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FloridaLoansMultifamilySeniors HousingSoutheast

Aztec Group Arranges $55.6M Financing for Active Adult Community in Palm Beach Gardens, Florida

by John Nelson

PALM BEACH GARDENS, FLA. — Aztec Group has arranged $55.6 million in bridge financing for Arcadia Gardens, an active adult community located in Palm Beach Gardens. MetLife provided the loan to the borrowers, affiliates of the United Group of Cos. and Sina Cos. United Group also manages the property, which was developed in 2021. Situated on 10.6 acres, the age-restricted apartment community comprises 220 units reserved for residents age 55 and older. Amenities at Arcadia Gardens include a fitness center, salon, movie theater, swimming pool, spa, community garden, walking trail, onsite dining facilities and pickleball, bocce and croquet courts.

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Affordable HousingDevelopmentFloridaMultifamilySoutheast

Related Urban, Tampa Housing Authority Break Ground on 234-Unit Mixed-Income Housing Project

by John Nelson

TAMPA, FLA. — A public-private partnership between Related Urban Development Group, the Tampa Housing Authority and the City of Tampa has broken ground on Gallery at Rome Yards, an 11-story mixed-income housing project located south of Columbus Drive between Rome Avenue and the Hillsborough River. Eighty percent of the property’s 234 units will be reserved as affordable and workforce housing while the remaining 20 percent will be market-rate apartment homes. Additionally, five apartments on the ground level will be designated as live/work units designed with local artists and entrepreneurs in mind, complete with a storefronts and working areas. Amenities will include a fitness center, walking path with distance markers, workspace for students and remote workers, communal club room, dog park with a nearby dog wash area, ground-floor retail space and a workforce training/small business success center. Related Urban expects to complete Gallery at Rome Yards in December 2026. The property represents Phase I of the Rome Yards master plan, which is the redevelopment of a vacant 18-acre maintenance yard into nearly 1,000 apartments and 33,604 square feet of commercial space.

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Quay
DevelopmentFloridaMixed-UseMultifamilyOfficeRetailSoutheastTop Stories

Joint Venture Plans Mixed-Use Redevelopment of The Quay Shopping Center in Fort Lauderdale

by Katie Sloan

FORT LAUDERDALE, FLA. — A joint venture between BH Group, PEBB Enterprises and Related Group is set to begin the mixed-use redevelopment of The Quay shopping center in the Harbordale neighborhood of Fort Lauderdale.  The joint venture recently acquired the 73,000-square-foot center for $48.5 million. Located at 1515 SE 17th St., the property currently features restaurants, retail space, a marina and a two-story office building. Redevelopment plans for the seven-acre site include the addition of up to 361 residential units and 12,000 square feet of retail and restaurant space. The existing property will also undergo improvements that align with the new development. Amerant Bank provided financing for the acquisition of the property. The transaction closed on May 22. A timeline for the project was not announced, but additional details are expected to be released over the coming months.  This development marks the third joint venture between BH Group, PEBB Enterprises and Related Group. The companies are also partnering on a major mixed-use redevelopment at 6600 North Military Trail, formerly an Office Depot headquarters, in Boca Raton.  Miami-based BH Group is a development firm focused on luxury projects across South Florida. The company has experience in acquisition, construction, design, capital structuring and asset management.  …

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DevelopmentFloridaIndustrialSoutheast

Constellation, Northwestern Mutual to Develop 972,079 SF Industrial Project in Orlando

by John Nelson

ORLANDO, FLA. — Constellation Real Estate Partners and capital partner Northwestern Mutual plan to develop Constellation Air Commerce Park, a three-building, 972,079-square-foot industrial park in Orlando. The partnership recently acquired 75.1 acres located at 10195 Boggy Creek Road, about six miles from Orlando International Airport, for the project. Within the park, Building 100 (232,497 square feet) and Building 300 (283,580 square feet) will both have front-park/rear-load configurations and Building 200 (456,002 square feet) will have cross-dock loading. C4 Architecture and Florida Engineering Group designed Constellation Air Commerce Park to achieve LEED certification. The project will feature 36-foot clear heights, multiple points of ingress/egress with full circulation, trailer parking, ESFR sprinkler systems and LED lighting. Construction is set to begin this year with completion scheduled for the third quarter of 2025. Constellation and Northwestern Mutual have tapped Jared Bonshire, David Perez, Taylor Zambito, Ryan Hubbard, Sara Bravo and Jasmine Yarbrough of Cushman & Wakefield as the leasing agents for the project.

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FloridaHospitalityLoansSoutheast

Colliers Arranges Refinancing for 352-Room EAST Miami Hotel

by John Nelson

MIAMI — Colliers’ Hospitality Practice Group has arranged the refinancing for EAST Miami Hotel, a 352-room hotel located in Miami’s Brickell district. The property is part of Swire Properties’ $1 billion Brickell City Centre development, which features more than 500,000 square feet of shops and restaurants. EAST Miami Hotel opened in 2016 and features meeting rooms, a fitness center, multiple pools and several dining options. Mark Owens of Colliers arranged the refinancing on behalf of the borrowers, Trinity Investments and Certares Management. The financing amount and capital source were not disclosed, but multiple media outlets report that Deutsche Bank and KSL Partners provided the debt totaling $185 million.

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Affordable HousingDevelopmentFloridaMultifamilySeniors HousingSoutheast

Integral Group Breaks Ground on 99-Unit Affordable Seniors Housing Community in Metro Miami

by John Nelson

OPA-LOCKA, FLA. — The Integral Group has broken ground on Wellspring Apartments, an affordable seniors housing community in the Miami suburb of Opa-Locka. Wellspring Apartments will feature 99 units, 67 of which are reserved for residents earning below 50 percent of the area median income (AMI), and the remaining 32 units are for residents earning below 60 percent AMI. The 81,350-square-foot property will feature a computer and library room, fitness center, community center with a full kitchen, and covered terrace. The project is a public-private partnership between Integral, Miami-Dade County, the City of Opa-Locka and local businesses. PNC Bank is also a partner on the project, providing $13.4 million in equity through Low-Income Housing Tax Credit (LIHTC) funds.

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DevelopmentFloridaOfficeSoutheast

Bromley, Highwoods Properties Top Out 18-Story Midtown East Office Tower in Tampa

by John Nelson

TAMPA, FLA. — Joint venture partners The Bromley Cos. and Highwoods Properties have topped out Midtown East, an 18-story office tower situated within Bromley’s 23-acre Midtown Tampa mixed-use development in Tampa. Upon completion, the property will comprise 430,000 square feet of office and ground-floor retail space. Bromley and Highwoods will jointly own 143,000 square feet, and Tampa Electric and Peoples Gas will own and occupy the remainder of the building. Architecture firm Rule Joy Trammell + Rubio designed Midtown East, which will feature a heat-reflective roof, covered outdoor terraces, floor-to-ceiling glass, high-speed elevators and adaptable floorplans. Completion of the project is scheduled for 2025. Midtown East will serve as the anchor building of the $1 billion Midtown Tampa development, which also comprises residential, hospitality and retail space, as well as the Midtown Commons public space, a dog park, recreational trail and a lake.

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AcquisitionsFloridaIndustrialSoutheast

JLL Brokers $36.5M Sale of Silver Star Commerce Center Industrial Park in Orlando

by John Nelson

ORLANDO, FLA. — JLL has brokered the $36.5 million sale of Silver Star Commerce Center, a 254,915-square-foot industrial park located at 3600-3802 Silver Star Road and 3717-3763 Mercy Star Court in Orlando. The property comprises eight buildings situated on 20 acres and features 18- to 20-foot clear heights and rear-load capabilities. At the time of sale, the park was 92 percent leased to 27 tenants. Denholtz Properties and Long Wharf Capital acquired the property. Luis Castillo, Cody Brais and Taylor Osborne of JLL represented the undisclosed seller in the transaction.

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Affordable HousingDevelopmentFloridaLoansMultifamilySoutheast

BWE Secures $24M Financing for Affordable Housing Development in Orlando

by John Nelson

ORLANDO, FLA. — BWE has secured $24 million for the construction and permanent financing of Barnett Villas, an affordable housing development in Orlando. Peter Borstelmann and Jim Gillespie of BWE arranged the financing in the form of the purchase of tax-exempt bonds issued by the Florida Housing Finance Corp. (FHFC). The bonds feature a fixed interest rate, as well as three years of interest-only payments. Upon completion, Barnett Villas — which will be located at 1050 Barnett Villas Drive — will comprise 156 units in one-, two- and three-bedroom layouts. Of the units, 78 will be reserved for residents earning up to 60 percent of the area median income (AMI), 39 will be designated for residents earning up to 50 percent of AMI and 39 will be reserved for residents earning up to 70 percent of the AMI. Amenities at the property will include a fitness center, lounge and surface parking. The total project cost is $44.9 million, including $18.2 million in Low-Income Housing Tax Credit (LIHTC) equity syndicated by Enterprise Housing Credit Investments. A construction timeline was not disclosed.

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FloridaIndustrialLeasing ActivitySoutheast

CBRE Secures 1 MSF Industrial Lease in Fort Pierce, Florida

by John Nelson

FORT PIERCE, FLA. — CBRE has secured a 1 million-square-foot lease on behalf of landlord SL Industrial Partners at 5001 Crossroads Parkway in Fort Pierce, a city in South Florida’s St. Lucie County. The tenant, Atlanta-based BroadRange Logistics, a third-party logistics warehousing and service provider, will occupy the space later this year. Robert Smith, Kirk Nelson, Jeff Kelly, David Murphy and Monica Wonus of CBRE represented SL Industrial Partners, a member of The Silverman Group family of companies, in the lease negotiations. This lease marks BroadRange’s third warehouse in Florida, adding to locations in Orlando and Ocala, as well as the largest industrial lease in Florida year-to-date, according to CBRE. Dubbed Interstate Crossroads Logistics Center, the newly delivered warehouse features 40-foot clear heights, LED lighting, ESFR sprinklers, 232 dock-high doors, four drive-in doors, 472 parking spaces and 412 trailer spaces. The property sits on a 132-acre site between I-95 and the Florida Turnpike.

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