This Week’s South Florida Deal Sheet: $160M Loan For Homes Around Jack Nicklaus-Designed Golf Course
Two REITs originated a $160M senior credit facility for the construction of luxury homes around the Panther National golf course that opened in November in Palm Beach Gardens, according to a release.
Southern Realty Trust and Sunrise Realty Trust, REITs both focused on the U.S. South, provided the credit facility to Centaur Holdings, led by Dominik Senn of Switzerland-based Centaur Group.
The debt includes $85M to refinance a senior term loan from Chicago-based Monroe Capital and a $75M revolving credit facility that will finance the construction of 156 luxury homes and 24 villas.
The homes are part of a 392-acre gated community surrounding Panther National that will include roughly 218 residences around the course, which was designed by Jack Nicklaus and Justin Thomas. Nicklaus’ development firm is a partner on the residential development.
The debt will also help finance the construction of a 60K SF clubhouse with multiple restaurants, a spa and a golf performance center. New York-based Lotus Capital Partners’ Faisal Ashraf arranged the debt on behalf of Centaur.
FINANCING
Synovus Bank provided a $73M construction loan to South Miami-based Estate Cos. to build the Soleste Palm Station apartments, the South Florida Business Journal reported.
The project would add 321 apartments and 450 parking spaces across two eight-story towers built on a 2.5-acre site at 520 N. Rosemary Ave. in downtown West Palm Beach. Units are expected to range from 330 SF studios to 1,265 SF apartments with three bedrooms.
Amenities at the project are slated to include a pool deck, fitness center, dog park, lounge, coworking space and dog park. Delivery is scheduled for summer 2026.
Estate Cos. paid $15.8M for the site in 2021, property records indicate, and secured approval for the project last April.
THIS AND THAT
Miami-based City National Bank of Florida is launching a capital markets business called BciCapital that will target middle-market sponsors across the country, according to a release.
The BciCapital brand will enable City National Bank to originate larger transactions with a focus on loan syndication, capital placement and specialty capital markets advisory solutions for sponsors within the private equity, private credit, hedge fund, family office, asset management and insurance sectors.
City National Bank Managing Director Raul Llanes will head a BciCapital launch team of more than 10 capital market professionals.
City National Bank of Florida has grown its asset portfolio to $26B from $3B 15 years ago.
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IP Capital Partners has closed its Realty Value Fund with $95M in raised capital, allowing it to target more than $900M in new acquisitions, according to a release.
The Boca Raton-based private equity firm plans to dedicate 70% of capital toward industrial properties in Florida, the Carolinas, Tennessee and Georgia. Remaining capital will be split equally between traditional and medical offices in Florida.
IP Capital is also looking to increase the fund’s size to $125M in the next year. It already owns 11M SF of industrial and office space across those states.
Josh Procacci, the firm’s chief investment officer, said in a statement that property values in the market have become decoupled from their intrinsic value, and the firm’s thesis is that this dislocation has created opportunities for deeply discounted real estate, especially in South Florida and Tampa Bay.
CONSTRUCTION AND DEVELOPMENT
Bridge Industrial has officially begun demolition at the former headquarters of trucking firm Ryder System, clearing the way for the 330K SF Bridge Point Flagler Station, according to a release.
Bridge bought the 17-acre site at 11690 NW 105th St. in Medley from Ryder for $42M last March after Ryder announced its intention to downsize, eventually landing in 38K SF in Coral Gables.
The Chicago-based industrial developer is planning to build a logistics complex with two LEED-certified warehouses. Building 1 is pegged to be 129K SF with 40 docks, two drive-in doors and 142 parking spaces. Building 2 is slated to span 198K SF with 44 docks, two drive-ins and 198 parking spaces.
Both buildings are planned to have a 32-foot clear height and office space. They would share a 180-foot truck court with seven trailer spaces.
Vertical construction is expected to commence this year, with delivery slated for the third quarter of 2025.
SALES
An affiliate of homebuilder D.R. Horton paid $56M for 797 acres in Homestead, south of Miami, where it’s planning a 1,170-residential-unit community, according to property records from real estate intelligence platform Vizzda.
The sprawling farmland was sold by the Alger family, led by Richard Alger, who had been growing sweet corn, green beans and other produce at the property.
D.R. Horton is planning to build Sandero Landing, which would include 216K SF of commercial space along with 417 multifamily units, 691 townhomes and 62 live-work units, according to Vizzda.
A grocery store, fitness center and urgent care facility are slated to be part of the commercial development, along with a pedestrian-only shopping corridor. Architects Valle Valle & Partners list the project as one of its designs on its website.
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ShopOne Centers REIT and its partners paid $36M for the Midway Plaza shopping center in Tamarac as part of a two-property deal that also included Lithia Square in Tampa, according to a release and deed records collected by Vizzda.
ShopOne worked with private equity firm Pantheon and an undisclosed institutional investor to close the deal. The seller was Site Centers, another REIT, which paid $28M for the property in 2003, according to property records.
The 218K SF Midway Plaza at 5701 N. University Drive was built in 1986 and is 84% occupied, according to the release. Its anchor tenants, Publix and Ross Dress For Less, have been in the plaza for more than 35 years.
The joint venture’s portfolio of grocery-anchored shopping centers now includes 17 properties spanning 1.8M SF.
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Nova Southeastern University sold a 66K SF building on its campus to Hollywood-based Jewish Academy, a religious educational organization, records from Vizzda show.
The educational building sold for $15M, up from its last $3.2M purchase price in 1982, property records indicate. It sits on 4.5 acres at 3100 SW Ninth Ave., just south of Fort Lauderdale-Hollywood International Airport and east of the university’s main campus in Davie.
NSU officials told the SFBJ the building had become underutilized after administrative workers were moved to the main campus, in part because of new remote and hybrid work schedules.
The Jewish Academy has renderings of a new educational campus on its website, although it’s not clear if those designs are slated for the former NSU site.
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A 24K SF retail property at 318-334 Lincoln Road in Miami Beach was purchased by a joint venture that included Scott Robins, founder of Scott Robins Cos., Philip Levine, a former mayor of Miami Beach, and Tricera Capital, the Miami-based firm led by Ben Mandell.
The joint venture paid $13.6M for the property, according to a release. The seller, New York-based RFR Realty, was facing foreclosure after paying $20.5M for the property in 2019, property records indicate.
Current tenants at the property include the Mr. Jones Miami nightclub, South Beach Munchies and Sweet Life Gelato Italian Ice Cream. The property is roughly half vacant, The Real Deal reported, but the buyers said in the release that they were in active negotiations with potential new tenants.
JLL broker Eric Williams marketed the property on behalf of RFR.
