SWEETWATER, FLA. — CREI Holdings has secured a $67 million construction loan for the development of Li’l Abner III, a 328-unit affordable and workforce housing community in the Miami suburb of Sweetwater. Centennial Bank provided the financing. Yuleisy Montalvo of Centennial Bank arranged the financing internally. Attorney Manny Diner represented CREI in the loan transaction, and attorney Richard Barbara represented Centennial Bank Li’l Abner III will comprise one eight-story building that will be situated adjacent to Li’l Abner I and II. Apartments will come in one- and two-bedroom layouts. Forty …
FORT MYERS, FLA. — Mast Capital, in partnership with BLG Capital Advisors, has secured $65 million in construction financing for Hancock Bridge Square, a 320-unit development in Fort Myers. Situated on 14.5 acres of land at 13370 North Cleveland Avenue, Hancock Bridge Square will feature three- and four-story buildings. The garden-style community will include amenities such as a fitness center, lounge, entertainment kitchen and a pool with a sun deck. The lender was Centerbridge Partners, which served as agent for MassMutual Life Insurance Co. JLL Capital Markets represented the joint …
TAMARAC, FLA. — Aztec Group has arranged a $95 million loan to refinance Tamarac Village, a 401-unit community in the Miami suburb of Tamarac. The borrower, Lotis Group, developed the property in two phases in 2020 and 2023. Situated on 12.7 acres, Tamarac Village offers one-, two- and three-bedroom floor plans. Units range in size from 800 to 1,485 square feet, according to Apartments.com. The property also includes a nearly 9,000-square-foot clubhouse. MF1 Capital provided the bridge financing.
JACKSONVILLE, FLA. — JLL Capital Markets has closed $32.8 million in acquisition financing for Crossroads at Town Center, a build-to-rent community in Jacksonville. JLL represented the borrowers, 360 Communities (Freehold Capital Management) and PCCP, to secure the loan through Greystar. Chris Drew, Matthew Putterman, Kenny Cutler and Shane Ciacci led the JLL Capital Markets Debt Advisory team. Crossroads at Town Center comprises 141 three-bedroom townhome units averaging 1,728 square feet in size. Units feature garages, covered porches, fenced-in backyards, stainless-steel appliances, built-in washers and dryers, quartz countertops, plank flooring and …
POINCIANA, FLA. — Shoreham Capital has sold The Preserve at Poinciana, a 175-unit build-to-rent community currently under construction in the Orlando suburb of Poinciana. An unnamed state pension fund purchased the asset through a separate account managed by Heitman. The sales price was not disclosed. Tyler Swidler, Brett Moss and Matt Mitchell of Berkadia represented Shoreham Capital in the deal. The Preserve at Poinciana will feature three- and four-bedroom homes ranging 2,000 to 2,300 square feet in size. Amenities will include attached garages, a pool, green space, children’s playground, dog …
HIALEAH, FLA. — MG Developer has completed the vertical construction of Metro Parc, a transit-oriented community in the Miami suburb of Hialeah. Upon completion, the property will comprise 559 units across two towers. Units will come in two-bedroom floor plans and range in size from 500 to 800 square feet. The property will also feature ground-floor retail space, including a Latin-inspired food marketplace. Metro Parc is the first phase of Metro Center, a mixed-use development that will comprise roughly 2.3 million square feet of multifamily and retail space. Metro Center …
TALLAHASSEE, FLA. — Asset Living has been awarded management of Industry Tallahassee, a community located at 440 N Monroe Street in Tallahassee. According to Apartments.com, the property comprises 248 apartments across six stories. Industry Tallahassee offers studio, one-, two- and three-bedroom floor plans. Units feature stainless-steel appliances and European-style cabinetry. Amenities include a pool, fitness area with a yoga room, grand lounge, co-working spaces and a dog park.
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 …
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 …
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 …