Nomura Lends $184M To Fort Lauderdale Office: The South Florida Deal Sheet
A joint venture between Stiles and Shorenstein Investment Advisers landed a $184M loan to refinance The Main office tower in Fort Lauderdale.
Nomura, a Japanese financial services group, provided the floating-rate, senior loan, according to a release. A JLL Capital Markets team of Paul Stasaitis, Geoff Goldstein and Blake Koletic arranged the deal on behalf of Stiles and Shorenstein.
Blackstone provided a $204M construction loan to Stiles and Shorenstein in 2018 for the 25-story building at 201 E. Las Olas Blvd., Commercial Observer reported. The 387K SF office tower was completed in late 2020 and is 100% leased to tenants including JPMorgan Chase and Raymond James, plus restaurants Fogo de Chão Brazilian Steakhouse and Moxies on the ground floor.
The trophy building has 14-foot ceiling heights, floor-to-ceiling glass, an apartment-style outdoor amenity deck and VIP parking and tenant lounges.
FINANCING
BridgeInvest provided an $84M construction loan to Midtown Capital Partners for the 252-apartment Astor Park Flagler Village, according to a release.
Berkadia’s Scott Wadler, Matt Robbins, Brad Williamson and Patrick Johnson worked on the deal on behalf of Midtown Capital Partners.
The financing will fund the remaining completion costs for the project at 333 NE Sixth St., which topped out in October and is expected to deliver in the middle of this year.
Astor Park Flagler Village is a 12-story, two-tower mixed-use development with apartments that will range from 595 SF to 1,735 SF. Amenities include a pool, bar, resident lounge, dog park and coworking spaces. The ground floor will have 1K SF of retail space.
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Compson Associates, in a partnership with North American Development Group and Boca Raton jeweler Alfredo Aletto, landed a $74M construction loan from Bank OZK for The Aletto, The Real Deal reported.
The mixed-use office building, which broke ground last month, will consist of two 10-story buildings with a total of 140K SF of retail and office space at 119 E. Palmetto Park Road in Boca Raton.
LEASES
In addition to the construction loan, the Compson Associates-led joint venture signed 16K SF of retail leases at The Aletto in Downtown Boca Raton, according to a release.
Colliers’ Jonathan Carter and Dave Preston handled the deal on behalf of Compson.
Amal, a Lebanese restaurant, inked an 11K SF lease for a rooftop restaurant with a DJ on the weekends. Sofia, an Italian restaurant, signed on for just under 5K SF and will have an in-house gallery and live entertainment.
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Global Excel, a healthcare consulting services firm, is relocating from its office in 777 Brickell to 6161 Blue Lagoon Drive.
The deal was first made public in a fourth-quarter Savills report. Global Excel inked a deal for 23K SF at the building in the 250-acre Waterford Business District.
Ivy Blue Lagoon Property LLC, an entity linked to Ivy Equities' Anthony DiTommaso Jr. and Russell Warren Jr., purchased the property for $68M in 2016, according to property records. The four-story, 89K SF office was built in 1987.
The company left Brickell, where asking rents can eclipse $100 per SF, for the Airport West submarket, where the going rate is significantly cheaper at $40.58 per SF, according to Savills.
SALES
An entity tied to Astor Cos. sold a 199-unit apartment complex for $68M to an entity tracing to Tandel Group, according to property records provided by Vizzda.
Tandel Group purchased the 11-story building, named Douglas Enclave, with a $35.6M loan from the City National Bank of Florida and $9M of seller carry debt.
The property, which has studio, one- and two-bedroom units, is 95% leased, Commercial Observer reported. Rents for the units, which span between 420 SF and 1,140 SF, start at $2,070 and reach $3,085, according to Apartments.com.
The building at 61 NW 37th Ave. was built in 2023.
Frankforter Group sold a 144-unit apartment building in Pompano Beach for $41M to Griffis Residential, according to property records provided by Vizzda.
The eight-story building's sale price dipped from the $42.9M it sold for in 2021, the South Florida Business Journal reported.
The 171K SF Griffis Pompano Beach, previously Saba Pompano Beach, was built in 2019 at 275 N. Federal Highway. The one-to-three-bedroom units span 760 SF to 1,440 SF, according to Apartments.com. Monthly rent ranges between $2,130 and $2,690. Amenities include a pool, gym, playground and clubhouse.
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The Boca Villas sold for $30M, according to property records provided by Vizzda.
Marina & Briana LP sold the 106-unit apartment complex at 100 W. Hidden Valley Blvd. to an entity led by Matthew Paul. The complex is made up of seven buildings built in 1988 and 2024, split into five two-story buildings, a three-story building and a five-story building.
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An entity tracing to CC Home sold 160 acres in Sunrise to DW Partners, the land bank for Lennar, according to property records provided by Vizzda.
The site was formerly a golf course, The Real Deal reported. Solterra is a planned 400-single-family-home townhome and affordable housing project, TRD reported. CC Homes is entitled to receive a portion of the sale proceeds as part of the deal.
CONSTRUCTION AND DEVELOPMENT
Industrial developer Ambrose broke ground on the Miami 105 Logistics at Flagler Station, according to a release.
The 97K SF building at 11375 NW 105th St., which includes 3K SF of office, will serve last-mile and regional distribution and heavy manufacturing companies. Construction is expected to be completed in the third quarter.
