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.
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.
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.
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.
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.
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.
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.