MELBOURNE, FLA. — PSRS has arranged the $15 million refinance of Harvard Apartments, a community in Melbourne. PSRS brokered a non-recourse loan featuring a 10-year term and 30-year amortization through a life insurance company on behalf of the undisclosed borrower. The property sits on more than 16 acres of land and comprises a total rentable square footage of 289,175. Harvard Apartments comprises 274 units across 32 buildings.
KISSIMMEEE, FLA. — PACE Loan Group arranged $13.8 million in financing to convert a 151-room hotel in Kissimmee into a workforce housing community. The Florida Development Finance Corp. provided a loan through its C-PACE Program, which allows property owners to obtain financing using a special assessment on their property tax bill as the repayment mechanism. The financing package also includes a $9.1 million loan from a regional bank. The borrower, Infiniti Loft Investors, acquired the property following a previous gutting of the interior due to a hurricane. The asset was …
TAMPA, FLA. — Trilogy Real Estate Group has purchased Azalea Apartments, a 289-unit community currently under construction in the Tampa neighborhood of Brandon, for $85.8 million. ZOM Living sold the asset to Trilogy Real Estate Group and will continue to manage its construction through completion. The property is in a qualified opportunity zone and benefits from the provisions of the 2017 Tax Cuts and Jobs Act. Azalea Apartments will offer one-, two- and three-bedroom apartments, with the first move-ins expected to begin this quarter. Each unit includes energy-efficient, stainless steel …
FORT LAUDERDALE, FLA. — Marcus & Millichap arranged the sale of Bahia Beach, a 35-unit property located in Fort Lauderdale. Evan Kristol, Brandon Rex, Austin Michels and David Altman of Marcus & Millichap’s Fort Lauderdale office marketed the property on behalf of the seller, a private investment group. A local developer and operator purchased the community for $5.5 million. Bahia Beach was constructed in 1966 on a 17,167-square-foot site. The property includes 21 parking spaces, onsite laundry and a courtyard with a pool.
ORLANDO AND FORT MYERS, FLA. — Berkadia has arranged $217 million in debt and equity financing for the recapitalization of a portfolio in Orlando and Fort Myers. Mitch Sinberg, Brad Williamson, Scott Wadler and Matthew Robbins of Berkadia South Florida arranged the financing on behalf of the borrower, a joint venture between JSB Capital Group and BLD Group. Freddie Mac provided a $185.4 million, fixed-rate loan with a 10-year term at a 60 percent loan-to-value. Related Fund Management provided $31.8 million in preferred equity. The portfolio comprises 1,139 units across …
BRANDON, FLA. — Trilogy Real Estate Group has acquired Azalea Apartments, a 289-unit community in the eastern Tampa, Florida suburb of Brandon, from ZOM Living for $85.8 million. Azalea Apartments is currently under construction, with the first move-ins slated to begin this quarter. Units come in one-, two- and three-bedroom layouts. Amenities include a pool, fitness center with a spinning studio and yoga lawn, event lawn, gaming area, dog park and pet salon.
MIAMI — Fisher Brothers has broken ground on Wynhouse Miami, a 308-unit mixed-use development located in the Wynwood neighborhood of Miami. JP Morgan Chase and affiliates of Canyon Partners provided $117.5 million for the project. Suffolk Construction is building the community. Other members of the development team include Rockwell Group, Nichols Architects and ID & Design International. Wynhouse Miami will offer units in studio, one- and two-bedroom layouts. Amenities will include a fitness center, green space, co-working and entertainment lounges, an expo kitchen, a rooftop pool and outdoor entertainment space. The property …
NARANIA, FLA. — ANF Group Inc. has completed Madison Point Apartments, a garden-style mixed-use community in the Miami suburb of Naranja. Developed by JQ Group, Madison Point Apartments offers 263 units across four 4-story buildings. Units come in one-, two- and three-bedroom layouts, including both affordable and market-rate apartments. Details on income restrictions for the affordable units were not disclosed. Amenities include a pool, community center, playground, fitness center, library, media center and approximately 200 parking spaces.
CORAL GABLES, FLA. — MG Developer has secured a $67.5 million construction loan to build Village at Coral Gables, a community in the Miami suburb of Coral Gables. Churchill Real Estate provided the loan. The complex will comprise 48 residential units — including townhomes, lofts, villas and apartments — across 17 lots. Options for floor plans at the property include two-bedroom apartments with study rooms and balconies, as well as four-bedroom townhomes. Amenities include a wellness clubhouse, a terrace lounge, a fitness center, a pool and wi-fi connectivity. MG Developer expects …
WELLINGTON, FLA. — Gail Ruggles has joined The Bainbridge Cos., a Wellington-based developer and manager, as executive vice president of operations. In this role, Ruggles will oversee the firm’s owned and managed assets, as well as the financial performance at each community. Ruggles previously served as senior vice president of operations at RADCO Residential and Steadfast Living. She also spent 23 years at Gables Residential, where she was responsible for its third-party operations. Ruggles attended Ball State University in Muncie, Indiana.
