Miami

The 158,463-square-foot grocery-anchored shopping center in Broward County is located approximately 12 miles southwest of Downtown Fort Lauderdale and was 99% leased at the time of sale.

Terra Capital has provided Miami-based alternative investment management firm CGI Merchant Group with a $57-million bridge loan to facilitate the recapitalization of the mixed-use property and what the ownership terms as a “ramp up” of a newly flagged hotel at the property.

Zom Living of Orlando and the Moinian Group of New York City acquired the project site located one block from Biscayne Boulevard from Miami Worldcenter Associates, the developer of the $4-billion mixed-use project being developed on 27 acres that is now under construction.

Witten has closed more than $12 billion in multifamily sales. Prior to his appointment at Aimco, Witten served the last 20 years with Marcus & Millichap.

The five-year investment will include infrastructure changes by architect David Manfreddi and urban designer Gehl, a public square with tech-focused art installations by Culture Corp, a host of new restaurants and hybrid retail experiences, 5.5 million square feet of Class A office space, luxury residential towers and a second hotel.

The fully-leased property, which also includes a marina and a two-story office building, was sold by Hudson Capital Group, Inc. Mast Capital financed the purchase with a loan from CIT bank, N.A.

The firm's newly launched Fund IV, is a value-add workforce housing fund that will focus on expanding Monument's presence within Sunbelt markets, as well as select areas of the US Midwest, where it already has a presence.

“This was a very challenging lease transaction with competition from two other buildings in Waterford at Blue Lagoon, both capable of accommodating Parbel's requirements,” says C&W's Mendoza.