Early this week in Florida saw progress at a Wynwood commercial real estate development even as Miller Construction wraps up one of hits projects. Miami stole the spotlight.

BY THE NUMBERS

Residents take shelter in hotels after hurricane evacuations. Hurricane Irma impacted the entire state of Florida and caused residents and visitors to seek shelter, elevating occupancy levels in the short term in areas outside of the evacuation zones. Roughly 6.4 million people were ordered to evacuate parts of southeast Florida, plummeting hotel occupancies and revenue metrics in metros including Miami-Hialeah and Fort Lauderdale as the hurricane made landfall. (Source: Marcus & Millichap)

NEWS & NOTABLES

MIAMI—East End Capital and Related Group chose Cushman & Wakefield and Koniver Stern Group as brokers for the Annex, an office building in Wynwood geared towards tenants in the technology, advertising, marketing and innovation (TAMI) industries looking for boutique space. Cushman & Wakefield's Gordon Messinger will manage office space leasing. Koniver Stern Group's Sara Wolfe will oversee leasing for the 4,900 square feet of ground-floor retail space. The Annex will consist of 47,000 square feet of leasable office space with suites ranging from 5,500 to 7,200 square feet. Some offices across the eight-story building will offer private outdoor and terrace space. Tenants can enjoy rooftop outdoor space and a covered outdoor conference center.

NEWS & NOTABLES

MIAMI—NAI Miami's Robert Eckstein negotiated a 57,500-square-foot office building sale for his client 3155 Northwest 77 Avenue, located at 3155 Northwest 77 Avenue in Miami. The property sits facing the Palmetto Expressway (SR-826) on over three acres of land with a three-level parking structure. Windhaven Insurance Company is the buyer. Windhaven was represented by John Crotty and David Spillers of Avison Young. The new buyer intends to occupy the building. This sale was valued at $10.35 million.

MIAMI—Hunt Mortgage Group provided Fannie Mae Small Balance Loans to refinance two multifamily properties in Florida. The total Hunt Mortgage Group investment was $4.1 million. Hunt Mortgage Group provided a loan in the amount of $2.5 million to refinance Villas of Havana, a 26-unit mid-rise affordable apartment complex located in Miami. Hunt invested $1.6 million in Places at Capital Village and the loan terms include a 10-year term with 9.5-years yield maintenance amortizing over 30 years. The borrower purchased the property as a mismanaged property in September 2016 and has been successfully repositioning the asset since that time. Since acquisition, the borrower invested approximately $83,000 in capital improvements.

TALLAHASSEE, FL—Hunt Mortgage Group provided conventional Fannie Mae loan in the amount of $4 million to finance the acquisition of a multifamily property in Tallahassee. The Highlands Apartments is a dedicated student housing project comprised of 17, two- and three-story residential buildings containing 17 units and a total of 78 beds. The property was developed in 2017 and began leasing in August 2017. Highlands Apartments is located at 1824 Greentree Lane and provides off-campus housing for Florida State University. The borrower is NMS Highlands, backed by key principals Roy Warren, William Fowler, and Robert Kramer. The loan term is 10-years with three-years of interest only.

APOPKA, FL—Marcus & Millichap Capital Corp. arranged a $15.9 million loan for the acquisition of the two-property Apopka Hotel Portfolio, an 81-room Hampton Inn & Suites and a 77-room Holiday Inn Express & Suites. Both properties are in Apopka. The portfolio sold for $17.1 million. “These are strong-performing properties that provide easy access to all of Orlando's major theme parks, the Amway Center, Wekiwa Springs State Park and numerous golf courses,” says Robert Bhat, an MMCC director in Miami. “The assets were due for property improvements and MMCC was able to find a bank willing to provide funding for renovations with a blended 80% loan-to-cost.”

BUILDING BLOCKS

FORT LAUDERDALE, FL—Miller Construction Company delivered Holman Automotive's 57,641-square-foot Lauderdale MINI dealership at 2125 South Federal Highway. The dealership includes a two-story showroom and three-story parking garage. Unusual challenges Miller Construction Company's crews faced in the five-month project included removing portions of an existing post-tension deck in the building, which had previously been a car-rental facility. The project team secured post-tension cables to ensure safety before removing sections of the deck. Since deck-to-deck clearances were less than anticipated, Miller's team used alternate insulation and exposed ceilings to maximize clearance. The project team used structural steel and aluminum composite material (ACM) framing to both bring the original east façade precisely to square, and to support the new metal-clad facade.

Early this week in Florida saw progress at a Wynwood commercial real estate development even as Miller Construction wraps up one of hits projects. Miami stole the spotlight.

BY THE NUMBERS

NEWS & NOTABLES

BUILDING BLOCKS

Instant Insights /

Middle Market Digest: Early This Week in Florida

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