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This Week's South Florida Deal Sheet

The Soho Beach House hotel and private members club at 4385 Collins Ave. in Miami Beach has landed a $140M financing package, according to a release.

Soho House & Co. secured $140M to refinance its private hotel and club at 4385 Collins Ave. in Miami Beach.

A subsidiary of Soho House & Co. called Beach House Owner LLC secured a 10-year, fixed-rate, interest-only loan from JPMorgan Chase and Citi Real Estate Funding to refinance the property. Walker & Dunlop arranged the deal for the Soho House property, which includes a seven-story building with three floors of amenities and a 16-story beachfront tower with 15 full-floor suites. Soho House is a publicly traded, members-only club that started in London in 1995 and now operates 39 locations worldwide. 


Miami-based Participant Capital announced in a release that it was seeking $250M for a new fund called the Sun Belt Multifamily Development Fund 1, which will focus on projects in South Florida, Orlando and Tampa. The fund is a closed-end private equity real estate vehicle with a projected eight-year term. It is focused on low-rise multifamily projects in Orlando and Tampa and mid- and high-rise projects in South Florida. Capital markets firm Apex Group will administer the fund. Participant Capital is the investment arm of developer Royal Palm Cos., which has developed more than 18M SF and 9,500 multifamily units since its inception in 1978, according to a release.


The Landmark South multifamily development in Doral was recapitalized for $220M, with the bulk of the value coming through a Freddie Mac loan, according to a release. JSB Capital Group, which has offices in Miami, New York and Baltimore, owns the 631-unit mid-rise development at 6055 Northwest 105th Court. The firm tapped a JLL Capital Markets team to negotiate the recapitalization, and JLL’s real estate capital arm will handle the servicing of the $154M senior loan that was secured through Freddie Mac Multifamily. An additional $66M in preferred equity investment came from Pensam, a Miami-based provider of private real estate capital.


Stockbridge Capital sold the 110 East office tower in Downtown Fort Lauderdale for $43M, or around $125 per SF, to a partnership between Pebb Capital, Intalex Capital and CDS International Holdings. The new owner announced in a release that it secured 76K SF in new leases during the sale closing period, adding that it was in negotiations with tenants for another 125K SF. The deal was financed through a $49M loan from Amerant Bank, from which $15M was drawn to close the deal.


Angler Properties paid $15M for Northpoint Business Plaza, a group of four single-story flex properties at 901 Northpoint Parkway in West Palm Beach. The 6-acre development is fully leased to tenants spanning 19 industries, according to a release. The property was sold by 901 Building LLC, an entity controlled by Arturo Alvarez Demalde, a managing partner at the private equity firm AD4. The seller was represented by both Colliers and Newmark. Asset Specialists represented Angler Properties, a Maryland-based firm that first entered the West Palm Beach market last year when it acquired a seven-building office portfolio located 5 miles from Northpoint Business Plaza for $19M.


Miami-based B Capital Management purchased the Biscayne 79 office for $23M through a court-ordered sale of the 889K SF property, according to a release. The 3.5-acre property at 7880 Biscayne Blvd. once housed Miami’s federal immigration headquarters and was slated for redevelopment as far back as 2014, the Miami Herald reported. The redevelopment was plagued by lawsuits and accusations of financial mismanagement that led to a court-appointed receiver ordering the sale, which was managed by a capital markets team at Avison Young led by Michael Fay. The sale included a 2.6-acre parcel and a noncontiguous parcel that is just under an acre. Both sites are zoned for mixed-use and allow for the construction of up to 500 units and a total buildable area of 889K SF, according to the release.

MGM Construction Group broke ground on a two-tower, 500-unit Oasis Hallandale condo project owned by Romagnole Investment Properties.


South Florida-based MGM Construction Group broke ground on Phase 3 of Oasis Hallandale, a two-tower mixed-use project totaling 1.4M SF. The project at 1000 East Hallandale Beach Blvd. will include two 25-story towers with a total of 500 luxury condos, as well as office and retail space, according to a release. The property is expected to be completed in 2026 with condos priced between $580K and $3.5M. Amenities include indoor and outdoor movie theaters, a small soccer field, a golf simulator and a pet park. The property is owned by Romagnole Investment Properties and managed by developers Giuseppe Iadisernia and Mireya de Iadisernia, the South Florida Business Journal reported.  


The Citigroup Center office tower at 201 South Biscayne Blvd. in Downtown Miami secured nearly 50K SF in new leases, according to a release. The property is owned by CP Group, which was represented by JLL brokers Steven Hurwitz, Doug Okun and Madeline Fine. The four tenants that signed leases at the 810K SF office tower were:

  • An undisclosed tenant that will relocate from Brickell and move into 22K SF at the property.
  • Strategic Hotel Funding, a hotel and motel operator that renewed its 14K SF lease.
  • Larch Capital Partners, a multifamily office specializing in wealth management that is moving from Brickell into a 5K SF suite at the tower.
  • Bazbaz Development, a real estate investment and development company that is relocating from Wynwood into a move-in-ready 5K SF suite. 


The Oncology Institute signed seven new medical office leases totaling more than 25K SF, doubling the number of locations the cancer care provider has in Florida, according to a release. A team of CBRE brokers represented the medical provider in the deals, which ranged from 2K SF to 5K SF. The first of the new locations, a 3K SF facility in South Miami, has already opened. The other facilities are expected to open in the third quarter and are located in Fort Lauderdale, Hialeah, North Miami Beach, Hollywood, Miramar and Plantation. 


IT staffing company Inspyr Solutions doubled its footprint at Radice Corporate Center in Fort Lauderdale, the South Florida Business Journal reported. Inspyr is growing to 18K SF from an 8,500 SF suite on the fifth floor. The company splits its corporate headquarters between the Fort Lauderdale location at 600 Corporate Drive and its Houston office while operating 10 other locations nationwide, including one at the Waterford Business Park in Miami. Robinson Commercial Real Estate represented Inspyr, and Cushman & Wakefield represented the landlord, an entity called RCC I Inc. that is controlled by Joanna Upton, Sergio Fernandez and Paul Berkowitz.