This Week's South Florida Deal Sheet: $83M Loan For Hallandale Apartments

13th Floor Investments secured an $83M loan to kick off construction of Parks at Hallandale, a 15-acre apartment complex with 398 units that has officially broken ground, according to a release. 

The Miami-based investor and developer secured some of the financing from CIBC Bank USA, the American subsidiary of a Canadian bank. A Florida-based Berkadia team led by Scott Wadler and Alec Fox separately sourced the remaining amount in preferred equity from Houston-based Marble Capital.

Parks at Hallandale is planned for the southeast corner of Pembroke Road and North Federal Highway across from The Big Easy casino. It’s slated to include a mix of market-rate and workforce housing across a series of five-story buildings that are expected to include more than 6K SF of ground-floor retail. 

Designed by Kendall-based MSA Architects, units at the property in Hallandale Beach are planned to range from 600 SF studios to 1,400 SF apartments with three bedrooms. A clubhouse, fitness center, pool deck, dog park and playground are also planned. 13th Floor is aiming to deliver the project in 2026.

FINANCING

Miami-based Ocean Bank provided $40M to refinance the Greenery Mall and Dadeland Square shopping center in Kendall. 

The debt replaces a $42M CMBS package that was used to acquire the property for $52.2M in 2023. The buyer was Dadeland Greenery, a limited partnership headed by Joseph Sanz, the founder of Orion Investment and Management.

The 8.7-acre property at 7700 N. Kendall Drive includes 213K SF and 85K SF of office space in an eight-story building surrounded by a single-story retail center. Long-term tenants at the property include TJ Maxx, Joann Fabrics, Guitar Center, Don Pan bakery and Starbucks. 

Ocean Bank Senior Vice Presidents Juan Mendiola and Federico Tunnermann arranged the debt. 

THIS AND THAT

BridgeInvest, a Miami-based alternative asset manager focused on commercial real estate credit, closed its fourth vintage specialty credit fund with $670M in equity raised, according to a release. 

The cash in the BridgeInvest Speciality Credit Fund IV LP will be leveraged to close up to $1.2B in transactions in the next two years. The capital will target the multifamily, industrial, hospitality and retail sectors, with a focus on senior-secured financing to existing and transitional assets ranging from $20M to $150M.

BridgeInvest has provided more than $1.8B in development and bridge loans since its founding in 2011, but the $670M fund that just closed is the firm’s largest to date.

SALES

A two-building office complex in Oakland Park outside Fort Lauderdale traded for $26M, according to a release. 

MYP Commercial Place, an entity led by father and son pair Joseph and Moshe Popack, purchased the 10-acre property at 3230 and 3250 W. Commercial Blvd. from Brookwood Commercial Place. The Massachusetts-based seller paid $23.5M for the property in 2015, property records indicate. 

The two office buildings, which were built in 1991, total 176K SF and were approximately 78% leased at the time of sale. The property also includes a 750-car surface parking lot. 

Cushman & Wakefield’s Scott O’Donnell, Mike Ciadella, Greg Miller, Dominic Montazemi and Miguel Alcivar represented the seller. 

The sale was financed with an $18.2M loan from Israel Discount Bank, Commercial Observer reported, citing Meridian Capital Group, whose David Hayum brokered the debt.

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Private wealth firm Bessemer Trust sold its gated Palm Beach office building for $18.7M, records collected from data intelligence platform Vizzda confirmed. 

The 12K SF office building at 222 Royal Palm Way was sold to 222 RPW LLC, an entity managed by West Palm Beach-based General American Capital Investments. 

Bessemer Trust recently relocated from the property to 525 Okeechobee Blvd., the South Florida Business Journal reported. 

The two-story property was built on less than half an acre in 1989, property records indicate. Bessemer Building Corp., managed by Marc Stern, CEO of New York-based  Bessemer Trust, acquired the property in 1998 for $1.4M. 

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Miami-based Fifteen Group took a $4.5M haircut in the recent sale of a Miami Beach office building, records from Vizzda confirm.

FG 801 Arthur Godfrey Owner LLC, a Fifteen Group affiliate, sold the 52K SF office building at 801 W. 41st St. for $17.5M, down from the $22M it paid Terranova Corp. for the property in 2021, property records indicate. 

The former Terranova headquarters was purchased by Leah 801 LLC, an entity managed by Igal Haimov, the owner of Haimov Jewelers in Miami Beach. 

The buyer closed the sale with an $11.5M mortgage from New York-based Vernon Capital Funding, records show. The seller was represented by Colliers brokers Stephen Rutchik and Tyler De la Peña, the South Florida Business Journal reported. 

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An entity associated with Indianapolis-based MHG hotels paid $15.5M for the Hampton Inn Boca Raton, the South Florida Business Journal reported.

HIT Portfolio I Owner LLC, an affiliate of Hospitality Investors Trust, was the seller of the 94-key hotel built in 1996 at 1455 W. Yamato Road. The buyer closed the sale with $11.8M in financing from Miami-based Abanca USA, the American affiliate of Spain’s Abanca, records from Vizzda show. 

MHG is planning a $5M interior and exterior renovation to the property, Neal Patel, a vice president at the firm, told SFBJ.

The Hospitality Investors Trust affiliate had acquired the property for just under $13M in 2015. 

LEASES

Tenants have executed nearly 46K SF of leasing activity at Citigroup Center, according to a release announcing the deals. 

The deals include three new tenants and four renewals. The new deals are:

• An undisclosed law firm that took 19K SF and will relocate from Brickell. The tenant was represented by CBRE’s Grant Killingsworth and Merrill Carr.
• Law firm Rottenstreich Farley Bronstein Fisher Potter Hodas LLP took a 7K SF spec suite with representation from Newmark’s Ryan Rosalsky.
• Seafood company Pescanova leased a 2,513 SF spec suite with representation from Colliers’ Jake Freeman. 

Olios Health renewed its 2,334 SF lease, the Bank of Nova Scotia will stay in its 3,256 SF space, an undisclosed government agency renewed its 11K SF lease and Gaults, an Italian café, will keep its 644 SF retail space. 

JLL’s Steven Hurwitz, Doug Okun, and Madeline Fine represented the landlords in all of the transactions. 

Citigroup Center is a 34-story, 810K SF property at 201 S. Biscayne Blvd. recently completed capital improvements that included a new lobby. It’s owned by New York-based Monarch Alternative Capital and an affiliate of CP Group, a Boca Raton-based real estate investment firm. 

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Florida East Coast Realty announced five new leases totaling more than 13K SF for its 1101 Brickell office tower, according to a release. 

The new tenants are:

• The Moroccan Consulate, which leased 6,525 SF with representation from Shary Thur of Thur Realty.
• United Parks and Resorts, the owner of Sea World, which leased 3,139 SF with representation from Sam Singer of Vertical Real Estate.
• American English Academy, a language school, took 1,785 SF and was represented by Natalia Betancur at Casa Florida Group.
• Thrive Networks, an IT firm, leased 1,065 SF with the help of Adam Bernstein at JLL. 
• World Trade Corp., a private investor, took 738 SF with representation from Alex Joch at Realty Hub. 

A Colliers team of Ana Paula, Kevin Gonzalez, and Jake Freeman represented FECR, which paid $33M for the 19-story, 310K SF office tower in 2009, according to property records. The tower is now 90% leased, a spokesperson for the owner confirmed.