This Week's South Florida Deal Sheet: Alta Lands $94M For Coral Gables Condos
Alta Developers landed a $94.2M construction loan for its luxury condominium project designed for short-term rentals in Coral Gables.
Alta plans to deliver the 174-unit, 12-story Cassia - The Residences at Coral Gables at 4011 Salzedo St. by the beginning of 2027. JVP Management provided the loan, The Real Deal reported.
The building offers a range of one- to three-bedroom units that start at $800K. Amenities include an indoor pool, dry sauna, steam spa, fitness studios and more, according to a release.
Alta, which acquired the 1.4-acre site in 2020 for $17.5M, originally planned apartments for the site. But it was among a wave of projects that switched gears toward condos designed for short-term rentals in 2023.
A JLL Capital Markets debt advisory team of Brian Gaswirth, Jimmy Calvo and Justin Ratcliffe represented Alta in the transaction.
FINANCING
Mexico City-based Inmobiliaria Brom landed $77M from Barings to refinance its Onyx Tower in Aventura, according to a release.
The 28-story office tower is part of the O Towers campus at 21500 Biscayne Blvd. The Onyx Tower, built most recently in 2022, totals 285K SF of office with a lap pool and a rooftop deck.
The other two towers are the four-story Red Tower and the nine-story White Tower.
Newmark's Jordan Roeschlaub, Jonathan Firestone, Nick Scribani and Chris Lozinak arranged the debt.
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13th Floor Investments and Barings secured a $125M construction loan from Santander Bank and TD Bank for a multifamily project, according to a release.
Cadence, a 35-story tower with 432 market-rate apartments, will have 12% of its units dedicated to workforce housing, restricted to renters making no more than 120% of the area's median income.
The project will be the third residential building at Link at Douglas, a mixed-use development in Coral Gables and Coconut Grove along US1 and Douglas Road spanning 7 acres.
It joins the already completed 312-unit Core and 421-unit Cascade towers. The development includes Milam's Market as its retail anchor, with a fourth residential tower of more than 400 units also in the pipeline.
Cadence is currently under construction and is expected to be delivered in 2028.
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Developer Giuseppe Ladisernia secured a $112M construction loan from New York-based S3 Capital for the east tower of the Oasis Hallandale project, The Real Deal reported.
The 10-acre project at 1000 East Hallandale Beach Blvd. includes two 25-story, 250-unit condo towers. The west tower, which is 80% presold, is expected to finish construction later this year.
Sales for the east tower launched in November, with units ranging 900 SF to 4,750 SF, starting at $750K with amenities like a pool, lounge, office space, a fitness center and more.
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Kushner Cos. landed a $115M construction loan from Arbor Realty Trust for its multifamily development in Surfside, The Real Deal reported.
The 68-unit development at 9300 Collins Ave., which Kushner broke ground on in May, is expected to finish construction in 2026.
Units will range from studios to four-bedroom apartments, and amenities will total 15K SF, including a spa, fitness center, theater, library and a 24K SF rooftop with a pool and yoga lawn.
SALES
Elion Partners sold a two-building industrial portfolio in Deerfield Beach and Pompano Beach to Exeter, according to a release.
The portfolio includes a 158K SF distribution center at 1111 SW 30th Ave. in Deerfield Beach, fully leased to Amazon. The second property, at 1121-1141 NW 31st Ave. in the Broward Turnpike Center in Pompano Beach, totals 63K SF and is leased out to two tenants.
A team of Cushman & Wakfield’s Mike David, Dominic Montazemi, Rick Brugge, Rick Colon and Greg Miller represented Elion Partners.
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New York-based Simi Capital acquired an industrial site in Miami that hadn't changed hands since the 20th century.
Simi paid the Acosta Family LTD Partnership $31M for 8505 NW 74th St. The Acosta family paid $1.6M for the property in 1998, The Real Deal reported.
The site includes a restructured 10-year lease with existing tenant Iron Container, which was represented by Rene Vivo of Vivo Real Estate. The off-market deal was brokered by The Katsikos Group.
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An entity tracing to Greystar purchased 36 acres from Coolidge Inc. for $30.5M and secured a construction loan of $63M from Truist Bank, according to property records provided by Vizzda.
The land has proposals for more than 280K SF of industrial and 43K SF of office across three warehouses and 314 parking spaces in Coconut Creek.
LEASES
West Elm has signed a 12K SF lease to open a storefront at The Dorsey Wynwood, according to a release.
Related Group, Torose Equities and Lndmrk lured the furniture and home decor retailer to relocate from its Midtown location to take up six combined storefronts at NW 28th Street and Third Avenue.
The Dorsey is a 306-unit complex with apartments ranging from 450 SF to 1,600 SF. It also includes amenities like a pet spa, rooftop pool and yoga room alongside 78K SF of office and 33K SF of retail.
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L&L Holdings and Oak Row Equities have partnered with Miami chef Giogio Rapicavoli to launch an Italian-style steakhouse in Wynwood Plaza, according to a release.
The Luca Steak will span 4,500 SF indoors and 1,900 SF outdoors alongside Wynwood Plaza’s 26K SF public plaza at 95 NW 29th St.
Wynwood Plaza is a 1M SF mixed-use campus that has a 509-unit residential tower with an office component where Amazon leased 50K SF at the beginning of the year.
PEOPLE
JLL welcomed Daniel Gardner as its vice president for its South Florida retail brokerage group based in Fort Lauderdale, according to a release.
He previously worked at Katz & Associates as a director, advising brands like Walmart, Chick-fil-A and Five Below on expansion strategies and site selection. He is also an active member of the International Council of Shopping Centers.
His new role at JLL will focus on both retail tenants and landlord representation.
