Florida

Big Rock Partners Selects Balfour Beatty to Construct $60M Senior Living Community in Celebration

by John Nelson June 17, 2015

CELEBRATION, FLA. — Big Rock Partners has selected Balfour Beatty Construction as the construction manager for a resort-style, $60 million senior living rental community under development in Celebration. The new community will be Celebration’s first to offer independent living, assisted living and memory care services under one roof, with a total of 225 rental residences. Construction is projected to begin in late 2015 for an expected opening in mid-2017. The property will feature tree-lined fountains, gardens, an indoor pool, movie screening room, fitness center and a top-floor solarium for viewing nearby Disney World’s fireworks displays. Balfour Beatty is working closely from the conceptual phase with the project’s architect, Gensler. Life Care Services will operate and market the community upon completion. Sabra Health Care REIT provided Big Rock Partners with a $4.5 million acquisition loan for the land and anticipates providing additional financing for construction, according to Big Rock. Walker & Dunlop is Big Rock’s financial advisor for the project.

June 17, 2015

Florida Loans Multifamily Southeast Student Housing

Phillips Realty Closes $85M Construction Loan for Student Housing Project in Daytona Beach

by John Nelson June 16, 2015

DAYTONA BEACH, FLA. — Phillips Realty Capital has closed on an $85 million construction loan for Quantum Realty Capital LLC’s student residence development on the campus of Bethune-Cookman University (BCU) in Daytona Beach. The Silver Spring, Md.-based developer is building student residence facilities that will be leased back to BCU. Brian Boland of Phillips Realty Capital structured the financing with a lender that specializes in credit tenant-lease financing. The construction-to-permanent loan has a 100 percent loan-to-cost ratio with a 36-year term. Quantum’s 1,206-bed residence hall project will include four student housing buildings at two different locations on the BCU campus. The completed residence halls’ design includes high-efficiency energy systems and student amenities. Each student housing building will comprise exterior courtyard common areas, student living and study rooms, and student and staff offices. Interior common areas will include multipurpose rooms, as well as fitness, lounge and laundry facilities. Construction is underway, with Phase I expected to be completed in January 2016. Completion of Phase II is expected in June 2016.

June 16, 2015

Florida Loans Multifamily Southeast

New York Life Provides $41M Acquisition Loan for Apartment Community in Broward County

by John Nelson June 15, 2015

PEMBROKE PINES, FLA. — New York Life Real Estate Investors has originated a $41 million acquisition loan for Phase II of Modera Pembroke Pines, a 278-unit Class A apartment community in Pembroke Pines, a town in Broward County. The loan is co-terminus with the Phase I financing that New York Life Insurance Co. provided in fall 2014. HFF’s Miami office arranged the financing on behalf of the borrower, New York-based AVR Realty Co.

June 15, 2015

Sunrise Corporate Plaza Sawgrass International Corporate Park

Florida Office Southeast

Stiles Buys Office Building in Broward County for $18.9M

by John Nelson June 15, 2015

SUNRISE, FLA. — Stiles has purchased Sunrise Corporate Plaza, a three-story, Class A suburban office building, for $18.9 million. Developed in 1999, the 106,648-square-foot office building is located at 1300 Sawgrass Corporate Parkway within Sawgrass International Corporate Park in Sunrise, a town in Broward County. The asset was fully leased at the time of sale to tenants such as MacNeill Group and MEDNAX Services. Fort Lauderdale-based Stiles purchased the property through Stiles Property Fund, the company’s value-add real estate fund. Mike McDonald of Eastdil Secured represented the seller, FDG Sunrise Corporate Plaza, an affiliate of Florida East Coast Industries. Following the acquisition, Stiles will lease and manage the asset.

June 15, 2015

Florida Multifamily Southeast

ZOM Breaks Ground on 50-Story High-Rise Apartment Building in Miami

by John Nelson June 11, 2015

MIAMI — ZOM has broken ground on Solitair, a 438-unit, 50-story multifamily high-rise in Miami. The apartment tower is located at 86 S.W. 8th St. in Miami’s Brickell district, a block between Brickell City Centre and Mary Brickell Village. JP Morgan Chase and HSBC Bank USA provided construction financing for the project on behalf of ZOM and its joint venture partner, an affiliate of AIG Global Real Estate. The design team includes architect ADD Inc. and general contractor Balfour Beatty Construction. ZRS Management LLC will provide property management services for the tower upon completion, which is set for late 2017, according to ZOM.

June 11, 2015

Florida Multifamily Southeast

Alliance Residential Breaks Ground on New Apartment Community in Fort Lauderdale

by John Nelson June 11, 2015

FORT LAUDERDALE, FLA. — Alliance Residential has begun construction on Broadstone Harbor Beach, a 349-unit apartment community located on a four-acre lot off of 17th Street in Fort Lauderdale. Upon completion in the first quarter of 2017, the apartment community will feature three courtyards, a resort-style swimming pool with cabanas, a pool pavilion with billiards, putting green, bocce ball, clubroom, demonstration kitchen, fitness center and a movie theater. The multifamily property will also offer immediate access to Fort Lauderdale’s entertainment district, the Intracoastal Waterway and the Atlantic Ocean. In early March, Berger Commercial Realty brokered the $22.1 million land sale for the site of Broadstone Harbor Beach.

June 11, 2015

Florida Retail Southeast

Marcus & Millichap Brokers $9.8M Sale of Shopping Center in Coral Springs

by John Nelson June 10, 2015

CORAL SPRINGS, FLA. — Marcus & Millichap has brokered the $9.8 million sale of Sample Row, a 90,552-square-foot retail property located at 7355 W. Sample Road in Coral Springs. Built in 2001, Sample Row comprises three one-story buildings housing home goods stores, medical providers and DaVita Dialysis. Douglas Mandel, Barry Wolfe and Alan Lipsky of Marcus & Millichap’s Fort Lauderdale office represented the seller, a private investor based in Miami Beach. The buyer was a limited liability company based in North Miami.

June 10, 2015

Florida Retail Southeast Tennessee Virginia

Hanley Investment Group Brokers Sales of Four Shopping Centers Totaling $24M

by John Nelson June 9, 2015

IRVINE, CALIF. — Hanely Investment Group has negotiated the sales of four shopping centers in Oregon, Florida, Tennessee and Virginia totaling 372,000 square feet for a combined $24 million. Eric Wohl of Hanley Investment Group represented the seller, Cincinnati-based Phillips Edison & Co., in the four transactions. The shopping centers include the 100,762-square-foot Sandy Marketplace in Sandy, Ore.; the 115,198-square-foot Ferry Pass Plaza in Pensacola, Fla.; the 82,088-square-foot Rivergate Square in Madison, Tenn.; and the 73,788-square-foot Cross Pointe Marketplace in Chesterfield, Va. Hanley Investment Group has completed the sale of 11 Phillips Edison properties in eight months and currently has two additional Phillips Edison-owned retail properties in escrow totaling 248,767 square feet.

June 9, 2015

Florida Hospitality Loans Southeast

HFF Secures $11.3M Construction Loan for Hotel in South Florida

by John Nelson June 9, 2015

BOYNTON BEACH, FLA. — HFF has secured an $11.3 million construction loan for the development of a 116-room TownePlace Suites hotel in Boynton Beach, a coastal town in South Florida. The property will be built on a 2.8-acre site on Gateway Boulevard east of Congress Avenue and north of the Boynton Beach Mall. The hotel will have studio, one- and two-bedroom suites with full kitchens, a market for snacks and meals, swimming pool, fitness center and a putting green. Mike Kavanau, Elliott Throne and Alexandra Lalos of HFF arranged the loan through City National Bank of Florida on behalf of the borrower, North Boynton Beach Hospitality LLLP.

June 9, 2015

Florida Multifamily Southeast

CBRE Brokers $29M Sale of Apartment Community in Orlando

by John Nelson June 8, 2015

ORLANDO, FLA. — CBRE has brokered the $29 million sale of Laguna Oaks, a 360-unit lakeside apartment community located at 3211 S. Semoran Blvd. in Orlando. Avesta Communities purchased the gated apartment property from Ram Realty Services. Built in 1973 and renovated in 1997 and 2013, the multifamily community in situated near the 64-acre Lake Frederica. Laguna Oaks’ amenity package includes an onsite boat ramp and boat slips, two pools, an outdoor kitchen, clubhouse, community room, fitness center and covered parking. Shelton Granade, Luke Wickham and Justin Basquill of CBRE represented the seller in the transaction.

June 8, 2015

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