This Week's South Florida Deal Sheet: Panorama Tower Scores $420M Loan
Greystone Commercial Capital provided a $420M mortgage refinancing for the 85-story Panorama Tower at 1100 Brickell Bay Drive in Miami’s financial district, according to a release.
The transaction included a $335M Freddie Mac senior loan funded by Greystone Servicing Co., along with $85M in agency-compliant subordinate debt. The senior loan has a five-year term and a 35-year amortization. Toronto-based CPP Investments and Virginia-based Harbor Group International invested preferred equity into the deal as well, The Real Deal reported, citing Commercial Mortgage Alert.
Panorama Tower, owned by the Hollo family’s Florida East Coast Realty, includes 821 multifamily units, 113K SF of offices, 25K SF of retail space, an attached 208-bed Hyatt hotel and a 2,000-car parking garage. It was completed in 2018.
The refinancing package from New York-based Greystone replaces a $425M mortgage provided in 2019 by Wells Fargo, which also acted in 2015 as the administrative agent for a $340M construction loan to build the property, TRD reported.
FECR was represented by attorneys Kerry Rosenthal and Heather Scott of Rosenthal Rosenthal Rasco, an Aventura-based law firm that also helped secure the 2019 debt on behalf of the owner, TRD reported.
SALES
An affiliate of New York-based Smith & Henzy Affordable Group paid $22.4M for a ground lease associated with a 56-unit affordable townhouse development at 407 NW First Terrace in Deerfield Beach, property data firm Vizzda confirmed. The Deerfield Beach Housing Authority is the landlord on the ground lease running through 2099.
Smith & Henzy secured $19M in debt for the acquisition, including a $14M loan from Citibank with a two-year maturity date and a $5M junior loan from the Housing Finance Authority of Broward County that will finance the property’s renovation. A $13M loan from the housing authority that matures in 2079 was assumed by the buyer in the transaction.
The property, called the Palms of Deerfield Beach Townhomes, includes 13 residential buildings built on 5.5 acres in 1983. The units, which range from two to three bedrooms, have rental restrictions for residents up to either 50% or 60% of the area median income. The median income for a family of four in Broward County was less than $89K in 2023, according to the Department of Housing and Urban Development.
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Miami-based AcadeMir Charter Schools paid $16.6M for a Homestead property where it has been operating a K-5 school since 2019, the South Florida Business Journal reported. The seller was an entity managed by Miami-based real estate investors Mario and Ramon Castellanos.
The 44K SF building at 13330 SW 288th St. was built in 1988 and acquired by the Castellanos entity for $5.1M in 2019. It was previously occupied by another charter school and was renovated and expanded in 2022, the SFBJ reported.
AcadeMir lists 10 Miami-Dade charter schools on its website, with two more Miami locations planned to open this year.
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Affiliated Development acquired a 2.7-acre multifamily development site at 2125 S. Andrews Ave. in Fort Lauderdale for $15M, Vizzda confirmed.
The sale covers six deeds just north of Fort Lauderdale-Hollywood International Airport that Fort Lauderdale-based Affiliated acquired from entities managed by Chip Lafferty. Four existing buildings at the site are slated to be demolished to make way for a 400-unit apartment building called the Era Apartments, as well as an eight-level parking garage with 542 spaces.
Just over half of the units will be set aside for affordable housing in exchange for $5.5M in workforce housing incentives from Broward County and a 15-year total property tax rebate from the city of Fort Lauderdale, the SFBJ reported. The rent restrictions will range from up to 80% of AMI to up to 120% of AMI.
CONSTRUCTION AND DEVELOPMENT
Catalfumo Cos. received approval for an additional 620 apartments at PGA Station as the second phase of a partial multifamily redevelopment of the office park at 11025 RCA Center Drive in Palm Beach Gardens, according to a release.
The new development is set to include two 13-story buildings and a 975-space parking garage that would replace two office buildings totaling 57K SF, the SFBJ reported. Palm Beach Gardens-based Catalfumo and its partner, Connecticut-based Richman Group of Cos., plan to break ground on the buildings by the end of the year, CEO Daniel Catalfumo told the SFBJ. The first phase, a 396-apartment building called The Marc, broke ground in 2022.
More than 100 of the total 1,016 units will be dedicated to workforce housing, according to the release. Both phases of the development were designed by Coral Gables-based Corwil Architects.
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Construction was completed at a 200K SF spec warehouse at 1700 Eller Drive near Port Everglades. The property was developed by Seagis Property Group, according to a release from Fort Lauderdale-based Miller Construction Co., which built it.
The warehouse, called Seagis @ Port Everglades, has a 36-foot clear height with 45 trailer drops and two spec office spaces. The property is being marketed for immediate occupancy by a CBRE team of Tom O’Loughlin, Larry Dinner and Larry Genet, along with Seagis Vice President Bradlee Lord, according to an online listing.
Pennsylvania-based Seagis paid $30M for the site in December 2021. It had previously been the home of an Alamo rental car lot and was owned by a Miami-registered entity controlled by Diego and Helena Ribadeneira, Daniela Balarezo and Georgina Menendez, The Real Deal reported at the time of the sale.
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The Florida affiliate of New York-based Related Cos. launched sales for a planned 140-unit luxury condo building called Shorecrest in West Palm Beach with prices starting at $1.3M, according to a release.
West Palm Beach-based Related Southeast is planning the 26-story waterfront tower at 1901 N. Flagler Drive. It is under contract to buy the 1.8-acre site from Temple Israel of West Palm Beach for an undisclosed price. The development would include a new 22K SF house of worship and daycare to replace the current temple at the site, the SFBJ reported.
Shorecrest was designed by Connecticut-based Roger Ferris + Partners with interiors from Rottet Studio and landscape design by Boca Raton-based DSBoca. Units range from one to four bedrooms, with the larger condos priced at $9M. Sales are being led by New York-based Corcoran Sunshine Marketing Group.
LEASES
Prologis landed two new tenants totaling 92K SF at its seven-building Pompano Beach industrial development, according to a release.
Florida Windows & Doors, which occupies a warehouse in Deerfield Beach, took immediate occupancy of 52K SF in Building 7 of Prologis Pompano Park at 3101 NW 27th Ave., which it plans to use for distribution.
Ice MIG LLC, a reverse logistics firm, has moved into 41K SF in Building 2 at 3000 NW 27th Ave.
Prologis was represented by a Cushman & Wakefield team of Chris Metzger, Rick Etner Jr. and Christopher Thomson. Florida Windows & Doors was represented by Greg Lawrence at The Commercial Department, and Alan Berger from IPO Realty represented Ice MIG LLC.
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Coaster Fine Furniture renewed its 250K SF lease at Miramar Park of Commerce, Commercial Observer reported. The single-tenant showroom and distribution center at 10700 Enterprise Way, north of the Ronald Reagan Turnpike, was built for Los Angeles-based Coaster by Sunbeam Properties in 2006.
Ryan Goggins, vice president for acquisitions, leasing and marketing at Sunbeam, negotiated the renewal on behalf of the landlord, CRE-sources reported.
