This Week's South Florida Deal Sheet: Terra Lands $291M Loan For Centro City
Terra kicked off the new year by securing a total of $291M in permanent financing for the completed first phase of its mixed-use development near Little Havana, Centro City.
The financing was completed with two separate loans. Both will be used to pay off the development's existing construction financing, which Apollo Global Management and Mack Real Estate Credit Strategies provided in 2022.
JVP Management issued a $187M loan for the first phase’s multifamily project, which has 470 units, according to a release. Rental rates start at $2,500, and tenants are expected to start occupying the space in March.
Hudson Bay Capital issued $104M for the 350K SF retail component, which is the redevelopment of the Central Shopping Plaza and will feature Target, Ross Dress for Less, Fresco y Más, Walgreens and Bank of America.
David Martin's Terra is expected to start construction this year on second phase of the project, which will include about 518 apartments. The following phases are planned to include up to 1,200 apartments, a new shopping center with retail and restaurant options, a Class-A office building and a Master Academy K-8 Charter School.
Walker & Dunlop’s Keith Kurland and team and Gangemi Law Group represented Terra in the transactions. Holland & Knight's Joe Dewy, Brett Holland, Shawn Amuial, Shaina Kamen and Brian Piper represented Hudson Bay Capital.
FINANCING
Terra and One Thousand Group secured a $285M construction loan from Tyko Capital for their Major Food Group-branded residential project named Villa Miami in the East Edgewater neighborhood on Biscayne Bay, according to a release.
The project will stand 56 stories tall and will mark the first residential tower for MFG, which is known for its restaurant, bar, club and hotel endeavors. The 70-unit building is situated on the waterfront, with condos ranging from 3K SF to 6K SF and starting at $5M.
Villa Miami broke ground in December and is expected to be delivered at the end of 2027.
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Neology Development Group secured a $63.5M loan from Starwood Property Trust to finish construction on its Fourteen Main Street Residences in Allapattah, according to a release.
New York-based Churchill originally provided the $57.5M construction loan for the project at 1470 NW 36th St. in 2022.
Berkadia's Charles Foschini, Christopher Apone, Lourdes Carranza-Alvarez and Shannon Wilson structured the new debt on behalf of Neology and its partner, American Opportunity Zone Advisors.
The project will feature a 14-story building and a five-story building totaling 237 apartments. Amenities include a 12K SF rooftop pool and clubhouse with poolside cabanas, coworking spaces, and fitness and wellness centers. The development will also hold retail on the ground floor.
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An affiliate of Fort Partners secured a $107.6M loan from real estate private equity firm Madison Realty Capital for its luxury Seaway North at The Surf Club in Surfside, according to a release.
The 11-story residential project at 9165 Collins Ave. is under construction and is expected to be completed in early 2026. The project will be managed by hotel brand Four Seasons. The development will only hold nine units, seven of which will consist of a full floor, plus a beach villa on the first two floors and a penthouse on the 10th floor. Amenities include four pools, a private club, parking and a restaurant managed by French Laundry chef Thomas Keller.
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Regency Development Group secured a $55.7M construction loan for its luxury condo project from S3 Capital, according to a release.
The 33-unit Bay Harbor Islands project at 9927 East Bay Harbor Drive, named La Maré – The Regency Collection, will have a rooftop pool, spa facilities, a fitness center and a private 13-slip marina.
JLL Capital Markets' Trent Niederberger, Jimmy Calvo, Paul Adams and Val McWilliams represented the borrower. Construction was scheduled to begin in December and is expected to finish in 2026.
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Atlanta-based The Brookdale Group secured a $30.2M bank loan to finance a Class-A office property it acquired in 2023 in Plantation.
The Brookdale Group purchased the 9-acre Cornerstone One property for $37.9M from an entity tracing to PNC Bank, according to the Vizzda database.
The eight-story office building at 1200 S. Pine Island Road was built in 1991 and spans more than 170K SF. There is almost 38K SF of total leasing space available, according to Cushman and Wakefield’s website.
Brookdale plans to renovate the property, which has landed 90K SF of leases in the past two years, according to a CBRE press release announcing the financing. CBRE Capital Markets' Amy Julian and Andrew Chilgren led the transaction. The lender and loan terms weren't disclosed.
SALES
An entity tracing to Property Reserve purchased Palm Beach County apartments for $102.4M from South Carolina-based Greystar, according to a Vizzda report.
Property Reserve is a real estate arm of The Church of Jesus Christ of Latter-day Saints, which bought the recently completed 284-unit apartment complex, named Elan Polo Gardens. The complex includes eight three-story buildings, one one-story clubhouse and six garages spanning just more than 20 acres.
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An entity tracing to New Jersey-based Garden Commercial purchased the Plaza Del Mar neighborhood shopping center in Lantana from Kitson & Partners for $37M, according to Vizzda database records.
The property at 201-280 Ocean Blvd. spans 85K SF with notable tenants Publix, The Ice Cream Club and John G’s Restaurant. The plaza holds three one-story buildings built in 1983 and 2018 on its 10 acres.
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Cabot Properties purchased the Silver Beach Industrial Park from American Realty Advisors for $91M, according to Vizzda database records.
The 23-acre site is at 1600 Silver Beach Road in Riviera Beach near West Palm Beach. The property holds four buildings spanning 372K SF. Los Angeles-based ARA purchased the property in 2020 for $17.5M, Commercial Observer reported.
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Easton Group and TA Realty purchased two warehouses in Miami-Dade County for a total of $84M, the South Florida Business Journal reported.
Doral-based Easton Group co-owned both of the properties with LBA Realty and sold them into a new partnership with Boston-based TA Realty.
The first property was sold by the entity Hialeah Gardens Partners LLC, linked to Easton Group and LBA Realty. The partnership sold the 261,600 SF Northwest Dade Logistics Center II in Hialeah Gardens for $58.3M to a new partnership between Easton Group and TA Realty under the entity ETA Partners II LLC. The buyer assumed a $29.75M mortgage from State Farm for the 16.8-acre site at 4295-4395 W. 88th St. in Hialeah.
California-based LBA Realty and Easton Group sold the second 94K SF warehouse for $26.2M to ETA Partners I LLC, which is another partnership between Easton Group and TA Realty. The 5.4-acre site at 9880 NW 25th St. in Doral used to be a Badia Spices warehouse that LBA Realty and Easton Group purchased in 2021 for $19.5M, the South Florida Business Journal reported.
LEASES
Samsung Electronics' Latin American division extended its more than 14K SF lease at the Doral Costa Office Park, according to a release.
JLL’s Adam Bernstein represented Samsung Electronics, and Colliers’ Jonathan Kingsley, Kevin Gonzalez and Tom Farmer represented the landlord, Doral Costa Capital.
Doral Costa Office Park consists of two buildings that span 280K SF on 18 acres at 9850 NW 41st St.
