KISSIMMEE, FLA. — HJ Sims, an investment bank and brokerage firm, has financed the construction of Tuscan Isle, a seniors housing community in Kissimmee. Tuscan Isle will comprise 120 independent living units, 56 assisted living units and 36 memory care units. The independent living units will be housed in a four-story building, made up of one- and two-bedroom units ranging in size from 706 to 1,230 square feet. The assisted living units will consist of studios and one- and two-bedroom units ranging in size from 390 to 620 square feet. The memory care units will provide for 36 residents in private rooms. Tuscan Isle has a preliminary shared services agreement with AV Homes, the developer of neighboring community Solivita. The Tuscan Isle project began in January and is currently under construction with a planned completion date in spring 2016. Phase II of construction will incorporate a skilled nursing expansion. Construction financing consists of $40.5 million tax-exempt bonds and $1.7 million taxable bonds. The preferred equity consists of taxable bonds for accredited investors, totaling $6.2 million. The owners of Tuscan Isle include affiliates of Vieste Group, a program management and development services company from Chicago; HJ Sims Investments, an affiliate of …
ORLANDO, FLA. — Crossman & Co. has signed Supercuts to a 1,300-square-foot lease at Cornerstone at Lake Hart, a 78,241-square-foot Publix-anchored shopping center located at the corner of Narcoossee and Moss Park roads in Orlando. The lease brings the center to full occupancy. The hair salon will join a tenant roster that features UPS, GNC, 7-Eleven, Giovanni’s Italian Restaurant & Pizzeria and Orlando Cleaners. Tyler Wilkins of Crossman & Co. co-brokered the lease transaction with Joanna Robinson of The Shopping Center Group.
FORT LAUDERDALE, FLA. — Marcus & Millichap has brokered the $5.8 million sale of Pine Crest Square, a 40,409-square-foot retail property located at 901-959 E. Cypress Creek Road in Fort Lauderdale. The property’s tenant roster includes Subway, Jiffy Lube and 7-Eleven. Douglas Mandel, Barry Wolfe and Alan Lipsky of Marcus & Millichap’s Fort Lauderdale office represented the seller, MPI/Pine Crest Square Inc., an affiliate of Milestone Properties. Greg Matus and Peter Crane of Franklin Street Real Estate Services represented the buyer, Pinecrest AP, a private real estate investor based in the Northeast.
MIAMI BEACH, FLA. — HFF has arranged a $40 million construction loan for the redevelopment of Park Central Hotel, a 1939 Art Deco hotel located at 620-650 Ocean Drive in Miami Beach. The loan will be used to take three existing Art Deco buildings — the Park Central Hotel, the Imperial Hotel and Heathcoat Apartments — and a 0.2-acre development site and turn them into the new Park Central Hotel. The new 135-room boutique hotel will feature three restaurants totaling 8,100 square feet, a rooftop glass bottom pool, ground-floor pool with ocean views from the deck, 24 suites and 1,380 square feet of meeting space. Jim Dockerty, Scott Wadler and Marc Roth led HFF’s debt placement team to secure a three-year, floating rate loan through BB&T Real Estate Funding on behalf of the borrower, Park Central Partners LLC, an entity controlled by Optimum Asset Management.
BOCA RATON, FLA. — CBRE’s capital markets debt and structured finance team has arranged $71.6 million in acquisition financing for an office portfolio in Boca Raton. Spanning 330,438 square feet, the portfolio includes two Class A office buildings: The Plaza at 5355 Town Center Road and One Town Center at 1 Town Center Road. Charles Foschini, Christian Lee and Christopher Apone of CBRE’s Miami office arranged the 3.5-year bridge loan through Mesa West Capital LLC on behalf of the borrower, Boca Raton-based Crocker Partners. The interest-only loan was structured with a floating interest rate. Crocker Partners purchased the portfolio from MetLife Real Estate Investors. Lee, Foschini and Apone, along with Jose Lobon and Michael Erickson of CBRE, represented MetLife in the transaction.
DESTIN, FLA. — Marcus & Millichap has brokered the $3.3 million sale of a 2,960-square-foot Starbucks Coffee located at 10410 US Highway 98 West in Destin. Mike Marzinske, Adam Prins and Matt Hazelton of Marcus & Millichap’s Minneapolis office represented the seller, a private investor, in the transaction. Kirk Felici of the firm’s Miami office assisted in the transaction. Starbucks has seven years remaining on the lease.
ORLANDO, FLA. — Equity Investment Services (EIS) has brokered the $1.9 million sale of Village West, an unanchored retail center located at 6404 W. Colonial Drive in Orlando. The 18,000-square-foot center is leased to tenants such as Cosmo Prof and Coast Dental. Kevin Yaryan and Derek Francis of EIS represented both the buyer and seller in the transaction. EIS also arranged acquisition financing on behalf of the buyer.
DESTIN, FLA. — Avison Young’s debt, joint venture and structured capital team in New York has secured a $44 million construction loan for Phase I of Henderson Beach Resort, a five-phase beachside resort along the Gulf of Mexico in Destin. Phase I comprises a 170-room hotel and conference center that Salamander Hotels & Resorts will manage. David Eyzenberg and Amanda Saltzman of Avison Young arranged the loan through Ozark Bank on behalf of the project sponsor, Dunavant Enterprises. In addition to the construction loan, the resort is being financed through an EB-5 funding component totaling approximately $50 million. Under the U.S. Citizenship and Immigration Services (USCIS) program, the EB-5 program, also known as the U.S. Immigrant Investor program, allows a foreign national interested in obtaining permanent U.S. residency to do so by investing in a commercial enterprise that generates at least 10 jobs for U.S. workers for two years. The qualifying investment for a project like Henderson Beach Resort is $500,000.
FORT LAUDERDALE, FLA. — Hernandez Construction has broken ground on Phase III of Flagler Station, Flagler Global Logistics’ industrial logistics park in Fort Lauderdale that at completion will span 14 million square feet. Buildings 1 and 2 in Phase III will span 235,000 square feet, and Phase III will ultimately expand the park by 1.7 million square feet. Hernandez will begin construction on Buildings 3, 4 and 5 in the next few months. Buildings 1 and 2 are slated to wrap up construction this summer. The construction firm is also nearing completion of five buildings spanning 820,000 square feet at Phase II of Flagler Station.
ORLANDO, FLA. — CBRE has brokered the sale of a 133,075-square-foot office property located at 5900 Lake Ellenor Drive in Orlando Central Park, an office park in south Orlando. Cardinal Point Management acquired the eight-story building from D Group Acquisition Three Inc. for $5.8 million. The purchase also included an adjoining outparcel at 1854 W. Oak Ridge Road. Ronald Rogg and Chip Wooten of CBRE represented the seller in the transaction.