Chicago Developers Land $250M Loan For Brickell Apartments: The South Florida Deal Sheet
Affinius Capital got into the holiday spirit by providing a $250M construction loan for a 39-story Brickell apartment tower.
The developers, Chicago-based Focus and Group Fox, landed the loan to build the 517-unit multifamily building, 5% of which will be dedicated to workforce housing, according to a release.
Dubbed the Brickell Starlite, the project is set to rise at 128 SW Seventh St. Its loan is among the billions of dollars that have poured into construction financing this year.
The project will feature studio, one-, two- and three-bedroom residences with pools, a cold plunge, a gym, a sauna, coworking space, a dog run and a dog spa among its amenities.
During a planning and zoning board meeting last year, Focus agreed to give lawyers in the Miami-Dade County State Attorney's Office the right of first refusal for the 26 workforce housing units in exchange for a recommended approval.
Cushman & Wakefield’s Chris Lentz, Chris Moyer, Jeff Altenau, Susan Tjarksen and Marc Royer arranged the financing on behalf of Focus and Group Fox.
FINANCING
Bayshore Grove Capital, led by developer Vivian Dimond, landed a $67M construction loan from S3 Capital for the 21-story Tula Residences, according to a release.
Tula Residences is set to rise at 7918 W. Drive in North Bay Village with 54 condos and six penthouses. Amenities include a pool with cabanas, a wellness center, a media room, a private dining room and a pet spa.
The project struggled to get off the ground when construction started and stalled in 2023. Bayshore stepped in last year and took over the LLC that owns the project from Malaysian developer Pacific & Orient Properties, The Real Deal reported.
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Coral Rock Development Group landed a $54M construction loan from Citibank for a Live Local Act project in Allapattah, according to a release.
Construction on the $85M apartment building is expected to start at the beginning of next year. Dubbed Dulce Vida, 40% of the building's 227 units will be offered as affordable for those making 60% of the area median income, 35% will be offered at 100% AMI, and 25% will be offered at 120% AMI.
Amenities include a pool, a gym, a yoga and meditation room, a community room, a business center, a playground, a dog park and a pet spa. The project will also have an 8,500 SF public library on the ground floor.
SALES
Publix purchased The Polo Club Shops in Boca Raton from Jamestown LP for $83M, according to property records provided by Vizzda.
Publix anchors the 129K SF community shopping center. The eight buildings at 5030 Champion Blvd. were built in 1988. Other tenants include Wyla Lash & Nail Bar, Los Olivos Bistro, and Mooyah Burgers, Fries and Shakes.
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Orion Real Estate Group sold the Pinecrest Town Center to JBL Asset Management for $42M, according to property records provided by Vizzda.
The deal was funded by a $29M debt from Synovus Bank. The 96K SF office-and-retail complex was built in 1985. The center at 12655 S. Dixie Highway holds tenants including Sage Dental, The Muffin Tin Restaurant and Roasters N Toasters.
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Dune Real Estate Partners sold the Holiday Inn Miami at 3255 NW 87th Ave. in Doral to CN Hotels for $24M, according to property records provided by Vizzda.
The 216-room, two-building hotel totals 120K SF and was built in 1998. CN hotels took out a $17.5M loan from Intercredit Bank for the purchase, the South Florida Business Journal reported. Dune swallowed a loss at the property after paying $32M for it in 2019.
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Basis Industrial purchased 42 small-bay industrial buildings in Hialeah from TA Realty for $84M, according to a release.
BankUnited and Seacoast Bank provided financing, and NexPoint Advisors provided more than $20M of preferred equity for the 396K SF portfolio.
The portfolio includes 24 buildings at West 31st Place, West 32nd Place and West 33rd Place. Another 17 buildings are situated at West Eighth Court and West 27th and 28th streets.
The industrial buildings offer up to 22-foot clear heights with about 5% to 12% of office space. The portfolio is 85% leased to 79 tenants that have an average size of 4,280 SF.
Terra, led by David Martin, sold its 150K SF Doral Square shopping center, which it developed in 2021, to IMC Equity Group, according to a release.
Miami-based Ocean Bank provided a $36M mortgage to IMC for the 100% leased property at 8700 NW 36th St. Tenants include Marshalls, Ross Dress for Less, UFC Gym, Just Salad, Paradise Grills and El Toro Loco.
Cushman & Wakefield’s Mark Gilbert brokered the deal.
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Humbold Real Estate Ventures sold a 21-acre multifamily development site in Sunrise to Rockpoint for $26M, according to property records provided by Vizzda.
PNC Bank provided a $111M construction loan, which will fund the plans to demolish the existing structures — including a former ice skating rink — and replace them with a 412-unit multifamily development, 15% of which will be designated for affordable housing.
Another developer, Morgan Group, filed plans for an eight-building apartment complex and 40 townhouses in six buildings in 2021, the South Florida Business Journal reported.
CONSTRUCTION AND DEVELOPMENT
Allen Morris Co. broke ground on the Ponce Park mixed-use development in Coral Gables, according to a release.
Located at 3000 Ponce de Leon Blvd., the 11-story project will feature 58 two- to five-bedroom condos that range from 1,900 SF to more than 6,500 SF. Amenities include a rooftop pool, a sky bar, an artisanal cafe, a spa, a meditation courtyard, a fitness studio and a private rooftop lounge.
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Lefferts broke ground on the 14-story, 126-unit Palma Miami Beach Residences in Miami Beach, according to a release.
The tower, which is already 50% sold, is expected to be delivered at 600 71st St. in 2027. Palma will also have 8,500 SF of retail on the ground floor.
The 127K SF project will offer fully furnished one- and two-bedroom condos between 405 SF and 1,342 SF with pricing starting at $650K. The units will have no minimum rental restrictions. Amenities include a pool deck, a hot tub, an arctic cold plunge, an outdoor summer kitchen and a private lounge with indoor and outdoor bar seating.
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Compson Associates and Alfredo Aletto broke ground on The Aletto office development at 125 E. Palmetto Park Road in Boca Raton, according to a release.
The two office buildings are set to bring 140K SF of office, retail and hospitality space as well as a 550-space parking garage. Tenants that have already signed on are Slavic 401(k), NSI Insurance and Industrious.
A Colliers team of Scott Brenner, Gary Gottlieb, Derek Baker, Jonathan Carter, Dave Preston and Marc Fechter are leading leasing.
