Florida

Bask to Develop Eight Extended Stay America Premier Suites Hotels in Florida

by John Nelson March 22, 2023

CHICAGO — Bask Development, a Chicago-based real estate development firm, has entered into an agreement with Charlotte-based hospitality chain Extended Stay America to develop eight hotels in Florida under the Extended Stay America Premier Suites brand. The locations of the hotels weren’t disclosed but Bask says the properties will be located in “major markets.” Bask operates throughout the United States, with 30 hotels under management and an additional six under construction. Extended Stay America Premier Suites comprises both new construction as well as renovated properties with fully equipped kitchens, apartment-style layouts for working and dining, free in-room Wi-Fi, cable TV, onsite guest laundry and an enhanced breakfast offering, along with upgraded design elements including larger TVs, increased storage space and a signature bedding package. Extended Stay America currently has 36 Extended Stay America Premier Suites open and operating throughout the United States.

March 22, 2023

Development Florida Hospitality Loans Seniors Housing Southeast

Capital Funding Group Provides $27.2M Loan for Seniors Housing Conversion Project in South Florida

by John Nelson March 22, 2023

SUNRISE, FLA. — Capital Funding Group has provided a $27.2 million construction loan for the conversion of a partially completed hotel in South Florida to a 191-unit assisted living community. The property is located at 3003 N. University Drive in Sunrise, about 10 miles west of Fort Lauderdale. The borrower, YMP Real Estate Management, will use $7.4 million of the financing to complete the shell construction. YMP will also manage the seniors housing community when it opens. The construction timeline was not disclosed.

March 22, 2023

Acquisitions Florida Seniors Housing Southeast

Virtus Real Estate Capital, Blaze Capital Acquire 163-Unit Active Adult Property in Metro Orlando

by John Nelson March 22, 2023

DAVENPORT, FLA. — Austin, Texas-based Virtus Real Estate Capital and Charleston, S.C.-based Blaze Capital Partners have acquired The Pointe at Siena Ridge, a 163-unit active adult residential community in the Orlando suburb of Davenport. The seller and sales price were not disclosed. The property was constructed in 2021 and features a mix of one- and two-bedroom apartments ranging in size from 753 to 1,046 square feet that are reserved for residents 55 and older. Each unit features 9-foot ceilings, in-unit washers and dryers, stainless steel appliances and private, screened-in balconies and patios. Community amenities include a resort-style swimming pool, elevator access, fitness center, movie theater, hair salon, bocce ball court, clubhouse and coffee bar and wine lounge. The property also provides tenants with 23 detached garages and electric vehicle charging stations. The Pointe at Siena Ridge is Blaze Capital’s fourth active adult acquisition in Florida.

March 22, 2023

Build-to-Rent Development Florida Loans Multifamily Single-Family Rental Southeast

EDEN Living Receives $22M Construction Loan for Build-to-Rent Multifamily Project in Wildwood, Florida

by John Nelson March 20, 2023

WILDWOOD, FLA. — EDEN Living has received $22 million in construction financing for a build-to-rent residential development in Wildwood. Max La Cava and Kenny Cutler of JLL secured the non-recourse loan through City National Bank. Located at 2072 County Road 501, the project is near the master-planned community The Villages. EDEN Living began construction in June of last year, with delivery expected in the first quarter of 2024. Upon completion, the community will feature 130 units in a mix of 799-square-foot, one-bedroom and 1,268-square-foot, two-bedroom layouts. Amenities will include a clubhouse, fitness center, barbecue area, pickleball courts and a park with walkways and seating areas.

March 20, 2023

Development Florida Mixed-Use Multifamily Southeast

13th Floor, Key International Break Ground on First Phase of 747-Unit Multifamily Project in Delray Beach, Florida

by John Nelson March 17, 2023

DELRAY BEACH, FLA. — 13th Floor Investments and Key International, in partnership with CDS International Holdings and Wexford Capital, have broken ground on the first phase of a multifamily project at the Parks at Delray, a 50-acre mixed-use development located along Congress Avenue in Delray Beach. Upon completion, the residential component will total 747 units across a mix of townhomes and three- and five-story apartment buildings. Phase I, which is scheduled for delivery in 2024 and 2025, will comprise 420 units, with Phase II including 327 units. Apartments will range in size from 580 to 1,400 square feet in one-, two- and three-bedroom layouts. The townhomes will feature three-bedroom layouts and span between 1,670 and 1,770 square feet. Amenities will include a clubhouse, gym, pool, social room and parks and green spaces. ANF Group is serving as the general contractor on the project, which was designed by MSA Architects. Parks at Del Ray will also feature 40,000 square feet of grocery-anchored retail space and 68,000 square feet of office space.

March 17, 2023

Affordable Housing Civic Development Florida Loans Mixed-Use Multifamily Retail Southeast Walker & Dunlop

Walker & Dunlop Arranges $51M Construction Financing for City Hall, Affordable Housing Project in South Florida

by John Nelson March 16, 2023

OAKLAND PARK, FLA. — Walker & Dunlop has arranged $51 million in construction financing for Sky Building, a mixed-use development located in the South Florida city of Oakland Park. The borrower, locally based NRI Investments, previously signed a development agreement, lease agreement and purchase and sale agreement for the 2.1- acre site with the City of Oakland Park. Sky Building will house 136 affordable and workforce units, which are connected by a skybridge to the City of Oakland Park’s new City Hall, alongside roughly 15,000 square feet of ground-floor retail space. The site is within an opportunity zone approximately three miles north of downtown Fort Lauderdale. Jeremy Pino, Livingston Hessam, Carl Passmore, Kyle Miller, David Strange and Keith Melton of Walker & Dunlop arranged the financing via senior construction lenders and debt and equity funds. The financing was underwritten at 80 percent loan-to-cost and is non-recourse through the capital stack, according to Walker & Dunlop. The construction timeline for Sky Building was not disclosed.

March 16, 2023

Development Florida Multifamily Southeast

Mast Capital, Rockpoint Underway on Nine-Story Multifamily Project in Miami Beach

by John Nelson March 15, 2023

MIAMI BEACH, FLA. — Mast Capital, in partnership with Rockpoint, is underway on a nine-story, 178-unit multifamily development located at 3900 Alton Road in Miami Beach. Designed by Arquitectonica, the unnamed apartment community will consist of units ranging from studios to three-bedroom apartments sized from 560 square feet to 1,410 square feet. Amenities will include an elevated pool deck, barbecue area, outdoor gaming area, fitness and yoga studio, resident lounge, coworking spaces and a pet washing station. After securing a $64 million construction loan from PNC Bank in Nov. 2022, Mast Capital and Rockpoint broke ground on the development in February 2023 and plan to open the community by fall 2024.

March 15, 2023

Development Florida Multifamily Southeast

Madison Communities Breaks Ground on 292-Unit Apartment Development on Florida’s Space Coast

by John Nelson March 15, 2023

ROCKLEDGE, FLA. — Madison Communities, a subsidiary of Madison Capital Group, has broken ground on Madison Grove, a 292-unit apartment community in Rockledge. Madison Grove will comprise six four-story apartment buildings and several carriage homes. Amenities will include a clubhouse, fitness center, outdoor lounge with a summer kitchen, resort-style pool and pool deck with grilling stations, recreation areas and cabanas. Madison Grove, located on Rockledge Boulevard, will serve Florida’s Space Coast, a growing region known for its collection of aerospace, engineering and defense industries. Winter Park, Fla-based general contractor Walker & Co. will deliver the property. Madison Communities funded the project through a partnership with Marble Capital and via a construction loan from SouthState Bank. Madison Communities recently acquired sites throughout Florida for future developments, including Bonita Springs, Ruskin, Bradenton, Orlando, St. Augustine, Palm Coast and Jacksonville. Additionally, the developer has new communities under construction in Charlotte, Asheville Charleston and Savannah.

March 15, 2023

Acquisitions Florida Multifamily Southeast

Northmarq Brokers Sale of 150-Unit Apartment Community in St. Petersburg, Florida

by John Nelson March 15, 2023

ST. PETERSBURG, FLA. — Northmarq has brokered the sale of Aura @ 4th, a 150-unit garden-style apartment community in St. Petersburg. McCann Investments, a Tampa-based investment firm, sold the community to TRIG Investment Group, a California-based private multifamily investment company, for an undisclosed price. Luis Elorza, Justin Hofford and Kevin Mosher of Northmarq’s Tampa office brokered the transaction. Aura @ 4th was constructed in 2016 and features a unit mix that consists of 40 percent one-bedroom and 60-percent two-bedroom units at an average unit size of 1,087 square feet. The property’s amenity package includes a resort-style pool, clubhouse, 24-hour fitness center, outdoor covered lounge area, stainless steel Weber grills, picnic areas, bark park and a cyber café.

March 15, 2023

Affordable Housing Development Florida Multifamily Seniors Housing Southeast

HTG, Mount Hermon AME Church Break Ground on Affordable Seniors Housing Community in Fort Lauderdale

by John Nelson March 14, 2023

FORT LAUDERDALE, FLA. — Housing Trust Group (HTG) and Mount Hermon African Methodist Episcopal (AME) Church Inc. has broken ground on Mount Herman Apartments, an affordable seniors housing project in Fort Lauderdale. The seven-story property will be located at 750 NW 4th St. and offer one- and two-bedroom units ranging from 650 to 950 square feet. Apartments will be reserved for income-qualifying residents 62 and older who earn at or below 25 and 60 percent of the area median income (AMI), with rents ranging from $425 to $1,225 per month. Amenities will include a rooftop pool and pool deck with lounge seating, fitness center, multipurpose clubroom with kitchenette and an outdoor community gathering space. Services provided at the community will include 24-hour resident assistance and a resident assurance check-in program, adult literacy training and assistance with light housekeeping, grocery shopping and laundry. Funding sources for Mount Hermon Apartments include $32.6 million in 9 percent LIHTC equity syndicated through Raymond James, a $33 million construction loan through TD Bank, a $7.5 million Freddie Mac loan through Berkadia and a $640,000 loan from the City of Fort Lauderdale. HTG and Mount Hermon AME Church plan to open the property in late 2024.

March 14, 2023

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