This Week's South Florida Deal Sheet
Waterton, a Chicago-based real estate investment firm, secured a $60.7M acquisition loan for a two-building apartment property in Plantation two months after purchasing it for $88.4M, Commercial Observer reports.
The 321-unit property, One Plantation, spans two 12-story buildings totaling 471K SF at 1600 and 1700 Southwest 78th Ave. just off Interstate 595. The real estate financing firm Walker & Dunlop provided the loan, which is due in September 2028, per CO.
Waterton acquired the property in June from PGIM, the asset management arm of Prudential Financial. PGIM partnered with the Fort Lauderdale-based developer Stiles to complete the project in 2013. Stiles sold its stake in the property to PGIM shortly thereafter.
SALES
PGIM also sold a 44-acre apartment complex for $92M to Greystar, Commercial Observer reported. The Palm Beach Gardens complex at 10000 Alternate A1A and 2750 Rio Vista Blvd. was completed in 1991 and includes 448 apartments totaling 390K SF. Property records indicate that PGIM acquired the complex in 2006, but the sale price wasn't disclosed. The deal comes a week after another sale between the two firms, with South Carolina-based Greystar paying PGIM and Barry Sternlicht’s Starwood Capital $56M for a 350-unit garden-style apartment complex in Coral Springs.
FINANCING
A firm led by Jonathan Landau, the former CEO of Fortis Property Group, locked in a $29M construction loan for a boutique condo project with a private marina on Miami’s Bay Harbor Islands, according to a release.
New York-based Landau Properties secured the loan from Miami-based BridgeInvest, with Estreich & Co. arranging the financing. The funding was provided through the BridgeInvest Specialty Credit Fund IV, which focuses on development, bridge and value-add lending throughout the country.
The loan will be used to construct Indian Creek Residences & Yacht Club at 9110 West Bay Harbor Drive. The nine-condo building with six private yacht slips was designed by Kobi Karp with interiors by Zarifi Design. Construction has already begun, and sales will launch in the fall.
It is the first project for Landau since leaving Fortis and will replace a 10-unit condo property at the site that Landau purchased last year from a Fort Lauderdale-based investor for $8.5M.
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A second Bay Harbor Islands condo project also secured a construction loan. Miami-based Alta Developers locked in a $20.3M loan from LV Lending, a Miami-based financing firm, for Alana Condominium, according to a release. The 30-unit building at 9901 West Bay Harbor Drive will have two- and three-bedroom floor plans starting at $1.3M and is planned to deliver in the fourth quarter of 2024.
Brian Gaswirth and Paul Adams, members of the JLL Capital Markets team, represented Alta in securing the financing. Fortune Development Sales, a subsidiary of Fortune International Group, has been selected as the project’s sales and marketing agent.
CONSTRUCTION AND DEVELOPMENT
Coconut Grove-based Housing Trust Group completed a 79-townhome affordable housing development called Heron Estates Family at 2003 West 17th Court in Riviera Beach, according to a release. The development is a public-private partnership between HTG and the Riviera Beach Housing Authority and offers one-to-three-bedroom homes for residents earning between 30% and 70% of the area median income. The property is fully occupied, with rents ranging from $290 to $1,638 per month.
The project is the second and final phase of the redevelopment of the Ivey Green Village, a public housing development that was demolished in 2006 following heavy hurricane damage. The first phase, Heron Estates Senior, was completed in 2019 and provides 101 garden-style apartments for residents 62 and older.
The affordable housing development was financed through a mix of public and private funds. The Florida Housing Finance Corp. provided $11M in 9% Low-Income Housing Tax Credit equity that was syndicated through JPMorgan Chase, which also provided a $6.3M permanent loan. The housing authority also provided $6.1M in a SAIL loan, and HTG secured $1.4M from the National Housing Trust Fund and a $500K HOME loan from Palm Beach County.
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The Calta Group, a Coral Gables-based development firm, broke ground on a 180-unit apartment property called Revv, according to a release. The eight-story project, located on 1.6 acres at 2233 Hollywood Blvd. in Broward County, will include studio apartments, live-work units, and one- and two-bedroom apartments.
The groundbreaking follows Calta locking in a $60M construction loan for the development in April from BridgeInvest. Calta acquired the site in April 2022 for $9.5M from Hollywood Construction & Development.
Delivery of the project, which was designed by Miami-based Borges Architects + Associates, is expected in the first quarter of 2025.
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Kimco Realty has proposed a plan to redevelop a portion of the Palms at Town and Country retail plaza in Kendall, The Real Deal reported. The New York-based real estate investment trust filed a pre-application to replace a Kohl’s building at 11800 Mills Drive with a pair of 12-story apartment buildings that will have 630 total units and a combined 35K SF of retail. Apartments at the property would range from one to three bedrooms.
Kimco is also proposing to build a second retail structure to replace the Kohl’s building on a parking lot on the north side of Mills Drive. The full redevelopment plan spans around 7 acres. Kimco owns a majority stake in the retail complex after its former owner, Weingarten Realty Investors, merged into Kimco in 2021.
LEASES
AVI Aviation, the holding company of Aviation Inflatables and Survival Products, renewed its 128K SF lease at Sawgrass Technology Park in Sunrise, according to a release. The provider of emergency equipment for airlines signed a long-term deal for all of Building M at the industrial park at 1655 Northwest 136th Ave., which it has occupied since 2016. VS Real Estate Managing Principal Carlos Velasquez represented AVI Aviation. The landlord, EQT Exeter, was represented in-house by Sander Smith, an investment leasing officer for the Southeast region at the firm.
