in Palm Beach County, with no other outlet centers within a 55-mile radius. Riaz Cassum, Chris Drew and Robyn King of HFF arranged the long-term, fixed-rate loan through Cornerstone Real Estate Advisers, which was acting on behalf of an institutional client. HFF arranged the loan on behalf of the borrowers, New England Development and a commingled fund managed by Clarion Partners. The loan collateral also includes land for the future development of 105,000 additional square feet of retail space.
MARATHON, FLA. — Index Living, a brand of Index Investment Group, has begun construction on Tarpon Harbour, a 104-unit, $30 million rental apartment community in Marathon, part of the Florida Keys. The Class A multifamily property is situated on an 8.9-acre lot off US Highway 1. Tarpon Harbour will feature 52 townhouse duplex buildings with two- and three-bedroom options ranging from 1,080 square feet to 1,560 square feet. According to Index Living, all units will have a large porch with panoramic water views and boat slips will be available to community residents. The development will also include a clubhouse and two swimming pools. Index Living has developed four luxury rental communities throughout the state of Florida and has four additional communities on the horizon.