Florida

HTG Delivers $21.9M Affordable Housing Community in Metro Jacksonville

by John Nelson August 14, 2023

MIDDLEBURG, FLA. — Housing Trust Group (HTG) has completed the development of the Apartments at Bryce Landing, a $21.9 million affordable housing project in Middleburg, roughly 30 miles outside of Jacksonville. Located at 1914 Bryce Landing Way, the community features one-, two- and three-bedroom apartments across four buildings. Apartments range from 717 to 1,191 square feet, and amenities include a fitness center, media center, swimming pool, playground, picnic pavilion and a 15,000-square-foot park. Units will be reserved for residents earning at or below 30 and 60 percent of the area median income (AMI), and residents will have access to literacy training, financial assistance and employment assistance services. JPMorgan Chase provided a $16.5 million construction loan and a $6.3 million permanent loan for the project. Funding also included $1.7 million in annual low-income housing tax credits (LIHTC) provided by Florida Housing Finance Corp. through Raymond James Tax Credit Funds. Kellogg & Kimsey was the general contractor for the development, and Fugleberg Koch was the architect. Landscape architect Wood and Partners and engineering firm CHW Consultants were also part of the project team.

August 14, 2023

Acquisitions Development Florida Multifamily Southeast

Avison Young Brokers $38M Sale of Multifamily Development Site in Miami

by John Nelson August 11, 2023

MIAMI — Avison Young has brokered the $38 million sale of a 7.9-acre multifamily development site located at 1556 110th Ave. in Miami. The site is approved for a 690-unit, 10-story project, dubbed Dolphin Square. David Duckworth, Michael Fay, John Crotty, Brian de la Fé and Wayne Schuchts of Avison Young arranged the transaction on behalf of the seller, Boca Raton, Fla.-based Procacci Development Corp. Leo A Daly designed the current site plan for the project, which is located near Dolphin Mall.

August 11, 2023

Development Florida Multifamily Southeast

ANF Completes Construction of 212-Unit Eden West Multifamily Community in Tamarac, Florida

by John Nelson August 11, 2023

TAMARAC, FLA. — ANF Group has completed the construction of Eden West, a 212-unit multifamily community in Tamarac. The firm completed the construction on behalf of the developers, EDEN Multifamily and Sterling Equities. Located at 8601 West McNab Road, the property features apartments in one-, two- and three-bedroom layouts, ranging from 598 to 1,388 square feet. Amenities at the community include a saltwater pool, fitness center, club room, veranda with an outdoor kitchen, game room and coworking spaces. The property also includes 300 parking spaces and electric vehicle charging stations.

August 11, 2023

Development Florida Hospitality Loans Southeast

Madison Realty Capital Originates $240M Acquisition Loan for Orlando Resort

by John Nelson August 10, 2023

ORLANDO, FLA. — Madison Realty Capital has originated a $240 million acquisition loan for a 526-unit single-family rental development underway in Orlando. The borrowers, Baseline Property Group and JSB Capital Group, also secured a $40 million mezzanine loan from a private foreign family office. The previous owner was not disclosed. Baseline’s sister company, Villatel, will operate the units as resort-style, short-term rentals upon completion. Situated on 77 acres along International Drive, the Villatel Orlando Resort will comprise 256 condominiums, 200 townhomes and 70 single-family homes. Many units will include private pools, movie theaters and arcade and gaming spaces. The resort will also feature a private $20 million amenity center that will include a clubhouse, water park with seven slides, lazy river, water playground, pool, fitness center, golfing swing suite, arcades, children’s playrooms and eateries. The resort’s initial homes are expected to be available for rent in the fourth quarter, and all units are expected to be delivered into the rental pool by summer 2025.

August 10, 2023

Development Florida Multifamily Southeast

Calta Group Breaks Ground on 180-Unit Revv Apartment Community in Hollywood, Florida

by John Nelson August 9, 2023

HOLLYWOOD, FLA. — The Calta Group has broken ground on Revv, a 180-unit apartment community located at 2233 Hollywood Blvd. in the South Florida city of Hollywood. The property represents the first multifamily project for the Coral Gables, Fla.-based developer. Calta purchased the 1.6-acre site last year for $9.5 million and obtained a $60 million construction loan from BridgeInvest in April. Designed by Miami-based Borges Architects + Associates, Revv will rise eight stories and feature studios, live-work units and one- and two-bedroom apartments. Amenities will include a resort-style pool, coworking space, gym and ground-floor retail space. Calta plans to deliver Revv in the first quarter of 2025.

August 9, 2023

Development Florida Retail Southeast

Simon Opens 120,000 SF Life Time Athletic Club at The Falls in Miami

by John Nelson August 8, 2023

MIAMI — Simon has opened Life Time Miami at The Falls, a three-story, 120,000-square-foot athletic club that features an upscale fitness center, spa, connected beach club, saltwater pools, water slides, cabanas, café and a bar. The center is located within The Falls, Simon’s 55-acre shopping, dining and entertainment destination. The property features three indoor pickleball courts; 130 weekly Pilates, barre, cycle, group fitness and Yoga classes; lap, leisure and whirlpools; steam rooms; saunas; cold-plunge pool; locker rooms; members lounge; and Kids Academy. Life Time operates four other locations in South Florida and six overall with Simon.

August 8, 2023

Florida Loans Retail Southeast

CBRE Arranges $12.9M Refinancing for Publix-Anchored Wynnehaven Plaza in Navarre, Florida

by John Nelson August 7, 2023

NAVARRE, FLA. — CBRE has arranged a $12.9 million loan for the refinancing of Wynnehaven Plaza, a 64,995-square-foot shopping center located at 10040 Navarre Parkway in Navarre. A 48,387-square-foot Publix grocery store anchors the center, which was completed earlier this year. Seven other tenants occupy the fully leased property, including a coffee shop, primary care clinic, ice cream parlor and a nail salon. Richard Henry, Mike Ryan, Brian Linnihan and Taylor Crowder of CBRE secured the financing on behalf of the borrower, Atlanta-based Branch Properties, through 40|86 Mortgage Capital.

August 7, 2023

Florida Market Reports Restaurant Retail Southeast Southeast Market Reports

Six Trends to Watch for Central Florida’s Growing, Evolving Retail Market

by John Nelson August 7, 2023

Central Florida retail is alive, well and growing, thanks in large part to Florida’s continuing resilience to the nation’s economic challenges. Thousands of people are moving to the state each week, the Orlando area’s economy continues to diversify beyond tourism and residents continue to show confidence with their retail spending. That said, there are significant challenges facing new retail developments, due to the cost of construction and other inflationary pressures. We expect this to be a major issue for the rest of this year, and it will require thoughtful planning for everyone involved in these projects. As we look at the remainder of 2023, we see two big takeaways: • For brick-and-mortar retail, it’s important for developers and owners to bring in concepts that are new and fresh. In some cases, this involves established retailers getting creative with their spaces, like what Macy’s is doing with its new Market by Macy’s concept, which uses a smaller footprint than traditional Macy’s stores. • To make new retail developments happen, developers, landlords and tenants need to be inventive in how they structure deals, whether it’s sharing in construction cost overages or giving tenants more time to get their spaces ready. With that …

August 7, 2023

Acquisitions Florida Multifamily Southeast

Carter Multifamily Acquires Tampa Apartment Community for $57.5M

by John Nelson August 3, 2023

TAMPA, FLA. — Carter Multifamily, a division of locally based Carter Funds, has purchased Mode at Ballast Point, a 276-unit, garden-style apartment community located at 6306 S. MacDill Ave. in Tampa. The undisclosed seller sold the property, formerly known as Solis at Ballast Point, for $57.5 million. Situated on 21.5 acres near MacDill Air Force Base, the community features a resort-style pool, private lake and park, onsite pet park and proximity to a waterfront walking/biking path along Bayshore Boulevard. Carter Multifamily plans to execute capital improvements at the property that will include operational improvements, upgrades to amenities, renovations to interiors and exterior building improvements.

August 3, 2023

Florida Hospitality Loans Southeast

Cronheim Hotel Capital Arranges $85M Refinancing of Grand Beach Hotel in Miami Beach

by John Nelson August 2, 2023

MIAMI BEACH, FLA. — Cronheim Hotel Capital (CHC) has arranged an $85 million loan for the refinancing of Grand Beach Hotel, a 424-room hotel in Miami Beach. The 21-story property is situated near the entrance to the Miami Beach boardwalk and one block from the Fontainebleau, a hotel/resort. The unnamed borrower, which developed the Grand Beach Hotel in 2009, is in the midst of a full renovation to the hotel’s lobby, bar, coffeeshop, boutique restaurant, spa and guest rooms. David Poncia, Dev Morris, Allison Villamagna and Andrew Stewart of CHC arranged the financing through an unnamed life insurance company. The five-year loan features a fixed interest rate and interest-only payments for the full term.

August 2, 2023

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