ORLANDO, FLA. — KeyBank Real Estate Capital has secured a $17 million acquisition loan for Falcon Trace Apartments, a 252-unit garden-style community in Orlando. The apartment complex was built in 1999. Jane Harrison of KeyBank’s commercial mortgage group secured the financing through Freddie Mac’s CME program.
DESTIN, FLA. — Atlanta-based Bull Realty has brokered the $3 million sale of a 2.2-acre lot at the corner of Emerald Coast Parkway (Highway 98) and Restaurant Row in Destin, a popular tourist destination located on the Gulf of Mexico in Florida’s panhandle. CM Destin LLC, a hotel group, purchased the site from Spa Destin LLC and is planning a Home2Suites by Hilton concept at the location. The buyer will be demolishing the existing 14,875-square-foot Whitney National Bank to make room for the new hotel. Bull Realty was the only broker involved in the marketing and sale of the land site. The developer will be Cohen Investments, a Memphis-based REIT specializing in hotel and commercial property development and management.
FORT LAUDERDALE, FLA. — NXT Capital has provided a $37.9 million first mortgage loan to refinance Crown Center Offices, a five-building, 350,000-square-foot office campus in Fort Lauderdale. The property is located within a mile of I-95 and three miles from the Florida Turnpike. Paul Ahmed of Walker & Dunlop arranged the loan through NXT Capital on behalf of the undisclosed borrower.
MIAMI — NBA Hall of Fame member Alonzo Mourning, now head of AM Affordable Housing, has teamed up with Housing Trust Group to develop the 84-unit Phase I of Courtside Family Apartments, an affordable housing development in Miami’s Overtown neighborhood. The partnership recently closed on the property’s financing. Courtside’s Phase II will include 120 seniors housing units and Phase III will comprise 80 rental units. The property will include a multi-purpose community room with gaming tables, a theater/media room, computer lab and fitness center, as well as an outdoor basketball court, covered picnic areas and gardens. Located at 1700 N.W. 4th Ave., the property is expected to create roughly 150 jobs during the 14-month construction process. Development costs are estimated at $22.8 million, and the partnership is financing the project through RBC Tax Credit equity estimated at $9 million raised from the purchase of Florida Housing Finance Corporation low-income housing tax credits (LIHTC); construction and permanent debt financed by Citi Community Capital totaling $3.3 million; $7.5 million from the Southeast Overtown/Park West Community Redevelopment Agency; Miami-Dade County Surtax loan for approximately $1.8 million; and developer equity.
CLEARWATER AND TAMPA, FLA. — Marcus & Millichap has brokered the $21 million sale of two apartment communities in the Tampa Bay area. The buyer, Montreal-based Groupe Mach Inc., purchased the 200-unit Royal Breeze Apartments in Clearwater for $13.9 million and the 168-unit Lenox Place Apartments in Tampa for $7.1 million. Casey Babb, Luis Baez and Moe Derbala of Marcus & Millichap’s Tampa office represented the seller, Tampa-based Hachem Investments, in the transaction. Groupe Mach was represented internally.
JACKSONVILLE, FLA. — Crocker Partners has launched an $8 million renovation of the 752,000-square-foot Prominence office park at Baymeadows Road and I-95 in Jacksonville. The capital improvement program will include a new main park entry with monument signage and landscaping, as well as exterior and common area renovations. Crocker Partners has also signed NGA Human Resources to a 70,000-square-foot lease in Building 400 of Prominence. The two-and-a-half floor office space for NGA will house roughly 450 employees. Jesse Shimp of JLL represented Crocker Partners in the lease transaction. Kaycee Gardner of JLL represented NGA Human Resources, a provider of payroll and HR services and software. The Jacksonville office park will serve as NGA’s North American headquarters.
DEERSFIELD BEACH, FLA. — Bristol Group Inc. and Butters Construction and Development have acquired the former Deerfield Country Club in Deersfield Beach from Gator Development Group LLC. Bristol and Butters will be co-developing a 925,000-square-foot business park at the site known as Hillsboro Technology Center. Plans for the 74-acre campus include a Class A warehouse/distribution center, office space and a limited service hotel. The park will be located adjacent to the four-way interchange of I-95 and Hillsboro Boulevard. Phase I of the park will also include a developer-donated recreation building for the city of Deerfield Beach and a public park with jogging and walking trails. Construction on the development will begin in the second quarter of 2015, and the developers plan to deliver the first two speculative industrial buildings in the first half of 2016. Upon completion in three to five years, Hillsboro Technology Center is expected to host roughly 1,500 permanent jobs, and the project is expected to create roughly 3,500 construction jobs. Tom Viscount and Tom Hotz of Butters Realty & Management have been selected to lease the project.
PORT ORANGE, FLA. — CBRE has brokered the $40.2 million sale of Whitepalm Apartment Homes, a new 306-unit luxury apartment community located at 5400 S. Williamson Blvd. in Port Orange, roughly 45 minutes outside of Orlando. Built in 2014, the gated Class A community features a large clubhouse, resort-style pool with cabanas, serenity beach with hammocks and a fitness center. Nashville-based Carter-Haston Holdings purchased the community from Birmingham-based LIV Development. Shelton Granade, Luke Wickham and Justin Basquill of CBRE represented the seller in the transaction.
WINTER PARK, FLA. — Tampa-based Blue Rock Partners LLC and partner Konover South have purchased Hunter’s Ridge Apartments in Winter Park for $22.5 million. The 238-unit apartment community is located at 3733 N. Goldenrod Road. Hunter’s Ridge is the partnership’s fourth Orlando-area multifamily acquisition in the past eight months. The new ownership plans to invest $2 million in exterior and interior upgrades and rebrand the community as The Park at Napoli. Michael Donaldson of Marcus & Millichap’s Tampa office represented the seller, Toronto-based Ebenezer Holdings Corp., in the transaction. Wells Fargo provided acquisition financing on behalf of Blue Rock Partners and Konover South. Hunter’s Ridge was 95 percent occupied at the time of sale.
DELRAY BEACH, FLA. — Marcus & Millichap has brokered the $19.5 million sale of The George Buildings, two adjacent corner retail assets totaling nearly 20,000 square feet in Delray Beach. The buildings are located on the southeast and southwest corners of Atlantic Avenue and S.E. 4th Street. Howard Bregman of Marcus & Millichap’s Fort Lauderdale office represented the seller, a family corporation based in South Florida, and the buyer, a developer based in Palm Beach, Fla.
