MIAMI—Early this week in Miami saw some musical chairs. Most of the significant activity was in Central and South Florida.

BY THE NUMBERS

Nearly 12,500 hotel rooms are under construction in Florida and another 15,600 are making their way through the planning stage and expected to break ground in the next 12 months. Of these deliveries, the Miami-Hialeah metro has 4,900 rooms under construction. (Marcus & Millichap)

NEWS & NOTABLES

MIAMI—Scott Lucine joined Marcus & Millichap as vice president and regional manager in Miami. Lunine previously served as a managing principal with Waddell & Reed, and eight years as a senior vice president and national director of retail investments for Sperry Van Ness, where he directed their agent training program.

DEAL TRACKER

WINDERMERE, FL—Unicorp National Developments closed a $22.1 million permanent loan on its latest premier retail development, the 68,346-square-foot Westside Shoppes in Windermere, FL. Zac Brumbaugh of CBRE Capital Markets' Debt & Structured Finance practice in Orlando arranged a nonrecourse, low-interest rate, 10-year term loan that includes the first year interest only with a 30-year amortization thereafter. The loan was placed with one of CBRE's correspondent life company lenders.

TAMPA, FL—Westmount Realty Capital sold a 332,250-square-foot, 14-building in-fill industrial portfolio in the Westside/Airport submarket of Tampa. The portfolio consisted of six showroom and flex buildings on West Waters Avenue, two rear-load dock-high buildings on Sunstate Street and six front-load dock-high distribution warehouse buildings on Pioneer Park Boulevard. This industrial portfolio is located to provide access to the entire Tampa region via nearby Veterans Expressway, Interstate 275, as well as the Tampa International Airport.

SAFETY HARBOR, FL—Meridian Capital Group arranged $15.8 million in acquisition financing on behalf of Blue Roc Premier, for the purchase of Twenty 35 apartments in Safety Harbor. The seven-year loan, provided by a balance sheet lender, features a competitive fixed rate and two years of interest-only payments. This transaction was negotiated by Meridian managing director Seth Grossman, and vice president, Sarah Kuebler, who are both based in the company's Carlsbad, CA office.

ORLANDO, FL—Meridian Capital Group arranged $19.6 million in acquisition and repositioning financing for the purchase and conversion of a Comfort Inn into a Crown Plaza in Orlando. The 36-month loan, provided by debt fund, features a LIBOR-based rate, full-term interest-only payments and two one-year extension options. This transaction was negotiated by Meridian managing director Noam Kaminetzky, who is based in the company's Boca Raton, FL office.

BUILDING BLOCKS

MIAMI—Melo Group's Aria on the Bay condominium in Downtown Miami is fast-approaching completion in the next 90 days with nearly 90% of its 648 units already sold and under hard contract. The news follows the sellout of all four of the building's triplex penthouse residences—one of which sold earlier this year to baseball star Giancarlo Stanton of the Miami Marlins. The 53-story waterfront tower, now underway at 1770 North Bayshore Drive along Biscayne Bay, is on track to deliver in early 2018. The residences offer rooftop terraces with private pools, open-air summer kitchens and 12-foot-deep wraparound balconies that provide up to 3,000 square feet of additional outdoor living space.

Instant Insights /

Middle Market Digest: This Week in Florida

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