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Cass Square in Tampa, Florida
DevelopmentFloridaNewsSoutheast

LD&D Plans $200 Million Cass Square Mixed-Use Project in Tampa, Florida

by Channing Hamilton

TAMPA, FLA. — LD&D, an investment, development and design firm headquartered in Miami, has unveiled plans for its $200 million Cass Square mixed-use project in downtown Tampa. LD&D plans to break ground on Phase I of the project, a residential tower, this summer. The 28-story building will be called DoMo at Cass Square. DoMo at Cass Square will offer 360 units, as well as more than 45,000 square feet of amenities, a 586-space parking podium and 32,500 square feet of ground-floor retail. Planned amenities include a wellness area, 10,000 square …

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Robert Kaplan of Cushman & Wakefield
DevelopmentFinanceFloridaIndustry VoicesInvestment SalesSoutheast

Miami Market Deep Dive with Cushman & Wakefield’s Robert Kaplan

by Channing Hamilton

Miami is bolstered by a strong tourism sector and population growth, but how has the market fared through the economic tumult of 2023? Multifamily & Affordable Housing Business (MAHB) recently interviewed Robert Kaplan, executive managing director at Cushman & Wakefield, about the state of the market. Kaplan and his team are the newest members of Cushman & Wakefield’s Equity, Debt & Structured Finance group, which provides a full-spectrum financial services platform to both domestic and international clients. MAHB: Can you contrast the differences in multifamily transactions in Miami between 2023 and 2022? Kaplan: …

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Grove Central in Miami
DevelopmentFloridaNewsSoutheast

Terra, Grass River Property Finish Constructing Grove Central Mixed-Use Development in Miami

by Channing Hamilton

MIAMI — Terra and Grass River Property have completed the construction of Grove Central, a mixed-use development in Miami’s Coconut Grove neighborhood. The project is a public-private partnership between the two Miami-based developers and Miami-Dade County, which owns the land. The project’s design team includes Miami-based Touzet Studio, RSP Architects and Walter Meyer of New York’s Local Office Landscape Architecture. Grove Central comprises a 23-story residential tower, as well as a 1,250-space public parking garage and 170,000 square feet of retail space. The residential tower offers 402 units in layouts …

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Adam Wolfson, CEO, Wolfson Development Co.
Build-to-RentFinanceFloridaIndustry VoicesOperationsSoutheast

Economic Forces Brew a Perfect Storm for Build-to-Rent

by Channing Hamilton

— By Adam Wolfson and Darryl Kasper of Wolfson Development Co. — Against a backdrop of recently proposed (though unlikely to pass) legislation aimed at forcing large build-to-rent (BTR) and single-family-rental investors to shed units and convert them to for-sale housing, BTR fundamentals — and the investment case for the sector — remain strong as ever. While debatably well-intentioned, the legislation mistakes correlation for causation. The BTR sector is indeed benefitting from problems in the housing market. However, these problems pre-dated the industry and are more likely caused by factors …

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Azul Luxury Residences in Stuart, Florida
FinanceFloridaNewsSoutheast

JLL Brokers $10.6 Million to Refinance Azul Luxury Residences in Stuart, Florida

by Channing Hamilton

STUART, FLA. — JLL Capital Markets has negotiated the $10.6 million refinancing of Azul Luxury Residences, a 49-unit community in Stuart, on Florida’s Atlantic Coast. JLL worked on behalf of the borrower, Diversyfund, to secure a $9 million senior mortgage loan and a $1.6 million mezzanine loan through SteepRock Capital. Bryan Clark, Kenny Cutler, Brad Vansant and Emily Pohlman led the JLL Capital Markets Debt Advisory team. Built in 2019, Azul Luxury Residences features one-, two- and three- bedroom units across three stories. Amenities include a pool, spa, clubhouse and fitness center.

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Marisol in Port Charlotte, Florida
DevelopmentFinanceFloridaNewsSoutheast

JLL Capital Markets Arranges $65 Million to Construct 292-Unit Marisol in Port Charlotte, Florida

by Channing Hamilton

PORT CHARLOTTE, FLA. — JLL Capital Markets has arranged $65 million in construction financing and preferred equity for Marisol, a garden-style development in Port Charlotte. The property is located at 1200 Loveland Blvd. and offers 292 units. JLL represented the borrower, Roers Cos., to secure the non-recourse construction loan through Knighthead Funding and the preferred equity through Amzak Capital Management. Christopher Drew, Lee Weaver, Scott Loving, Brian Gaswirth and Shane Ciacci led the JLL Capital Markets Debt Advisory team.

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Affordable HousingDevelopmentFinanceFloridaNewsSoutheast

Pinnacle, Birdsong Secure $33.9 Million to Build Affordable Housing Community in Kissimmee, Florida

by Channing Hamilton

KISSIMMEE, FLA. — Pinnacle and Birdsong Housing Partners have jointly secured $33.9 million in financing to begin constructing Pinnacle at the Wesleyan, a 96-unit affordable housing community in Kissimmee. Pinnacle at the Wesleyan will be available to households earning up to 60 percent of the area median income (AMI). Ten percent of units will be reserved for extremely low-income residents at 33 percent AMI. The complex will offer 12 one-bedroom units, 60 two-bedroom units and 24 three-bedroom units. The developers broke ground on the project at the beginning of December. …

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Metro Edgewater in Miami
FinanceFloridaNewsSoutheast

JLL Capital Markets Negotiates $115 Million in Financing for Metro Edgewater in Miami

by Channing Hamilton

MIAMI — JLL Capital Markets has arranged $115 million in financing for Metro Edgewater, a 279-unit high-rise development in the Edgewater neighborhood of Miami. The building rises 32 stories and offers one-, two- and three-bedroom units averaging 955 square feet in size. Units feature walk-in closets, stainless steel appliances, hardwood and plank vinyl flooring, quartz countertops, and balconies. Amenities include a pool with cabanas and dry beds, fitness center, clubroom, a sky lounge, dining room and coffee bar. The borrower was a consortium consisting of Lujeni Corp., Camino Capital Management …

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FinanceFloridaNewsSoutheast

Greystone Provides $22 Million to Refinance Three Communities in Tampa, Florida

by Channing Hamilton

TAMPA, FLA. — Greystone has provided a total of $22 million to refinance three communities in Tampa. The loans feature a private-label offering and carry five-year terms with fixed rates and 30-year amortizations, including interest-only payments for periods ranging one to five years. Anthony Cristi, managing director at Greystone, originated the financing. The properties include: the 33-unit Palms at Humphrey; the 36-unit Oaks at University; and the 95-unit Uptown Gardens.

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1910 NW 29th Street in Miami
FloridaInvestment SalesNewsSoutheast

Marcus & Millichap Negotiates $2.8 Million Sale of Two Properties in Miami

by Channing Hamilton

MIAMI — Marcus & Millichap has brokered the sale of two properties located at 1910 and 1920 NW 29th Street in Miami’s Allapattah neighborhood. The buildings comprise 8,840 square feet and 16 units altogether. Units come in studio, one- and two-bedroom floor plans. 7 Crowns LLC purchased the properties from a local LLC for $2.8 million. Nicholas McAndrew, Felipe Echarte and Evan Kristol of Marcus & Millichap’s Fort Lauderdale office marketed the property on behalf of the seller and procured the buyer.

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