This Week’s South Florida Deal Sheet: Terra Lands First Office Tenant At The Well
Miami-based Terra Group landed its first tenant at The Well Bay Harbour Islands, an under-construction wellness-focused office and condo development, according to a release.
Real estate lender Dwight Capital will open a 23K SF headquarters at the nine-story property at 1177 Kane Concourse, which has 98K SF of office space and 54 condominium units.
It is the first office tenant to sign on at The Well and brings the property to 25% leased. The landlord was represented in the deal by a Blanca Commercial Real Estate team of Tere Blanca, Danet Linares and Nicole Kaiser.
Dwight Capital, founded by Adam and Josh Sasouness, has a portfolio exceeding $12B and established its presence in Miami in 2023 with a 4K SF lease at The Milton Tower in Sunny Isles Beach, Commercial Observer reported. It changed its headquarters from its Manhattan office to the Milton Tower office earlier this year.
The Well’s 54 condos were more than 50% sold when the project broke ground in October. Terra, which paid $32M for the property in June 2021, expects to complete construction next year.
FINANCING
Centennial Bank provided an $84.4M construction loan for The Arcadian, a mixed-use project with 478 apartments and 15K SF of retail space just west of Flagler Village in Fort Lauderdale, according to a release.
Fort Lauderdale-based Fuse Group and Boca Paila LLC secured the debt after Fuse paid $9.8M to assemble the 4.4-acre city block at 640 NW Seventh Ave. between 2018 and 2019, property records indicate.
The property, which will include a 212K SF parking garage, is under construction and slated for completion in less than two years.
The Fort Lauderdale City Commission last year provided $10M in incentives to the developers to set aside 48 units at The Arcadian for residents making 100% or less of the area median income, which sits at $67,200 for a single person in Broward County. The package includes an $8M forgivable loan.
Boca Paila LLC is led by Grupo Krea, a developer based in Guatemala with extensive affordable and workforce housing experience, according to the release.
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Morabito Properties, a Miami-based development firm led by Valerio Morabito, secured a $35M construction loan to start building the second phase of Wyncatcher at 2141 NW Miami Court in Wynwood, according to a release.
The floating-rate debt from Miami-based BridgeInvest will fund the construction of 42K SF of creative office space and 6K SF of retail space. Construction is expected to be completed in the second quarter of 2026. It will add to the project’s first phase, a 38K SF building entirely leased to Knotel, although the flexible workspace provider’s location has yet to open.
The financing will also pay off an $11M construction loan from Banesco USA for the project’s first phase. The new debt was arranged on behalf of the sponsor by a Berkadia team of Scott Wadler and Michael Basinski.
Morabito paid $14.6M for the 24K SF parcel adjacent to the Wyncatcher last month, the South Florida Business Journal reported. Construction is slated to begin in the third quarter, and CBRE will handle leasing at the property, according to the SFBJ.
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Driftwood Capital, a Coral Gables-based hospitality lender, provided $34.8M in mezzanine financing as part of a package to refinance the Miami Airport Marriott Connection, a collection of three hotels at 1201 NW LeJeune Road near Miami International Airport, according to a release.
The two-year loan has three options for one-year extensions, according to the release. The debt covers the 371-key full-service Marriott, the 301-key Courtyard by Marriott and the 164-key Residence Inn by Marriott.
Hospitality operator Highgate owns the hotels, and the debt is part of a refinancing package that includes a $92M first mortgage from a global bank, a spokesperson for Driftwood Capital said, declining to name the bank.
CONSTRUCTION AND DEVELOPMENT
PMG and Greybrook Realty Partners welcomed the first tenants to Society Wynwood, a 318-unit apartment building at 176 NW 25th St., according to a release.
Society Wynwood has apartments ranging from studios to three-bedroom units listed on Apartments.com from $1,780 to $5,765 per month. The low-end rents are for “rent-by-bedroom” co-living units with shared common spaces.
The property has 82K SF of amenities, including a rooftop restaurant accessible via a separate elevator, a pool deck, and an expansive outdoor fitness lawn and grilling area with 18-foot LED screens. A coworking space at the property includes 15 private conference rooms, and a mobile app allows for keyless entry to units.
It also has 30K SF of ground-floor retail, with announced tenants including Bodega Taqueria, Dave’s Hot Chicken, Starbucks, Chama de Fogo and Nacho Daddy.
PMG and Greybrook broke ground on Society Wynwood in 2021 after locking in a $142M construction loan from Pacific Western Bank and Square Mile Capital. The developers assembled the 1.9-acre site for a total of $57.5M from 2019 to 2020, the South Florida Business Journal reported.
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Link Logistics, Blackstone’s industrial arm, is looking to develop a 128K SF warehouse at 7320 NW 61st St., between Miami Springs and Medley, the South Florida Business Journal reported.
The proposed warehouse would have a 36-foot clear height, 24 truck doors and 128 parking spaces. Tenant suites would range from 15K SF to 33K SF.
A Blackstone-linked entity called B10 NW 74th Ave Owner LLC acquired the 6.3-acre property for $15.5M in 2023. It was previously a vehicle storage and propane sales facility.
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Bazbaz Properties submitted a proposal to leverage the Live Local Act to build a 48-story residential tower in Wynwood that would dwarf any building in the neighborhood, Commercial Observer reported.
The 544-unit tower would be built at 2110 N. Miami Ave., in an area where most buildings are no taller than 12 stories. It would also have a 621-car garage and 19K SF of retail space.
The Wynwood Design Review Committee will consider the proposal Tuesday. Bazbaz said in its filing that it could build as tall as 60 stories and still fit within Live Local’s rules, which require at least 40% of the units in the Arquitectonica-designed tower to be restricted for tenants making no more than 120% of the area median income.
Last year, Bazbaz proposed a 12-story project with 339 units at the 1.5-acre property, which it purchased in 2022 for $12M, CO reported.
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ABH Developer Group began construction of a pair of apartment buildings in Wynwood Norte, the South Florida Business Journal reported.
The Miami-based developer is building Wyn Ave, a six-story building with 44 apartments and 2,370 SF of retail at 3332 NW Fifth Ave., while also starting construction at W35, a 24-apartment property with 2,500 SF of office space at 319 NW 35th St.
ABH acquired the two sites for a combined $3.8M in 2022, property records indicate.
W35 is slated for delivery in the second quarter of 2025. Its units will run from 477 SF to 510 SF, and the property includes a rooftop terrace and outdoor workspaces.
Wyn Ave is scheduled to come online in the third quarter of 2025, with units ranging from 423 SF to 874 SF and starting at $2,400 per month, according to the SFBJ. The property includes a rooftop pool deck, coworking space and a fitness center.
THIS AND THAT
The operator of the Tri-Rail has tapped Colliers to market two parcels straddling the east and west sides of the Hialeah Tri-Rail/Metrorail transfer station for a transit-oriented development, CoStar reported.
The South Florida Regional Transportation Authority is marketing the 2-acre assemblage as Transit Pointe Hialeah for an unlisted price.
The parcels at 2567 East 11th Ave. fall under different zoning. The east parcel is zoned for transit-oriented development and allows for up to 125 units per acre and buildings as tall as 15 stories. The west parcel is zoned for mixed-use projects and allows up to 60 units per acre, according to CoStar.
Colliers’ Virgilio Fernandez, Mitash Kripalani, Brooke Mosier and Ken Krasnow are representing the transit agency.
