This Week's South Florida Deal Sheet: Terra Lands $170M Construction Loan

David Martin's development firm has landed a $170M construction loan for the first phase of its $1B mixed-use development by Dolphin Mall.

Terra landed the debt from New York-based Scale Lending, the credit arm of development firm Slate Property Group, for the project dubbed Upland Park.

The loan finances the 578-unit first phase of development, and construction is expected to begin in early 2025. Terra is developing the Dolphin Park and Ride Station into a 47-acre transit hub with residential, retail and commercial uses.

The master plan, in collaboration with Arquitectonica and Plusurbia Design, is expected to be delivered in phases. At full build-out, it includes more than 2,000 apartments, about 282K SF of retail and 414K SF of additional commercial space.

FINANCING

Ytech secured a $19.5M predevelopment loan from Israel Discount Bank for a condo project in Brickell, according to a press release.

The developer, led by Yamal Yidios, assembled the 0.3-acre site at 41 and 75 Southwest 15th Road in 2018 and 2020 for a combined $8.2M. It is planning an undisclosed number of ultra-luxury condos and has already begun demolishing the existing structures on the site: a single-story multifamily building and a two-story office built in the 1940s and 1950s, according to the Miami-Dade Property Appraiser.

SALES

An affiliate of Miami Beach-based JSB Capital bought a 7.13-acre apartment complex for $69M from an entity traced to Aventura-based Stellar Communities.

JSB Capital also assumed a $50M loan from Delaware Life, according to property records provided by Vizzda.

The 197-unit apartment complex, named The Stellar Emerald Hills, was built in 2022 across three residential buildings at 5840 Lakeshore Dr. Units range between one, two and three bedrooms and 777 and 1,170 SF.

Stellar Communities bought the site in 2015 for $3.8M, acquired a $42.4M construction loan in 2019 and has acquired two refinancing loans since the complex's completion that total $68.6M, Commercial Observer reported.

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Bowery Properties paid $44.1M to acquire the Windward Vista Apartments in Lauderhill, according to records provided by Vizzda. The locally based investor assumed the $35.8M Fannie Mae loan tied to the 352-unit complex, which consists of four four-story apartment buildings and a clubhouse on roughly 10 acres at 4491 NW 19th St. FCP sold the complex for a tidy profit after acquiring it in 2018 for $28.5M.

An entity tracing to Midtown Developments purchased an 18-acre former Sears at Broward Mall in Plantation, Florida, from Seritage Growth Properties for $28M, according to records provided by Vizzda.

The Sears, which opened at the mall in 1978, closed in 2018, 6 South Florida reported. The property at 8000 W Broward Blvd. is now stripped and in shell condition. 

CONSTRUCTION AND DEVELOPMENT

Related Group and Dezer Development celebrated the groundbreaking of Rosewood Residences Hillsboro Beach.

The project is planned for a 10-story tower facing the oceanfront and a three-story condominium facing the Intracoastal Waterway, according to its website. Residences range from 2,800 to 6,400 SF with 70 beachfront residences, 22 coastal homes and 11 private boat slips. Amenities for the project include a wellness center, two fitness centers, an oceanfront pool and private beach access.

The development at 118 Hillsboro Mile was designed by Miami-based Aquitectonica and Amsterdam-based Studio Piet Boon and is expected to finish in 2026.

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Continua Developments and Old Capital Partners started construction on a 12-story apartment building named Urbania NoMi 125 St. in North Miami, according to ConnectCRE.

Continua Group purchased the 1.3-acre property in July 2022 for $7.6M and proposed plans to redevelop the parcel into an apartment complex in 2023, Florida Yimby reported. The mixed-use multifamily development at 1150 N.E. 125th St. is planned for 195 apartments and more than 11K SF of commercial space. It will include a media room, social area, a lounge, a gym and a pool deck, according to its website.

Construction is expected to be complete in the third quarter of 2026.

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London-based L+R Hotels opened its first U.S. property, Palm House in Palm Beach, as part of its Iconic Luxury Hotels collection, according to a release.

The 79-key hotel is located near the beach on Royal Palm Way and was designed by Atlanta-based architecture firm Cooper Carry with interior design by United Kingdom-based Muza Lab. This is the first hotel to launch in Palm Beach in four years, according to the release.

LEASES

Miami-based firm Podhurst Orsek is relocating after 57 years in its Downtown Miami office for a 20% expansion in Coral Gables, according to a release.

The firm signed a lease for more than 22K SF at 2525 Ponce De Leon Blvd., a mixed-use development with office and retail space in Coral Gables owned by Hines. While its permanent office on the seventh floor is under construction, Podhurst Orseck will temporarily occupy the fifth floor, with an expected move-in date in the second quarter of 2025.

The law firm is vacating its 18K SF space at 1 SE Third Ave., owned by PCCP.