This Week's South Florida Deal Sheet
New York developer Fisher Brothers has secured a $117.5M construction loan from JPMorgan Chase and Canyon Partners to build its first Wynwood project, Commercial Observer reports. The eight-story building at 2200 Northwest First Ave., dubbed Wynhouse Miami, will include 308 units ranging from studios to two-bedroom apartments and 24K SF of retail.
The project, designed by Coral Gables-based Nichols Architects, is also looking to secure $29M in funding through CrowdStreet, and the developer has told investors it will commit $32.6M of its own capital to the project, CO reported.
Fisher Brothers purchased the 1.54-acre site for $18.6M in 2021, acquiring it from affiliates of RedSky Capital and JZ Capital. Walker & Dunlop’s Keith Kurland, Aaron Appel, Jonathan Schwartz, Adam Schwartz, Mo Beler, Michael Diaz and Michael Ianno arranged the construction loan.
SALES
FCP, a Maryland-based private real estate investment firm, acquired the 220-unit Avana Cypress Creek Apartments at 1700 South State Road 7 in North Lauderdale. The 9.95-acre property was purchased for $53.1M from Boston-based Eaton Vance Management, which is affiliated with Morgan Stanley, the South Florida Business Journal reported.
FCP will assume a $30M Fannie Mae loan with a 3.8% annual interest rate as part of the acquisition. Avana Cypress Creek was built in 2009 and is primarily made up of two- and three-bedroom units with direct garage access. The acquisition increases FCP’s holdings in Florida to nearly 6,000 units, according to a release. Robert Given and Zachary Sackley of CBRE brokered the deal.
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A Related Group affiliate sold a 3.7-acre development site on Terminal Island in Miami Beach for $77M, the SFBJ reported. One Island Park LLC, which is managed by Lincoln Property Co. Vice President of South Florida Diego Juncadella, purchased the property from Miami Beach Port LLC, which is controlled by executives at Related Group. The developer had won approval for a 162K SF office tower called One Island Park on the site in 2020 after it scrapped plans to build condos at the property. Related Group purchased the vacant site at 120 MacArthur Causeway in 2013 for just under $10M, according to deed records.
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A subsidiary of logistics real estate giant Prologis paid $41.1M for a 9.2-acre industrial site with a 153K SF warehouse in Broward County, SFBJ reported. A subsidiary of Blackstone called BRE Pompano Industrial Owner LLC was the seller of the property, which is called Cypress Pointe Distribution Center and is located at 1800 Southwest 13th Court in Broward County. Blackstone partnered with Foundry Commercial to break ground on the property in 2021 and delivered the warehouse last year.
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Blackstone also sold a pair of Hyatt hotels across the street from each other in Dania Beach to Kolter Group for a combined $40M, The Real Deal reported. As part of the acquisition, Delray Beach-based Kolter took out a $35M mortgage on the properties, the 143-room Hyatt House Fort Lauderdale Airport at 90 Southwest 18th Ave. and the 149-room Hyatt Place Fort Lauderdale Airport at 91 Southwest 18th Ave. The deal breaks down to $137K per key for the six-story hotels that were built in 2010. Christian Charre, Paul Weimer and Jennifer Jin with CBRE Hotels represented the seller in the transaction, according to a release.
FINANCING
Coral Gables-based MG Developer secured a $67.5M construction loan from New York-based Churchill Real Estate to build The Village at Coral Gables, according to a release. The planned development at 535 Santander Ave. will consist of 48 residences marketed as townhomes, lofts, villas and flats. The units will range from 1,750 SF to 3,100 SF and are being built across 17 lots bordered by Malaga Avenue, Santander Avenue, Segovia Street and Hernando Street. The property, designed by de la Guardia Victoria Architects & Urbanists, is expected to break ground this month and has a planned completion date in the second quarter of 2025. One Sotheby’s International Realty is handling property sales.
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Centennial Bank provided a $60.7M construction loan to the developers of Flamingo Village at the Hialeah Park Race Track, according to a release. The apartment project is being developed by the Brunetti Organization, the New Jersey-based real estate investment firm that owns the park, and Hialeah's most prolific developer, Prestige Cos.
The developers are planning to build 341 townhomes and garden-style apartments on 13 acres of an underutilized parking lot near the entrance of the park. The 220-acre Hialeah Park Race Track first opened in 1922 and was added to the National Register of Historic Places in 1979, but it has been in limited operation since 2009. The Hialeah Park Casino opened there in 2013.
Zoning changes approved last year cleared the way for the development, which is also planned to include a K-12 charter school with a 2,950-student capacity, the Miami Herald reported.
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Mexico-based Banco Inbursa has provided a $26M construction loan for the completion of D-East retail center at Miami Worldcenter in Downtown Miami, Commercial Observer reported. The property includes 54K SF of retail and a 1,000-space parking garage where major construction has been completed, but interior build-outs are still underway. The borrowers are listed on public records as MWC Retail LLC and MWC Garage LLC. The master developers at the 27-acre Miami Worldcenter are Los Angeles-based CIM Group, Art Falcone and Nitin Motwani, but several other developers have residential or mixed-use properties at some stage of development at the property.
CONSTRUCTION AND DEVELOPMENT
Fort Lauderdale-based Ocean Land Investments plans to develop a 392-unit luxury multifamily development adjacent to the Brightline station in Downtown Fort Lauderdale, according to a release.
Ocean Land acquired the 0.95-acre property at 105 Northwest Third Ave. in March for $13.2M from Florida East Coast Industries, which operates the Brightline through an affiliate. The property was designed by the South Florida-based FSMY Architects + Planners and AM Studio. Ocean Land hasn’t made a decision on whether the development will be apartments or condos, a spokesperson for the company said.
