This Week's South Florida Deal Sheet: Related Lands $159M Pompano Beach Construction Loan
Related Group secured a $158.9M construction loan for the 119-condo Casamar Residences in Pompano Beach, the South Florida Business Journal reported. Chicago-based CIBC Bank USA, a subsidiary of Canadian Imperial Bank of Commerce in Toronto, provided the mortgage to an affiliate of Miami-based Related called PRH 900 North Ocean LLC.
The project, located on a 3.1-acre parcel at 900 North Ocean Blvd., is fully sold, and construction began in May after Related said it raised more than $293M through the sale of more than 100 units at the 21-story property. Condo prices started at $1.8M for units ranging from 1K SF to nearly 4K SF.
Related acquired the site in November 2021 for $30M through a 46-unit buyout of a condo building that was built there in 1978.
Amenities at the oceanfront property will include private elevators, multiple pools, a golf simulator room, a fitness center with saunas and a regulation-size pickleball court. Coastal Construction is the general contractor for the project, which is slated to deliver in 2025.
SALES
An affiliate of Lore Development paid $35M for a 23K SF parking lot in Brickell where it is planning to build a 69-story apartment tower, the SFBJ reported. The site, located at 1015 Southwest First Ave., was sold by an entity called GW Brickell LLC that is controlled by Deerfield Beach resident Jose Luis Galveas Loureiro.
Lore is a partnership created in June between Miami-based Leste Group and Opportunity Fundo de Investimento Imobiliário, a private investment firm based in Brazil. It is planning a tower called Summit Brickell that will have 500 apartments ranging from 496 SF to 1,400 SF, 480 parking spaces and 2,200 SF of commercial space.
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New York-based BAM Property Development acquired a 0.9-acre development site at 1715 Southwest 37th Ave. in Coral Gables for $14.3M, according to a release. The seller was an entity managed by Marlon Gomez of Miami-based Gomez Development Group, according to property records.
The site is approved for an eight-story, 120-unit multifamily development with 178 parking spaces, according to the release. The new owner is planning to build one- and two-bedroom apartments ranging from 578 SF to 1,024 SF.
A Berkadia team of Roberto Pesant, Jaret Turkell, Yoav Yuhjtman, Omar Morales and Jose Mota represented the seller. Tomas Sulichin of RelatedISG Realty represented the buyer.
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A 52K SF small-bay warehouse on a 130K SF lot at 14000 Southwest 140th St. in Country Walk sold for $11.2M, according to a release. The buyer was Miami-based real estate investment firm COFE Properties, which was represented by Axiom Capital Advisors. The seller, Red Dot Builders in Miami, was represented by Apex Capital Realty CEO Miguel Pinto and commercial advisers Adriano Salucci and Nick Hernandez.
LEASES
Greenberg Traurig, a law firm with 47 global offices, renewed its 128K SF lease spanning five floors at the Wells Fargo Center in Downtown Miami. The deal is the largest office lease in Miami in at least five years, according to a release.
The landlord is an affiliate of insurance company MetLife, which was represented by a Cushman & Wakefield team of Brian Gale, Ryan Holtzman, Andrew Trench and Edward Quinon. Greenberg Traurig was represented by a Newmark team of Michael Shuler, Jeremy Hakala and Clay Sidner.
The 47-story Wells Fargo Center at 333 Southeast Second Ave. is 93% leased after the C&W team executed more than 250K SF of transactions in the last nine months, according to the release.
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Maman, a French-inspired café with 31 locations in the Northeast, Montreal and Toronto, is planning to expand into South Florida with three new locations. Taryn Brandes and Emily Green of New York-based brokerage Brand Urban represented Maman in all three leases in partnership with Michael Sullivan of Vertical Real Estate, a Miami-based real estate company focused on food and beverage and retail transactions.
The first South Florida Maman will open at Sentral Wynwood at 51 Northwest 26th St. It will occupy a 4,200 SF ground-floor suite at the 175-unit apartment-hotel owned by San Francisco-based Iconiq Capital. The landlord, Sentral, was represented by Brand Urban's Alexandra Yanoff, Christine Nebiar and Brandes in partnership with BM2 Realty’s Gaston Miculitzki.
A 2,600 SF café at 136 Miracle Mile in Coral Gables will be Maman’s second Florida location when it opens in early 2024. The landlord, Coral Gables-based Terranova, secured the deal without a broker after being approached by Vertical Real Estate, according to a release.
The third location will be in 2K SF at 477 South Rosemary Ave. in The Square in Downtown West Palm Beach, a nearly 1M SF mixed-use development formerly known as CityPlace that is being developed by New York-based Related Cos. Marty Arrivo and Liz Higgins of South Florida-based Acre represented Related in the transaction.
CONSTRUCTION AND DEVELOPMENT
LCOR, a development firm with offices in New York, Maryland and Pennsylvania, revealed plans for a 544-apartment project at 1775 Biscayne Blvd. in Edgewater.
The 42-story tower will be LCOR’s first ground-up development in Florida, according to a release. Units would range from studios up to three bedrooms, with 50K SF of amenity space, 10K SF of ground-floor retail and a 628-space parking garage. Construction is expected to begin in the second quarter of 2024.
LCOR acquired the 1.1-acre site last June for $49M, purchasing it from an entity led by Aventura orthopedic surgeon Barry Silverman and his wife, Judy Silverman, The Real Deal reported at the time.
FINANCING
An affiliate of Palm Beach Gardens-based Ram Realty Advisors began construction on the third phase of Botanica Apartments near Zoo Miami after it obtained an $80.6M construction loan, the SFBJ reported. Minnesota-based U.S. Bank, acting as agent for a group of lenders, provided the mortgage for the 12.4-acre site at 15520 Southwest 127th Ave.
The third phase of Botanica Apartments will include 353 apartments and comes after Ram completed 408 apartments, a Walmart Supercenter and three retail buildings at the development. The previous phase of apartments sold for $174M in 2021 to an affiliate of Atlanta-based Cortland Partners.
Ram acquired the site for the third phase of the project for $10.6M from the University of Miami in 2022.
