MIAMI—This week in Florida saw strong news coming out of the multifamily market. There was also an active game of musical chairs running.

BY THE NUMBERS

To date in 2017, there have been 198 multifamily sales in South Florida valued at nearly $3.6 billion. The annual record of $5.6 billion was set in 2016. (Source: Cushman & Wakefield)

Approximately half of 2017 multifamily sales in South Florida have involved class A product. In the past two years, 85% of multifamily sales have exceeded $20 million, a marked increase from the historical average of 30%. This has led to record per-unit and per-square-foot transaction values. (Source: Cushman & Wakefield)

NEWS & NOTABLES

MIAMI—Mission Capital Advisors announced that industry veteran Melanie Herald has joined the firm's Debt and Equity Finance Group. Herald, who will serve as a managing director, will focus on originating and structuring real estate capital for the nation's premier owners, investors, and developers, as well as sourcing, evaluating, structuring and executing the sale of performing and non-performing loans and commercial real estate assets. Based in Mission Capital's Miami office, Herald will leverage her background and professional relationships in South Florida, New York City and Boston to support the company's business development efforts in those markets.

FORT LAUDERDALE, FL—JLL hired of Ryan Nunes as executive vice president of the firm's Broward and Palm Beach offices. In his role, Nunes will work closely with JLL's South Florida leadership to help drive business development, support talent recruitment and advancement, and act as a brand ambassador by playing an active role in the firm's community engagement. He will also serve as a member of JLL's South Florida Leadership Council. With more than 12 years of experience advising corporate users and executing complex transactions, Nunes has worked with businesses ranging from Fortune 500 Companies to early-stage enterprises on successfully structuring real estate strategies that meet their financial and operational objectives. Prior to joining JLL, he served as vice president at CBRE for five years, focusing on providing tenant advisory services in South Florida. Before that, he worked for Studley in Washington, DC for seven years.

FORT LAUDERDALE, FL—Skanska USA has promoted four Skanska team members: Nicole Heran to project executive, Nelmarie Bowe to senior project manager, and Dana Nelson and Alvaro Sanchez to project managers. As Project Executive, Heran provides direct management oversight for Skanska's projects throughout South Florida, with a concentration on growing business opportunities in the Palm Beach market. She provides continuity from preconstruction through the entire construction phase and ensures the appropriate resources are available for a project.

DEAL TRACKER

ORLANDO—Meridian Capital Group arranged $4.9 million in acquisition financing for a Red Lobster casual dining restaurant located in Orlando. The 10-year loan, provided by a regional bank, features a rate of 4.16% and was negotiated by Meridian associate Avi Gorbacz, who is based in the company's New York City headquarters. The property, located at 5936 International Drive, is a single-story, 7,400 square foot retail center currently home to a Red Lobster restaurant.

WEST PALM BEACH, FL—NAI/Merin Hunter Codman completed 144,000 square feet of lease transactions on behalf of Colonnade Centrepark East and Colonnade Centrepark West, within Colonnade's first year of ownership. The nine-building portfolio totaling 479,145 square feet of office space, located within Centrepark East and Centrepark West, was acquired in November 2016 by Colonnade Properties and affiliates of Grace Development and Flagler Realty. NAI/Merin Hunter Codman chairman Neil E. Merin marketed the property on behalf of the seller, JP Morgan Asset Management.

LAKE MARY, FL—HFF brokered the $35.35 million sale of Station House, a 200-unit multifamily property located adjacent to a SunRail train station in the Orlando suburb of Lake Mary, Florida. The HFF team marketed the property on behalf of the seller, Epoch Residential. Robbins Property Associates purchased the offering free and clear of existing debt. Completed in 2015, Station House is a four-story, elevator-access building with air conditioned corridors and controlled-access structured parking.

NAPLES, FL—HFF brokered the sale of and the $19 million acquisition financing for Crossroads Market, a 126,895-square-foot shopping center anchored by Publix and Walgreens in Naples, Florida. The HFF team marketed the property on behalf of the seller a private real estate fund advised by Crow Holdings Capital – Real Estate. New Market Properties, a wholly-owned indirect subsidiary of Preferred Apartment Communities, purchased the asset. Additionally, working on behalf of the new owner, HFF placed the 12-year, fixed-rate, 3.95-percent, non-recourse loan with Nationwide Life Insurance Company.

TALLAHASSEE, FL—Hunt Mortgage Group provided conventional Fannie Mae loan in the amount of $4 million to finance the acquisition of a multifamily property located 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 multifamily 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, one of the largest universities in the country with a total enrollment exceeding 41,000. The borrower is NMS Highlands, backed by key principals Roy Warren, William Fowler, and Robert Kramer. The loan term is 10-years with 3-years of interest only.

BUILDING BLOCKS

FORT LAUDERDALE, FL—Adam Adache, managing partner of Cavache Properties, announced 30 Thirty North Ocean, an urban beach lifestyle condominium project located in the Lauderdale Beach neighborhood in Fort Lauderdale broke ground. Sitting 10 blocks north of the Fort Lauderdale Beach, and among a neighborhood of $2.5 million-plus homes, 30 Thirty North Ocean will be located on the last parcel of its size in Lauderdale Beach. Construction on the project is slated to be completed fourth quarter 2018. The development's address is 3030 North Ocean Boulevard, Fort Lauderdale.

Instant Insights /

Middle Market Digest: This Week in Florida

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