This Week's South Florida Deal Sheet

Catalfumo Cos. has secured $340M in construction financing to begin construction on The Ritz-Carlton Residences, Palm Beach Gardens, according to a release from the developer.

The financing comes from New York-based Madison Realty Capital for the development, part of The Estate Collection, which will include 106 luxury condos ranging from $4M to $8M. The marina-front development achieved $75M in sales within seven days of launching, the release said. Construction is slated to start in late summer with a 2025 delivery date.

SALES

Aventura-based multifamily firm Advenir has sold a 240-apartment property in Biscayne Shores for $56M, The Real Deal reported. An affiliate of Advenir sold the property at 12010 Northeast 16th Ave. to Columbia Biscayne LLC, an affiliate of Boston-based GID. The buyer assumed a $39M CMBS loan from the seller in the transaction, which broke down to around $233,208 per unit. Advenir purchased the property in 2016 for $53M.

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An affiliate of USA Bouquet Co. sold its 115K SF warehouse and headquarters at 1500 Northwest 95th Ave. for $16M, or $139 per SF. The Doral warehouse, which sits on 6.5 acres and includes 75K SF of cold storage, was sold to an LLC managed by Brookfield Properties and will remain USA Bouquet's headquarters, the South Florida Business Journal reports.

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Redwood Dev Co. paid $30M for a townhouse development in Opa-locka that is nearing completion, Commercial Observer reports. The developer purchased the property from Lennar, one of the country’s largest homebuilders, which paid $3.8M last year for the 7.4-acre site at 2601 Northwest 119th St. where it is finishing construction on 75 townhomes. Redwood, a joint venture between BAS Holdings Investments and Winston Capital Partners, secured a $23M loan from City National Bank for the acquisition. 

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The Calta Group paid $12M for a multifamily development with 32 apartments at 915 Palermo Ave. in Coral Gables. The Calta Group plans to redevelop the approximately 1-acre site with a luxury boutique residential offering, Connect CRE reported. According to the Reonomy property database, the seller of the building was Venetian Flats LLC, a company registered to the same Coral Gables address of real estate firm Merrick Capital Partners. 

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BF Aerospace purchased a 61K SF mixed-use industrial building in Sunrise that it plans to use as its new headquarters. The property, located at 5200 Northwest 108th Ave., was sold for an undisclosed price and includes 12K SF of office space. BF Aerospace will relocate from its current 46K SF location in Davie during the second quarter, according to a press release from Savills. A Savills team led by Tom Capocefalo and Amanda Montanez represented the buyer.

FINANCING

ROI Capital secured a preferred equity partner and a $51.5M debt and equity refinancing for its The Village at Eastpointe Apartments in Fort Lauderdale. Berkadia arranged the deal, which included $9M in equity from RCG Longview and a $42.5M, five-year loan from Freddie Mac, according to a release from Berkadia. The 296-unit property at 5201 North Dixie Highway was built in 1974 and renovated in 2022.

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Berkadia arranged a $12M refinancing for Urban Street Development’s 35-unit apartment project called The Forge Lofts in Fort Lauderdale’s FATVillage. Fannie Mae provided a seven-year, fixed-rate loan through its Near Stabilization Program and Green Building Certification Program, according to a release. Located at 401 Northwest First Ave., The Forge Lofts opened in 2022 and the building is located in an Opportunity Zone. 

LEASES

Five tenants signed leases for a total of 32K SF at One Biscayne Tower, according to a release from property owner CP Group. The five new tenants at the 692K SF property, located at 2 South Biscayne Blvd. in Downtown Miami, were:

• Business financing provider Fundkite (11K SF).
• Italian communications service provider Telecom Italia Sparkle (4K SF).
• Law firm Taylor English (9K SF).
• New-to-market consulting and investment firm Applied Value (3K SF).
• New-to-market hedge fund investment manager Valley Forge Capital Management (5K SF).

CONSTRUCTION AND DEVELOPMENT

Swire Properties and Related Cos. held a groundbreaking for One Brickell City Centre, the 1,000-foot-tall tower that is expected to be the tallest office building in Florida. The property will include 1.4M SF of office space and the largest floor plates of any commercial office building in Miami. Miami Mayor Francis Suarez was on hand for the ceremony, along with Swire President Henry Bott and Related Cos. Chairman Stephen Ross. The ceremony marked the start of demolition, and ground-up construction is expected to begin next year, Bott said at Bisnow’s South Florida office event last month.

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Real estate investment and development firm Savanna began demolition of the office building at 1919 North Flagler Drive in West Palm Beach, clearing the way for a 26-story condo project called Olara. The luxury waterfront property will include 80K SF of amenities and 275 units, according to a release from the developer. Pricing begins at $2M with expected delivery in 2026.

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The Cordish Cos. and Caesars Entertainment revealed more details about the 223-acre mixed-use development they are building next to the redeveloped Harrah’s Pompano Beach casino. The development, to be called The Pomp, will include 1.3M SF of retail and entertainment space, 4,000 residential units, two hotels and 1.35M SF of Class-A office space upon completion, according to a release from the developers. Part of the retail offerings will be Live! At The Pomp, created by Cordish, which will include 25K SF of food and beverage space that opens on to a central plaza that will host live events, the release said. Two food and beverage tenants, Sports & Social and PBR Cowboy Bar, have been announced at the project. 

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Merrimac Ventures and BH3 Management announced in a press release they have acquired a land lease from the city of Miami to develop a 10.8-acre site on Watson Island. While a site plan that includes hotel, retail and residential uses has been approved, its details have not been revealed. Miami voters initially approved the development of the parcel in 2001 and a mega-yacht marina opened there in 2016. The new developers took over the property from Flagstone Property Group, The Real Deal reported.

PEOPLE

Lee & Associates South Florida added Todd Cohen as a principal. Cohen will maintain his previous firm, TCC Advisors, and integrate its services into Lee & Associates, according to a release from the brokerage. Cohen, who will work in Miami and Deerfield Beach, previously held positions at Coldwell Banker Commercial Advisors, Marcus & Millchap and Stolz Real Estate Partners. 

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Jorge Lago is joining KW Property Management & Consulting as chief operating officer. Lago was most recently senior vice president of property and asset management at the single-family rental company My Community Homes and has held positions at Wells Fargo Bank in Seattle and FirstService Residential.