This Week's South Florida Deal Sheet
IMC Equity Group has acquired the Seascape Pointe Apartments community in Homestead for $67M. Angelo Gordon and Miami-based Mast Capital sold the 19.3-acre, 292-unit townhouse community after paying $50.8M in 2021 for the asset, Commercial Observer reports.
Santander Bank provided IMC a $48.5M mortgage for the purchase, which was for nearly $230K per unit. The Homestead-Miami Speedway sits nearly 3 miles from the property located at 1140 Southeast 24th Road, which was delivered in 2008.
FINANCING
A new senior living facility and healthcare center is in the pipeline in Broward thanks to a $91M construction loan package from the county.
Miami Jewish Health and McDowell Housing Partners broke ground on the six-story Douglas Gardens IV at 705 Southwest 88th Ave. after securing a $77M loan from the Housing Finance Authority of Broward and a $14M loan from Broward County, the South Florida Business Journal reports.
The new buildings will span 14 of the 25 acres at the Douglas Gardens campus that Miami Jewish Health and McDowell Housing Partners lease from the state. The partners will develop 410 senior living apartments, 390 of which are being set as affordable housing units and 20 rented at market rate. There will also be a 15K SF medical center.
MHP-ANF Group Construction has been selected as the general contractor for the project.
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R&B Realty Group secured a $113M loan to refinance its Gateway at Wynwood development in the Wynwood Arts District.
The lender, A10 Capital, agreed to provide a three-year loan, which has two one-year extension options, according to a press release from Berkadia, which arranged the deal.
The $113M in fresh debt lets New York-based R&B Realty pay off the $76M construction loan it secured in 2020 from 3650 REIT to build Gateway at Wynwood, which offers 195K SF of office space, 25K SF of retail and a 512-space parking garage. R&B delivered the building last year, and it has leases with tenants including BoConcept, OpenStore and Veru.
DEVELOPMENT
Luxury multifamily developer The Estate Cos. broke ground on Soleste Pompano Beach, a mixed-use property in north Fort Lauderdale.
The South Miami-based builder is constructing 253 luxury units and 4K SF of commercial space at 208 North Federal Highway, as well as a 367-unit parking garage, Real Estate Weekly reports. The building will feature studio apartments and one- and two-bedroom units, in addition to live-work apartments.
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Former NBA star Alonzo Mourning's development nonprofit and its partner, Housing Trust Group, topped off their latest project, Tucker Tower, a $44M affordable senior housing development in South Miami.
Apartments at Tucker Tower will be open to those age 62 and older who make below 25%, 30% and 60% of area median income, depending on the unit, the developers said in a release. Rents will range from $457 to $1,317 per month. The property, in Miami’s Perrine neighborhood, is scheduled to deliver in early 2024.
