This Week’s South Florida Deal Sheet: River District Condos Get $78M Loan
Alta Development locked in a $78M construction loan for a short-term rental condo project called River District 14 at 1420 NW 14th Ave., a block north of the River Landing Shops & Residences.
Boynton Beach, Florida-based Forman Capital provided the financing for 283 fully furnished condos spread across two 16-story towers. Construction is slated to begin before the end of the year.
More than half of the units at River District 14 are sold, with units ranging from $500K studios to two-bedroom residences priced at more than $1M.
Ben Jacobson, Scott Mehlman and Ty Regnier at Palm Beach-based Forman helped originate the debt. Alta Development first proposed the project in April 2023. It paid a combined $14.6M to assemble the 1.3-acre site in early 2022.
FINANCING
Apartment REIT Aimco secured a combined $228M for the construction of a 38-story tower with 114 luxury units and 7K SF of ground-floor retail space, according to a release.
An affiliate of Apollo Global Management provided a $172M senior construction loan for the tower at 560-640 NE 34th St., while San Francisco-based Sixth Street pitched in $56M in preferred equity.
The tower, adjacent to Aimco’s The Hamilton apartments, was originally dubbed Hamilton House, but Aimco didn’t use the name in the release. Apartments at the property will average 2,500 SF with private terraces and unobstructed views of Biscayne Bay.
SALES
New York-based investment firm Certares entered into a joint venture with hospitality developer TMGOC Ventures to acquire The Ray Hotel in Delray Beach, according to a release.
Financial details of the sale weren't disclosed, but a deed collected by property intelligence platform Vizzda indicates that the hotel traded for $47.8M and included the assumption of a $58M mortgage from a Delaware-registered lender named AMF Levered II LLC.
The seller was local firm Menin Development, and the buyer entity traces to Opterra Capital, whose CEO, Glenn Alba, is also a managing partner at TMGOC Ventures.
The 141-key, four-story hotel was built on an acre and opened in 2021 after Menin paid $26M for the parcel in 2016. The hotel, part of the Curio Collection by Hilton, was refinanced the year it opened for $86M.
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Healthcare REIT Ventas paid $37M for the 79-bed Kindred Hospital The Palm Beaches in Riviera Beach, according to records from Vizzda. The seller was Louisville, Kentucky-based ScionHealth.
The four-story building at 5555 W. Blue Heron Blvd. was built on 4 acres in 2008. Kindred Healthcare operates a long-term acute care facility at the property. Its lease at the property ends in September 2034 but includes two extension options.
An entity tied to Kindred Healthcare bought the land to build the hospital for $3.7M in 2007.
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An entity controlled by entrepreneur and podcaster Patrick Bet-David paid $25M for a private hangar at Fort Lauderdale Executive Airport that includes 20K SF of office space and a two-bedroom apartment.
The 11-acre property at 1200 and 1400 NW 62nd St. was sold as part of court proceedings against Daniel Hurt, who agreed in May to pay a $27M civil judgment for medical fraud roughly two years after being ordered to pay $97M in restitution for the scheme.
The property, known as the FXE Gateway Complex, has an 18K SF private hangar that can accommodate up to four planes, plus the office, apartment space and a potential development site for further industrial or hangar construction.
An Avison Young team of John Crotty, Michael Fay, David Duckworth, Brian de la Fé and Philip Shapiro handled the sale. B. Riley Services’ Carol Fox served as the liquidating agent.
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An entity tied to athleisure brand Alo Yoga purchased a 13,500 SF retail condo at 100 Lincoln Road for $17.3M, according to records from Vizzda. The suite, on the ground floor of the oceanfront Decoplage condos, sold for around $1,280 per SF.
The seller was LoneCore Capital Credit REIT, which had acquired the property as part of foreclosure proceedings in 2021. Nightingale Properties, the troubled investment firm that has been at the center of a crowdfunding embezzlement scandal, lost the property after failing to keep up with a $31M mortgage.
Nightingale bought the property for $28M in 2014 when it hosted a Walgreens that has since closed, Commercial Observer reported.
David Abrama and Eliot Goldschmidt at boutique brokerage Masonre represented Alo Yoga. Michael Grinfeld and Michael Comras of The Comras Co. represented the seller, CO reported.
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The owner of the Boynton Beach Mall paid Macy's $15M for its 224K SF anchor space at 801 N. Congress Ave, according to records from Vizzda.
Columbus, Ohio-based Washington Prime Group purchased the building, which sits on a 14-acre lot with surface parking, as it looks to sell the mostly vacant mall for redevelopment. Macy’s is expected to remain open at least through the end of the year, the retailer told the South Florda Business Journal.
The 91-acre mall is being marketed for sale by JLL as a mixed-use opportunity that could host at least 1,700 multifamily units, the SFBJ reported. Washington Prime still lacks full control over the property, with Cinemark and Christ Fellowship Church each owning big-box spaces at the mall.
CONSTRUCTION AND DEVELOPMENT
Boca Raton approved plans for a nine-story luxury condo project called Glass House Boca Raton, according to a release.
Billed as the first modern glass building in Downtown Boca Raton, the project is set to include 28 condos ranging from two to four bedrooms and up to 3,950 SF. The developer is 280 E. Palmetto Park Road LLC, which is led by Adam Gottbetter, a former New York attorney who settled in Boca Raton after being sentenced to 18 months in prison for stock manipulation in 2015.
Douglas Elliman is handling sales at the tower, which was designed by local architecture firm Garcia Stromberg, with interiors from Wade Hollock of Miami-based Hollock Design Group. Condo prices range from $2.5M to more than $6M.
A condo purchase comes with the fees covered for buyers' initial entry into the nearby private club known as the Boca Raton, along with a one-year membership to the concierge medical service Sollis. The project is scheduled to deliver by the end of 2026.
PEOPLE
Iker Belauste joined JLL as a vice president, according to a release. Belauste will work out of the firm's Miami office but will be focused on office tenant representation throughout South Florida.
Belauste started his career in 2019 at JLL, where he worked for three years before jumping to CBRE as a senior associate, his most recent job before returning to JLL. A Miami native, Belauste attended college at Chapman University in Orange, California, before returning to his roots in Coral Gables and Coconut Grove.
