This Week's South Florida Deal Sheet
Namdar Group has landed a $195M loan from Scale Lending, a subsidiary of Slate Property Group in New York, to acquire land and build two new apartment towers in Downtown Miami.
Namdar Towers will consist of 1.2M SF across two towers, one at 41 stories and 640 units, the other at 43 stories and 714 units. The New York developer assembled the development site by acquiring 1.3 acres across two deals — at 50 and 60 Northeast Third St. and at 222 and 234 Northeast First Ave. — for a combined $40.5M, The Real Deal reported.
The financing deal, arranged by Greystone Capital Advisors’ Drew Fletcher and Bryan Grover, was Scale's first in South Florida, the firm said in a release. Entities controlled by Daniel Stone sold the Third Street and 222 Northeast First Ave. properties, while the Waserstein family sold 234 Northeast First, where a location of the family-run ShoeGallery store now sits, TRD reports.
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A mobile home park in West Palm Beach sold for $39.1M to NBV Holiday Ranch LLC, a mobile home investor with roots in California, the South Florida Business Journal reports. The Holiday Ranch Mobile Park, with recorded addresses at 1375 South Military Trail and 1396 Ranch Road, was sold by Mid-American Properties.
The 37.9-acre park has 274 lots, and was sold for $143K a lot. NBV Holiday Ranch assumed a $15.67M mortgage with Fannie Mae. The firm also took on a secondary mortgage from PGIM Real Estate Financing. The mobile home park sold for $3.93M back in 1993, according to the SFBJ.
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Boca Raton-based investor James Batmasian acquired a Walmart Neighborhood Store-anchored shopping center in Deerfield Beach for $17M, The Real Deal reports. Batmasian, who pleaded guilty to tax evasion in 2008 but was later pardoned by President Donald Trump, bought the property from an affiliate of Savitar Realty Advisors. The 77K SF retail center's other tenants include Jimmy John’s, Metro PCS and The UPS Store.
DEVELOPMENTS
With nearly 60% of the vote, Miami voters approved the city's lease of land for the development of the $185M Riverside Wharf project in Downtown Miami. Developers MV Real Estate Holdings, Driftwood Capital and Merrimac Ventures are planning a 200K SF, 10-story mixed-use residential and entertainment building at 114 Southwest North River Drive, Florida YIMBY reported.
A 30K SF nightclub and rooftop bar, 12K SF of events space, and an expansion of The Wharf Miami restaurant with 16K SF of restaurant marina space are all in the offing. The Riverside Wharf was designed by Cube3 architects’ John Cardello.
The city of Miami and Riverside Wharf's developers agreed to a 30-year lease that includes two 10-year extensions, according to a report from The Real Deal. The outlet also states that the developers pay a minimum of $195K in rent to the city on a yearly basis. The developer will also spend $7M to enhance the Riverwalk and make other land improvements.
LEASES
The Miami-Dade County Elections Department signed a 145K SF lease for a warehouse at 9835 Northwest 14th St. in Doral’s International Corporate Park the South Florida Business Journal reports. PR International Services bought the building, which sits on 8.4 acres, in May 2012, according to the Dade-County Property Appraiser’s office. PR International Services was represented in the lease by Fairchild Partners’ Sebastian and Jose Juncadella, while Frank Trelles and Jason Gonzalez from State Street Realty represented the Elections Department in the deal.
FINANCING
Developers Pinnacle and Wendover Housing Partners have closed on the financing package on their Berkeley Landing development in Palm Beach County's Riviera Beach. The nearly $40M project will contain 112 affordable units. The developers secured a roughly $30M construction loan from Bank of America and a forward-committed permanent mortgage for $7.8M from Neighborhood Lending Partners. The project also secured tax credit equity financing of $27.45M from the National Equity Fund.
Additional financing for Berkeley Landing was provided by the Florida Housing Finance Corp., the city of Riviera, the local Riviera Community Redevelopment Agency and Palm Beach County, according to a press release from Pinnacle.
The complex is located at 3100 and 3124 Riviera Beach and is being built by a joint venture between D. Stephenson Construction and PC Building LLC, Pinnacle’s construction arm. A coworking space will also be included in partnership with the Riviera Beach Community Redevelopment Agency’s small-business pilot program.
