DAVIE, FLA. — A joint venture between 13th Floor Investments and JSB Capital Group has obtained a $67.5 million construction loan for Parks at Davie, a 383-unit multifamily project in the north Miami suburb of Davie. Santander Bank provided the loan. Peter Mekras of Aztec Group advised the joint venture on the capitalization, which also included an undisclosed amount of preferred equity from Houston-based Marble Capital. Designed by Corwil Architects, Parks at Davie will feature studio, one-, two- and three-bedroom units ranging in size from 568 square feet to 1,415 square feet. Amenities at the property will include a clubhouse with a resort-style pool, fitness center, business center with coworking areas and about 6,200 square feet of ground floor retail space. The site for Parks at Davie is located on the east side of Broward College’s Davie campus near the Florida Turnpike. 13th Floor and JSB Capital expect to break ground later this month, with completion slated for 2027.
PALM BEACH GARDENS, FLA. — Vista Residential Partners has broken ground on Gardens Vista, a 221-unit multifamily development located in the South Florida city of Palm Beach Gardens. Situated on 6.7 acres, Gardens Vista is less than one mile from Gardens Mall and the Nova Southeastern University campus. Atlanta-based Niles Bolton Associates is designing the project. The four-story, Spanish colonial-styled community will offer 131 one-bedroom, 68 two-bedroom and 22 three-bedroom apartments, with 10 percent of its units designated as workforce housing. Amenities at the complex will include a resort-style swimming pool, gym, two pickleball courts, interactive game room, coworking spaces, 24/7 package concierge, electric vehicle charging stations, dog park and a nature preserve. Vista Residential has partnered with a global asset manager representing an unspecified state-sponsored pension fund, as well as a Midwest insurance company, for the financing of the development.
PALM BEACH GARDENS, FLA. — Edens has added a new wave of retailers to join the roster at Downtown Palm Beach Gardens, a 403,000-square-foot open-air retail center in Palm Beach Gardens. Recently opened concepts include Skin Laundry, MeTime Salon, TINA Stephens, ZOE Boutique and Vagabond Kids Apparel. Committed tenants that will open soon include Pura Vida Miami, Crew Factory, Sweathouz, Tweeds Custom Suits, Humanaut Health, Van Leeuwen Ice Cream, Muse Paint Bar and Laser Away. Existing tenants include Whole Foods Market, REI, CMX Cinemas, Life Time Fitness, The Cheesecake Factory, Sweetgreen and Yard House, among others. In addition to the new retail concepts, Edens has revitalized Downtown Palm Beach Gardens with facade work, new decorative elements, landscaping, signage and outdoor furniture at the development’s “Northern Strand” area near the REI and CMX Cinemas. Other improvements include installing five new interactive digital directories and adding a cut-through running east-west through the development.
DAYTONA BEACH, FLA. — Centennial Bank has provided a $17.5 million construction loan for The Edge Collection at Icon One Daytona, a 129-unit apartment community located at 200 Daytona Blvd. in Daytona Beach. The midrise property is part of One Daytona, NASCAR’s master development across from Daytona International Speedway that includes residential options and two hotels, including The Daytona, a Marriott Autograph Collection Hotel. Centennial Bank provided the loan for Daytona Apartment Holdings II LLC, an entity owned by Prime Hospitality Group. The developer plans to deliver The Edge Collection at Icon One Daytona later this month.
HIALEAH, FLA. — MG Developer has obtained a $105 million construction loan for Metro Parc South, a 347-unit apartment community located at 954 and 934 E. 25th St. in Hialeah, a suburb of Miami. The multifamily project will be part of MG Developer’s 2.3 million-square-foot Metro Center master project that also includes the 10-story Metro Parc tower, the 55-unit Metro Station and the 620-unit Metro Parc North community. New York-based SCALE Lending, the debt financing arm of Slate Property Group, provided the new loan to MG Developer, which plans to break ground on Metro Parc South in the second quarter. Tal Bar-Or, David Strongwater and Parker Thelander of Lantern Real Estate arranged the financing. The development will comprise studio, one- and two-bedroom apartments. The design-build team includes Miami-based Modis Architects and Coral Gables-based KAST Construction.
PRINCETON, FLA. — Miami-based Pinnacle has opened Pinnacle at Tropical Pointe, a new 215-unit affordable housing community located at 25155 S.W. 136th Ave. in Princeton, a city in south Miami-Dade County. The property features a mix of one- to four-bedroom apartments spread across six garden-style buildings, with amenities including a swimming pool, fitness center, business center and a playground. The community is designated for households earning up to 60 percent of the area median income. Pinnacle’s capital partners on the project included Bank of America, the Florida Housing Finance Corp., Miami-Dade County and Citibank.
PALM BEACH GARDENS, FLA. — Trademark Property Co. has added a new wave of tenants to join Legacy Place, a 427,000-square-foot, open-air lifestyle shopping center located in Palm Bach Gardens. The new tenants include three fitness concepts: Yoga Joint (now open), Jet Set Pilates (opening this summer) and EoS Fitness (30,000 square feet, now open). Additionally, Tampa General Hospital Cancer Institute plans to open an 18,000-square-foot clinic at Legacy Place in 2026, and Cabinet IQ of Palm Beach plans to open its store this summer. Existing tenants at Legacy Place include Total Wine & More, Barnes & Noble, Ethan Allen, The Container Store, Best Buy, Bungalow Palm Beach, Prime IV and The Good Feet Store. Trademark assumed management of the 48-acre property in May 2024.
MIAMI — PMG has secured a $413 million construction loan for One Twenty Brickell Residences, a two-tower condominium and apartment development located at 120 S.W. 8th St. in Miami’s Brickell Financial District. Christopher Peck, Brian Gaswirth, Nicco Lupo, Nick Lavin, Jimmy Calvo and Paul Adams of JLL arranged the financing through an Ares Real Estate fund and Monarch Alternative Capital. Andrew Warman, Jon Blank and Paton Marion of PMG’s capital markets team worked on the deal internally. PMG plans to break ground on One Twenty Brickell Residences the first week of May and complete the development in 2028. The condominium tower will rise 37 stories and house 266 fully furnished, for-sale condominiums, as well as 60,000 square feet of amenities that include an owner’s lounge, infinity-edge pool and an upscale fitness and wellness center that includes treatment rooms, a yoga lawn, outdoor terraces and a high-end fitness studio. The condos were 91 percent sold at the time of financing, and each condo owner will have a deed to an office suite. The multifamily high-rise, which will be operated by Sentral, will rise 41 stories and feature a mix of studio, one-, two- and three-bedroom apartments, as well as a 48,000-square-foot amenity …
FORT LAUDERDALE, FLA. — Cushman & Wakefield has arranged a 33,827-square-foot lease for MSC Cruises USA, the North American arm of the Geneva, Switzerland-based international cruise line, at BayView Corporate Tower in Fort Lauderdale. MSC Cruises USA will expand its office by 15,000 square feet, using the sixth floor of the tower to house its finance, outbound sales, IT and human resource teams. The lease will expand the company’s presence in South Florida ahead of the opening of its North American Cruise Division Headquarters in downtown Miami’s Sawyer’s Walk development. Deanna Lobinsky and Chase Kulp of Cushman & Wakefield represented the landlord, Somerset Properties, and its equity partners, while Alan Kleber, Tyler Reynolds and Scott Quick of Cushman & Wakefield represented MSC Cruises USA. Situated at 6451 North Federal Highway, BayView Corporate Tower was originally built in 1973 and renovated in 2019. Amenities at the property — which totals 413,000 square feet — feature a conference facility, gym, café/lounge, gift shop and a five-story covered parking garage.
O’Connor Capital to Redevelop Former Saks Fifth Avenue Store at The Esplanade in Palm Beach, Florida
PALM BEACH, FLA. — New York-based O’Connor Capital Partners plans to redevelop the former Saks Fifth Avenue retail space at The Esplanade, a 146,000-square-foot shopping center located at 150 Worth Ave. in Palm Beach. The two-level, 50,000-square-foot store will be transformed to feature high-end retail, office space and lifestyle offerings. Fairfax & Sammons Architecture will design the redevelopment project, while Odyssey Retail will lead leasing efforts and tenant curation. Current luxury retailers at The Esplanade include Louis Vuitton, Emilio Pucci, Akris, Christofle, Panerai, Hublot, Carolina Herrera, Lugano Diamonds and Worth Avenue Watches.