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.
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.
PEMBROKE PINES, FLA. — HFF has closed the $95.5 million sale of and arranged acquisition financing for Phase I of Modera Pembroke Pines, a two-phase, luxury multifamily community located at 10170 S.W. 7th St. in Pembroke Pines. Phase I was completed earlier this year and totals 422 units, which are currently 95 percent occupied. The 278-unit Phase II is scheduled for a second quarter 2015 completion. Modera Pembroke Pines is the first component of a mixed-use, master-planned community known as Pembroke Pines City Center. The apartment community features two beach-entry swimming pools, two fitness centers, two business centers, two demo kitchens, two game rooms, two clubhouses and private garages and storage units. Manny de Zarraga, Matthew Lawton, Jaret Turkell, Matt Mitchell and Maurice Habif of HFF represented the seller, a joint venture between affiliates of Mill Creek Residential Trust LLC and Clarion Partners. AVR Realty Co. was the buyer. Elliott Throne on HFF arranged acquisition financing through New York Life Real Estate Investors on behalf of AVR Realty. New York Life Real Estate Investors will also provide acquisition financing for Phase II of Modera Pembroke Pines.
ORLANDO, FLA. — CBRE has arranged the $16 million sale of a 10-acre, lakefront site located at 1711 and 1887 Jake St. in Orlando’s Baldwin Park neighborhood. The buyer, a joint venture partnership between ZOM Development Inc. and AIG Global Real Estate, is planning a $100 million, 483-unit apartment community at the site known as Baldwin Harbor. Construction is expected to commence in November. Shelton Granade, Luke Wickham and Justin Basquill of CBRE represented the seller, Baldwin Newco.
NEW PORT RICHEY, FLA. — Plaza Advisors has brokered the sale of Pasco Square Shopping Center, a 135,421-square-foot retail asset located at the intersection of State Road 54 and Rowan Road in New Port Richey. The property was 90 percent leased at the time of sale to tenants such as Beall’s Outlet, Dollar General Market, Badcock Home Furnishings, Dollar Tree, GNC, Radio Shack, The UPS Store and Subway. Jim Michalak, Mike Cvetetic and Nick Castellano of Plaza Advisors represented the seller, Phillips Edison & Co., in the transaction. The buyer, Isram Acquisition Corp., purchased the asset for $7.4 million. No other brokers were involved in the transaction.
LAKE PARK, FLA. — ARA has brokered the sale of Mariner’s Key, a 208-unit, waterfront multifamily community in Palm Beach County’s Lake Park. The buyer, a joint venture partnership between AIMS Real Estate, a business unit of Goldman Sachs Asset Management and Atlanta-based Carroll Organization, purchased Mariner’s Key for an undisclosed price. Built in 1965, the apartment community underwent a gut renovation and repositioning program from 2007 to 2010. The property features tropical landscaping, a clubhouse, private beach, heated waterfront pool and spa, outdoor kitchen, 17-slip marina, waterfront fitness center, sauna, pet park and a business center. Avery Klann and Hampton Beebe of ARA represented the seller, a New York-based institution. Mariner’s Key was 95 percent occupied at the time of sale.
MIAMI — Canyon Capital Realty Advisors LLC has provided a $123.6 million construction loan for Echo Brickell, a 57-story residential condominium development in Miami’s Financial District. Echo Brickell is currently more than 80 percent presold. Kevin O’Grady, Daniel Sheehan and Eric McGlynn of Cohen Financial arranged the non-recourse loan through Canyon Capital on behalf of the borrower, Property Markets Group. Construction on Echo Brickell is slated to begin in late October for a 2017 delivery.
ST. PETERSBURG, FLA. — Plaza Advisors has brokered the $21.1 million sale of the South Pasadena Shopping Center, a 165,886-square-foot retail center in St. Petersburg. South Pasadena’s tenant roster includes Walmart Neighborhood Market, Beall’s Outlet, Dollar Tree and CVS/pharmacy. Jim Michalak, Mike Cvetetic and Nick Castellano of Plaza Advisors represented the seller in the transaction. Pine Tree Commercial Realty purchased the asset from VV Florida I LP, a German syndication.
LAKELAND, FLA. — Walker & Dunlop Inc. has closed a $108 million Fannie Mae loan for Cypress Lakes, a manufactured housing community in Lakeland. Walker & Dunlop worked with Keystone Commercial Capital to originate the 10-year loan with a fixed interest rate and four years of interest-only payments on behalf of the borrower, Blair Group. Brendan Coleman of Walker & Dunlop partnered with Ryan Nelson and Charlie Williams of Keystone Commercial Capital in the transaction.
JACKSONVILLE, FLA. — NorthMarq Capital has arranged $11.5 million in refinancing for Evergreen Club Apartments, a 240-unit multifamily community located at 9611 Southbrook Drive in Jacksonville. Greg Duvall of NorthMarq’s Kansas City office arranged the 10-year loan with a 30-year amortization schedule through Freddie Mac.