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DevelopmentFloridaLoansMixed-UseOfficeRestaurantRetailSoutheast

Bank OZK Provides $84M Construction Loan for First Phase of Nora District in Downtown West Palm Beach

by John Nelson

WEST PALM BEACH, FLA. — Bank OZK has provided an $84 million construction loan for Phase I of The Nora District, a 40-acre mixed-use redevelopment project in downtown West Palm Beach. Steven Klein, Brian Gaswirth and Mateo Bolivar of JLL arranged the financing on behalf of the borrowers, NDT Development, Place Projects and Wheelock Street Capital. Phase I of Nora District, which will include more than 150,000 square feet of adaptive reuse and new development, broke ground in June 2023 and is slated for completion in early 2025. As part of the project, the developers are converting turn-of-the-century railway warehouses into ground-floor shops and restaurants. Phase I will also include more than 55,000 square feet of second-floor showroom space and creative Class A offices. Confirmed retailers in Phase I include Loco Taqueria & Oyster Bar, H&H Bagels, Van Leeuwen Ice Cream, The Garret Group, Juliana’s Pizza, Celis Juice Bar and Café, Del Mar Mediterranean Restaurant, Sana Skin Studio, Mint, The Spot Barbershop, Rumble and Solidcore. Future phases of Nora District will include The Nora Hotel, a 201-room boutique hotel developed in partnership with BD Hotels and Sean MacPherson.

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DevelopmentFloridaHospitalitySoutheast

Driftwood Capital Delivers 130-Room Element by Westin Hotel on Florida’s Space Coast

by John Nelson

MELBOURNE, FLA. — Driftwood Capital has delivered Element by Westin Melbourne Oceanfront, a 130-room beachfront hotel located at 2655 N. Highway A1A on Florida’s Space Coast. The hotel represents the first beachfront hotel to open in Brevard County since 2020 and the first beachfront property for the Element by Westin brand. Driftwood Hospitality Management operates the hotel, which features complimentary breakfast for guests, a fitness center, complimentary bike rentals, saline pool and pool deck overlooking the beach and restaurant Ebb & Flow. The hotel is situated within a short drive of Patrick Space Force Base, Cape Canaveral Space Force Station and the John F. Kennedy Space Center.

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Waldorf-Astoria-Hotel-&-Residences-Miami
DevelopmentFloridaHospitalityLoansMultifamilySoutheastTop Stories

PMG Receives $668M Construction Loan for Waldorf Astoria Hotel & Residences Miami

by Taylor Williams

MIAMI — PMG, a development and investment firm with offices in New York City and Miami, has received a $668 million construction loan for the Waldorf Astoria Hotel & Residences Miami. Located at 300 Biscayne Blvd, the building will rise more than 1,000 feet and will house 387 private residences and 205 hotel rooms and suites, as well as retail and restaurant space. The latter component will include Peacock Alley, a concept that is part of the Waldorf Astoria band. The Waldorf Astoria is part of the Hilton Hotels (NYSE: HLT) family of brands. Christopher Peck, Chris Drew, Brian Gaswirth, Jimmy Calvo and Mateo Bolivar of JLL arranged the financing through Arkansas-based Bank OZK and New York City-based Related Fund Management on behalf of PMG. According to South Florida Business Journal, condo sales launched in 2021, and the formal groundbreaking took place in 2022. At the time of the loan closing, more than 90 percent of the residences had been pre-sold. Vertical construction of the property is slated for mid-2028 completion. Hotel guests and residents will have access to a shared suite of amenities. These will include: Residents of the Waldorf Astoria Hotel & Residences Miami can also utilize a …

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DevelopmentFloridaMultifamilySoutheast

Kushner, PTM Partners Launch Preleasing at 36-Story Apartment Tower in Miami

by John Nelson

MIAMI — Kushner and PTM Partners have launched preleasing at 2000 Biscayne Boulevard, a 36-story apartment tower underway in Miami’s Edgewater district. The property will feature 420 studio, one-, two- and three-bedroom luxury apartments ranging in size from 500 to 1,500 square feet. Kushner and PTM have appointed SERHANT. New Development as the marketing and leasing agency of record for the building. Designed by Kobi Karp Architecture and Restoration Hardware for interiors, each unit will feature modern flooring, stainless steel appliances, Italian kitchen cabinetry and bathroom vanities, floor-to-ceiling windows and private terraces in select units. Amenities will include a fitness center with a sauna and massage treatment rooms, gaming club room, children’s play area, pet spa, resort-style pool with cabanas and an outdoor gym and yoga area overlooking Biscayne Bay.

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FloridaLoansMixed-UseMultifamilySoutheast

Northmarq Arranges $88M Refinancing for New Apartment Community at Dania Pointe in South Florida

by John Nelson

DANIA BEACH, FLA. — Northmarq has arranged $88 million for the refinancing of Avery Dania East, a 336-unit apartment community located at 120 N. Compass Way in Dania Beach, about five miles south of Fort Lauderdale. Built in 2023, the property is a multifamily component within Dania Pointe, a mixed-use development by Kimco that features six hotels, 1 million square feet of retail and restaurants and more than 500,000 square feet of office space, including the new headquarters for Spirit Airlines. David Gahagan, Chris Hammel and Chandler Kaye of Northmarq arranged the financing through BlackRock and SteepRock on behalf of the borrower, Meyers Accesso, a new partnership between The Meyers Group and Accesso. The refinancing was underwritten with a three-year term with interest-only payments for the full term. The developer received a certificate of occupancy in December 2023 for Avery Dania East, which was 45 percent occupied at the time of financing.

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AcquisitionsFloridaRetailSoutheast

SRS Negotiates $6.1M Sale of Retail Strip Center in Ocala, Florida

by John Nelson

OCALA, FLA. — SRS Real Estate Partners has negotiated the $6.1 million sale of a nearly 15,000-square-foot retail strip center located at 3701 S.W. College Road in Ocala, a city in Central Florida. Built in 1991 and renovated earlier this year, the multi-tenant property was fully leased at the time of sale to Lumber Liquidators, IVXpress, Dan’s Fan City and MUV Dispensary. The center is situated on a 1.2-acre site near I-75 and serves as an outparcel to The Home Depot. Patrick Nutt, William Wamble and Daniel Becker of SRS represented the seller, a private investor based in Florida, in the transaction. The buyer was also a private investment firm based in South Florida.

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AcquisitionsArizonaFloridaMidwestOhioOregonRetailSoutheastTop StoriesWestern

Pine Tree Acquires 2.5 MSF Retail Portfolio from SITE Centers for $495M

by Jeff Shaw

NORTHBROOK, ILL. — Pine Tree, in partnership with a state pension fund, has purchased six open-air shopping centers from SITE Centers Corp. (NYSE: SITC) for $495 million.  The portfolio comprises 2.5 million square feet and includes properties in metros such as Fort Lauderdale, Florida; Columbus, Ohio; Cincinnati; Phoenix; and Portland, Oregon. The assets included in the portfolio are: The portfolio’s retail anchors include Kroger, New Seasons Market, The Fresh Market, Target, Ulta Beauty, Nordstrom Rack, Dick’s Sporting Goods and 13 stores leased by TJX Cos. Pine Tree is a retail developer and management company based in Northbrook, Illinois. The deal, which was sourced off-market, brings Pine Tree’s assets under management to a total of approximately $2.5 billion and 20 million square feet. SITE Centers is a retail REIT based in Beachwood, Ohio. The SITC stock price opened at $14.56 on Friday, June 14, up slightly from $13.19 one year prior. — Channing Hamilton

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DevelopmentFloridaLoansMultifamilySoutheast

Berkadia Arranges $400M Construction Loan for Condo Development on Fisher Island in South Florida

by John Nelson

FISHER ISLAND, FLA. — Berkadia has arranged a $400 million construction loan for the development of The Residences at Six Fisher Island, an ultra-luxury condominium property in Miami-Dade County. The 10-story development will feature 50 for-sale condos and high-end amenities on the northeastern shoreline of Fisher Island, a barrier island east of Miami. Scott Wadler, Michael Basinski, Patrick Johnson, Mitch Sinberg, Brad Williamson and Matthew Robbins of Berkadia arranged the loan through Madison Realty Capital. The borrowers — Related Group, Teddy Sagi, BH Group and Wanxiang America RE Group — launched sales for The Residences at Six Fisher Island in late 2022, generating more than $500 million in sales to date. Two of the property’s penthouses sold earlier this year for a combined total of $150 million, with remaining inventory targeting prices north of $4,000 per square foot. The project is set to begin construction this summer, with completion slated for 2026.

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DevelopmentFloridaIndustrialLoansSoutheast

JLL Secures $52.3M Construction Loan for Logistics Park in Boynton Beach, Florida

by John Nelson

BOYNTON BEACH, FLA. — JLL has secured $52.3 million in construction financing from First Citizens Bank for Egret Point Logistics Center, a 457,110-square-foot industrial development underway at 3800 S. Congress Ave. in Boynton Beach. Steven Klein, Melissa Rose and Mateo Bolivar of JLL arranged the financing on behalf of the borrower, a joint venture between Foundry Commercial and Wheelock Street Capital. Once the site for a Baptist Health System clinic, Egret Point is situated on a 30.8-acre site about 22 miles south of West Palm Beach with frontage along I-95. The development will feature two Class A logistics buildings of varying sizes. The construction timeline was not disclosed.

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DevelopmentFloridaMultifamilySoutheast

Codina Partners Receives Site Plan Approval for 412-Unit Multifamily Development at Downtown Doral in South Florida

by John Nelson

DORAL, FLA. — Codina Partners has received site plan approval for Sevilla, a 412-unit mid-rise apartment community coming to Downtown Doral, a 250-acre mixed-use development in Miami-Dade County. The seven-story project will be situated on a 4.2-acre lot at the corner of N.W. 53rd Street and N.W. 52nd Terrace, a block from University of Miami Health Systems’ (UHealth) new Ambulatory Center. Sevilla’s floor plans will include one-, two- and three-bedroom apartments ranging in size from 720 to 1,708 square feet. Amenities will include a resort-style pool deck with outdoor loungers, barbecue stations, a large beach-entry pool, private cabanas, Zen courtyard and a large dog park. Codina Partners will develop the community in two phases, with Phase I move-ins slated for second-quarter 2026. The developer expects to fully complete Sevilla by late 2026.  

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