The Estate Companies, Merrimac Ventures and Tricera Capital have secured a $56 million construction loan for Soleste Cityline, a multifamily development planned in Dania Beach. The loan was provided by Synovus Bank and the development partnership plans to break ground by the end of Q1 2021.
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LA CLARA Locks Down $110 Million In Construction Financing In West Palm Beach
Great Gulf and Terrace Mountain Investors have obtained $110 million in construction financing from Bank OZK for LA CLARA, a 25-story, 83 unit condo tower under construction in West Palm Beach. Sales have reportedly eclipsed 50% and over $100 million including an $8.9 million penthouse.
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Carlos Mattos And Family Acquire Waterway Shoppes of Weston For $20.45 Million
An entity tied to the Mattos family, led by Carlos Mattos and his children, Nicolas and Isabella Mattos, have acquired the Waterway Shoppes of Weston for $20.45 million, roughly $501 per square foot. Waterway Shoppes of Weston was developed in 1999 and was acquired by the seller, Waterway Ventures LLC, an entity tied to Fondo Atlas and Dylan Fonseca, for $15.3 million in May 2015.
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Bell Partners Acquires Boca Raton Multifamily Communities For $94.25 Million
The Greensboro, NC-based Bell Partners has acquired two apartment communities in Boca Raton, The Lumin at Boca Raton and Cade Boca Raton, for $94.25 million. The Lumin at Boca Raton and Cade Boca Raton are located within the Park at Broken Sound, at 5500 Broken Sound Blvd. and 950 NW Broken South Parkway respectively.
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Elevate Partners Locks Down $92 Million In Financing For The Newly Completed Four West Las Olas Apartment Tower
Elevate Partners, led by Scott Bodenweber and Tom Vogel, have locked down $92 million in 3-year bridge financing with optional extension for Four West Las Olas. The loan was provided by the New York-based Benefit Street Partners Realty Trust, who provided $76 million of senior debt, and the West Palm Beach-based Electra Capital who provided $16 million in mezzanine financing.
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Coral Rock Development Group Closes On $53.5 Million In Construction Financing For Pura Vida Hialeah
Miami-based Coral Rock Development Group has announced that they have closed on a $53.5 million participating construction, mini perm loan for the residential portion of Pura Vida Hialeah, a nine-acre mixed-use project that is transforming Hialeah and is set to be the first of its kind in the area in more than 20 years. Principal Real Estate Investors served as the lender.
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Tricera Capital and LNDMRK Development Acquire Walgreens-Leased Retail Building In Miami Shores
Miami-based real estate investment firm Tricera Capital, led by Scott Sherman and Ben Mandell, and Alex Karakhanian’s LNDMRK Development have teamed up to acquire a Walgreens-leased retail building in Miami Shores. The joint venture closed the off-market purchase of the 9020 Biscayne Blvd. property for $4 million on Sept. 30.
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Cardone Capital Acquires Port Royale Apartments In Fort Lauderdale Via Crowdfunding Campaign
Cardone Capital, led by the “10X Rule” author and founder of the 10X Movement Grant Cardone, has acquired the Port Royale Apartments in Fort Lauderdale in one of the largest crowdfunding real estate deals to ever close in South Florida.
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Bar Invest Group Acquires Visions at Willow Pond Multifamily Community In West Palm Beach For $56.23 Million
The Miami-based private equity group Bar Invest Group, led by Jacques and Herve Barbera, have acquired the Visions at Willow Pond apartment community in West Palm Beach for $56.23 million. Visions at Willow Pond, which is located at 4860 Sandstone Lane, was built in 1987 and was fully renovated in 2013.
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Andrew Kurnit of DWNTWN Realty Advisors Arranges $19 Million Construction Loan For Redwood National Properties Opa-Locka Project
Andrew Kurnit of DWNTWN Realty Advisors, the premier commercial real estate firm, arranged a $19 million construction loan from City National Bank of Florida for a townhome development in Opa-locka, Florida. Real estate investment firm Redwood National Properties, in a joint venture with David Burstyn of Winston Capital Partners, LLC, plans to build 112 four-bedroom, two-and-a-half-bathroom units on the 10-acre site.
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