Florida

The Harlow in Tampa, Florida
DevelopmentFloridaLeasing & MarketingNewsSoutheast

Mast Capital Begins Pre-Leasing for The Harlow in Tampa, Florida

by Channing Hamilton

TAMPA, FLA. — Mast Capital has begun pre-leasing at The Harlow, a garden-style community in Tampa’s Wesley Chapel neighborhood. Located at 5101 Bruce B. Downs Blvd., The Harlow comprises 248 units on a 16-acre site. Mast Capital and Rockpoint collectively entered the Tampa market in November 2021 with the acquisition of the development site. Construction began in late 2022, and the property is slated to open in March. The Harlow offers one-, two- and three-bedroom units that range from 751 to 1,501 square feet in size. Amenities include a central …

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Carl Whitaker, Market Analyst, RealPage
FeaturesFloridaOperationsSoutheast

Q&A With Carl Whitaker of RealPage: Miami’s Rent Growth Moderates Amid Wave of New Supply, But Market Remains Pricey

by Channing Hamilton

Developers have responded to Miami’s influx of well-heeled renters with a heavy Class A development pipeline and rents that rival some of the nation’s most expensive places to live. The city is also under the gun to create more housing for its low- and middle-income residents. Multifamily & Affordable Housing Business talked with real estate economist Carl Whitaker of RealPage’s data analytics division about rents, development and the Miami market’s unique ability to retain renters.  MAHB: Could you share with us the most recent data on average effective rents, occupancies, deliveries and …

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Roberto Pesant, senior managing director, investment sales, Berkadia Miami
BerkadiaFeaturesFloridaInvestment SalesSoutheast

Q&A With Roberto Pesant of Berkadia: Renter, Investor Demand for Luxury Apartments Expected to Remain Strong in Miami

by Channing Hamilton

Multifamily & Affordable Housing Business sat down with Roberto Pesant, senior managing director of investment sales with Berkadia’s Miami office, to discuss the demand for luxury communities in Miami — from both renters and investors. MAHB: The latest Berkadia report forecasts that average effective rent will be $2,569 by the fourth quarter of this year. Is the market overbuilt toward Class A/luxury properties, and if so, who’s renting these pricey units?  Roberto Pesant: Demand for the urban, luxury product is coming from a number of sources. Some part of it comes …

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FinanceFloridaNewsSoutheast

Greystone Provides $419.6 Million to Refinance 85-Story Panorama Tower in Miami

by Channing Hamilton

MIAMI — Greystone Commercial Capital has provided $419.6 million to refinance Panorama Tower, an 85-story mixed-use complex in Miami. The financing package consists of $85 million in agency-compliant subordinate debt and a $334.6 million Freddie Mac Optigo senior loan funded by Greystone Servicing Co. LLC. The loan carries a five-year term and 35-year amortization. Panorama Tower offers 821 units. The property also includes 112,731 square feet of Class A office space, 25,219 square feet of retail space, a 2,000-space private parking garage and an attached 19-story, 208-room Hyatt Centric Hotel.

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Affordable HousingBerkadiaDevelopmentFinanceFloridaNewsSoutheast

Berkadia Secures $118.5 Million to Construct Affordable Housing Development in Orlando

by Channing Hamilton

ORLANDO, FLA. — Berkadia has secured $118.5 million in financing for the construction of 52 at Park, an affordable housing development in Orlando. The financing includes a $73.5 million construction loan, as well as $45 million in Low-Income Housing Tax Credit equity. Chris McGraw and Tim Leonhard of Berkadia arranged the financing on behalf of the borrower, Lincoln Avenue Communities. 52 at Park will comprise 300 units across eight buildings. Units will come in one-, two-, three- and four-bedroom layouts. Planned amenities include a business center, clubhouse, fitness center, pool, laundry …

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Charlotte Commons Apartments in Port Charlotte, Florida
FloridaInvestment SalesNewsSoutheast

JBM Brokers $66.5 Million Sale of Charlotte Commons Apartments in Port Charlotte, Florida

by Channing Hamilton

PORT CHARLOTTE, FLA. — JBM Institutional Multifamily Advisors has negotiated the $66.5 million sale of Charlotte Commons in the southwest Florida city of Port Charlotte. Image Capital, along with an undisclosed New York-based company, purchased the asset for $66.5 million. The seller was SC Bodner Co., who developed Charlotte Commons in 2022. Charlotte Commons comprises 264 apartments across 11 three-story buildings. Units come in studio, one- and two-bedroom floor plans and average 846 square feet in size. Amenities include a pool with a sun deck, outdoor lounge area, fitness center, …

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The Kavista in Miami
DevelopmentFinanceFloridaNewsSoutheast

JLL Capital Markets Arranges $60.9 Million for Refinance of The Kavista in Miami

by Channing Hamilton

MIAMI — JLL Capital Markets has arranged $60.9 million in construction takeout refinancing for The Kavista, a 282-unit development within the El Portal neighborhood of Miami. JLL worked on behalf of the borrower, Barrington Brothers, to secure the two-year, floating rate loan through Värde Partners. Melissa Rose, Michael DiCosimo and Maddy McMillen led the JLL Capital Markets Debt Advisory Team. Upon completion in February of 2024, TheKavista will offer  one-, two- and three-bedroom units, as well as amenities such as a pool, lounge, theater, fitness center and EV chargers. The building …

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LEO at Cypress Creek in San Antonio, Florida
Build-to-RentDevelopmentFloridaNewsSoutheast

Advenir Capital Underway on $93.5 Million Build-to-Rent Community in Tampa Suburb

by Channing Hamilton

SAN ANTONIO, FLA. — Advenir Capital is underway on the development of LEO at Cypress Creek, a $93.5 million build-to-rent community in the Tampa suburb of San Antonio. The property will comprise 315 units across a 40-acre site. Units will come in a mix of standalone cottages, duplexes and townhomes. Floor plans range from one bedroom and 728 square feet to three bedrooms and 1,510 square feet. Planned amenities include a pool, clubhouse, fitness center, internet lounge, Wi-Fi connectivity, green spaces and a pet wash station. Site work for the …

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DevelopmentFinanceFloridaNewsSoutheast

Madison Communities, Heitman Secure $44 Million Construction Loan for Madison Bonita Springs in Bonita Springs

by Channing Hamilton

BONITA SPRINGS, FLA. — Madison Communities and Heitman have secured a $44 million construction loan for Madison Bonita Springs, a 252-unit project in the southwest Florida city of Bonita Springs. Patterson Real Estate Advisors arranged the funds through First Citizens Bank on behalf of the developers. BenCo is the general contractor. The development team plans to deliver the community by the end of 2025.

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Natura Gardens in Miami
FinanceFloridaNewsSoutheast

Terra, New Valley Secure $127 Million to Refinance Natura Gardens in Miami

by Channing Hamilton

MIAMI — Development partners Terra and New Valley have secured $127 million in permanent financing for Natura Gardens, a 460-unit complex in the West Hialeah neighborhood of Miami. Keith Kurland, Aaron Appel, Jon Schwartz, Adam Schwartz and Michael Diaz of Walker & Dunlop’s New York Capital Markets team arranged the financing. The funds will be used to pay off and refinance an existing $65 million construction loan, which Bank OZK provided in 2021. Natura Gardens was completed in the summer of 2023. Situated on a 23-acre site, the garden-style community …

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