Florida

Bella Rosa

FORT MYERS, FLA. — Marcus & Millichap has brokered the sale of Bella Rosa Apartments and Park Place Apartments in Fort Myers. Located directly across the street from each other, the two assets sold for approximately $19.3 million. The 160-unit Bella Rosa Apartments features two on-site laundry facilities, a fitness center, playground, dog walking area, picnic areas, business center, clubhouse and a swimming pool. The 177-unit Park Place Apartments includes an on-site laundry facility, fitness center, playground, picnic areas and two swimming pools. Michael Regan and Frank Carriera of Marcus & Millichap’s Tampa office represented both the buyer and seller in the transaction.

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NORTH MIAMI AND MARGATE, FLA. — RED Capital Partners LLC has completed a $10 million balance sheet loan on behalf of the borrower, Livewell Senior Living. The acquisition financing will allow Livewell to purchase two assisted living/memory care facilities in the Miami-Fort Lauderdale-Pompano Beach MSA. The two properties include Livewell at Courtyard Plaza, a 68-unit facility in North Miami, and Livewell at Coral Plaza, a 100-unit property in Margate. RED Capital Partners LLC is the proprietary debt and equity banking arm of RED Capital Group LLC.

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MAITLAND, FLA. — NXT Capital has provided a $15.3 million first mortgage loan to refinance The Q at Maitland, a 129-unit apartment community in Maitland, a suburb seven miles outside of Orlando. The property offers one- to three-bedroom residences and includes a swimming pool and fitness center. Jeff Walker, Mike Ryan, Brian Linnihan and Telly Fathaly of Cushman & Wakefield arranged the loan.

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MIAMI — HFF has arranged $80 million in construction financing for Midtown 5, a 24-story, 400-unit residential tower in midtown Miami. The property will be located roughly four miles west of Miami Beach at 3301 N.E. 1st Ave. Mike Tepedino, Elliott Throne, Jennifer Keller and Scott Wadler of HFF arranged the loan through TD Bank and Mercantil Commercebank on behalf of the borrower, a joint venture between Magellan Development Group and Midtown Development. Midtown 5 is slated for a fall 2016 completion. Chicago-based Loewenberg Architects designed Midtown 5 to achieve LEED Silver certification. The project will include 21,500 square feet of ground-floor retail space, 2,600 square feet of office space and a 450-space parking garage. The property’s amenity package also includes a 24-hour doorman, outdoor lounges with grilling stations, swimming pools and cabanas, a spa, fitness center with steam room and a sauna, game room, dog run, bike room and a business center.

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The Ivy

ORLANDO, FLA. — Wood Partners and the Ustler Group of Cos. have completed Phase I of construction at The Ivy – Residences at Health Village, a 248-unit apartment community in downtown Orlando. The property is part of Florida Hospital’s 172-acre Health Village, a transit-oriented, master-planned urban development. Wood Residential Services is managing the property. The Ivy’s amenity package includes a cyber café, resort-style pool with a multi-level deck and cabanas, 24-hour fitness center, yoga and Pilates studio and a billiards room. The project team includes architect Baker Barrios, architect of record Charlan Brock & Associates, general contractor Wood Florida Builders, civil engineer GAI Consultants and landscape architect Libra Design Group Inc.

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Remington Apartments

PONTE VEDRA BEACH, FLA. — Cocke Finkelstein Inc. (CFI) has acquired Remington at Ponte Vedra Lakes, a 344-unit apartment community in Ponte Vedra Beach, for $35.4 million. CFI’s apartment management subsidiary CFLane will manage the property, which was 96 percent occupied at the time of sale. Built in 1986, Ponte Vedra Lakes features a racquetball court, fitness center, playground, two swimming pools, car care center, dog park and lakeside vistas. The garden-style apartment community is located within a three-minute drive to public beach access. The property is the 40th Florida apartment community in CFLane’s management portfolio. CFI plans to implement a multimillion dollar renovation plan for the community in the near future.

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3415 N.E. 2nd Ave.

MIAMI — FA Commercial has brokered the $10 million sale of a 52,499-square-foot office building located at 3415 N.E. 2nd Ave. near Miami’s Midtown and Design District neighborhoods. The asset was 60 percent leased at the time of sale. Fabio Faerman of FA Commercial represented both the buyer and the seller in the transaction. The undisclosed buyer plans to reposition the office building’s first two floors into retail space.

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Turnpike Business Park

WEST PALM BEACH, FLA. — McCraney Property Co. plans to develop Turnpike Business Park, a five-building, 400,000-square-foot warehouse/distribution project in West Palm Beach. Situated on 33.8 acres, the development will have one mile of direct Florida Turnpike footage. Final approval plans from the Palm Beach County Building and Zoning Department are expected before the end of the year, and McCraney Property expects to break ground in January 2015. The industrial park will have clear heights of 24 to 30 feet with dock-high loading. McCraney Property has hired Peter Corrales of Corrales Group Architects to design the project and Christopher Thomson of Cushman & Wakefield to lease the park. In addition to Turnpike Business Park, McCraney Property has two other industrial parks under construction and one was recently completed.

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CLEVELAND — KeyBank Real Estate Capital has provided $48.2 million in long-term financing for a portfolio of four skilled nursing facilities totaling 493 beds in Florida. The four properties include Lehigh Acres Health & Rehabilitation Center in Lehigh Acres, Village Place Health & Rehabilitation Center in Port Charlotte, Lexington Health & Rehabilitation Center in St. Petersburg and Sunset Lake Health & Rehabilitation Center in Venice. Greystone Healthcare Management Corp. manages all four assets. Craig Gulley and Wayne Horvath of KeyBank arranged three 35-year FHA loans for three of the properties and a 33-year FHA loan for the fourth property. The loan proceeds were used to pay off term loans held with other lenders.

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Trader Joe's

BOCA RATON, FLA. — Dockerty Romer & Co. has arranged a $4.6 million permanent mortgage loan for the newly constructed Trader Joe’s in Boca Raton. Bob Dockerty of Dockerty Romer & Co. arranged the five-year, fixed-rate loan through Americo Life & Annuity Insurance Co. on behalf of the borrower, I.S. Three Austin/Hunter’s Ridge LP. The Trader Joe’s is one of four new Trader Joe’s to open in Palm Beach County.

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