Terra Locks Down $44 Million In Financing For Publix-Anchored Retail Development In Pembroke Pines

Coconut Grove, FL-based Terra has locked down a $43.74 million in senior mortgage financing for 16000 Pines Market. The loan was provided by Thorofare Capital, Inc., an affiliate of alternative investment manager Thorofare LLC., and was issued to 16000 Pines Retail Investments, LLC, an entity managed by 16000 Pines Market. 16000 Pines Market is a 135,000 SF mixed-use retail development nearing completion in the City of Pembroke Pines in South Florida’s Broward County. The financing was arranged by Walker & Dunlop’s Keith Kurland, Jackson Sastri and Ian Hawk of the firm’s New York City capital markets group.

Terra will utilize the loan proceeds to finish construction, capitalize the TIs/LCs and carry the project until its stabilization. Construction of 16000 Pines Market’s first phase was completed earlier this year, with construction of phase two now getting underway and expected to deliver in 2022.

“Terra’s continued investment in Pembroke Pines reflects the City’s growing residential population and the high barriers to entry that exist for new commercial development,” said Terra CEO David Martin. “16000 Pines Market will meet mounting demand for lifestyle-oriented retail and unique food and beverage experiences, while offering an everyday amenity for neighboring residents and visitors.”

The key anchor tenant at 16000 Pines Market is 91-year-old Publix Super Markets, Inc., the largest and fastest-growing employee-owned supermarket chain in the United States. Additional co-anchors include national off-price department store retailer Burlington (NYSE: BURL), which operates 740 stores across 40 states and Puerto Rico with over 40,000 employees and a $20 billion market capitalization, as well as Crunch Fitness, a fitness club chain that has more than 300 franchise locations across the United States, Canada and Australia.

Felix Gutnikov, Thorofare’s principal and head of originations, said, “closing this construction-completion loan for a Publix-anchored retail asset in a desirable South Florida suburb comes on the heels of our Miami office opening and underscores the firm’s commitment to expand our geographic footprint in the Southeast.”

“This high-structured financing reflects our belief that well-designed grocery-anchored shopping centers, with sought-after tenants such as Publix, will continue to garner demand from institutional debt and equity capital sources,” said Thorofare’s principal and CIO Brendan Miller. “Executing a transaction with Terra will help continue to expand our presence in the Southeast as well as diversifying our loan portfolio with grocery-anchored assets, the most resilient, necessity-based retail property type.”

16000 Pines Market is situated on 13.2-acres with strong visibility along Pines Boulevard and Dykes Road, a major thoroughfare in the affluent suburb Pembroke Pines, which is part of the Ft. Lauderdale retail market and Southwest Broward retail sub-market. Additional tenants include Verizon, Regions Bank, a United States Postal Service branch, Jersey Mike’s Subs, Vivo Pizza & Pasta, FirstWatch Café, Cheddar’s and MD Now.

CA Ventures Acquires Student Housing Complex In Boca Raton For $80 Million

The Chicago-based CA Ventures has acquired The University Park student housing complex in Boca Raton for $80 million, roughly $503,000 per unit. The deal was financed with a $52.35 million Fannie Mae mortgage by Grandbridge Real Estate Capital. The seller was the New York-based Investcorp International who acquired the property in $70 million in 2016.

The University Park is located at 135 NW 20th St., near Florida Atlantic University, and was developed in 2015. The multifamily building sits on 10.7 acres and features 159 apartment units with 228,097 square feet of total development. Amenities include a resort-style pool, fitness center with boxing area, yoga studio, barbecue area, study rooms, 24/7 market, gaming area with pool table, a cell phone booster tower and free roommate matching.

Bell Partners Acquires Boca Raton Multifamily Communities For $94.25 Million

The Greensboro, NC-based Bell Partners has acquired two apartment communities in Boca Raton, The Lumin at Boca Raton and Cade Boca Raton, for $94.25 million. The Lumin at Boca Raton and Cade Boca Raton are located within the Park at Broken Sound, at 5500 Broken Sound Blvd. and 950 NW Broken South Parkway respectively. The acquisition was financed by a $58.8 million mortgage provided by GIM Commercial Mortgage Loan Fund. The properties will be renamed Bell at Broken Sound. Bell Partners now owns eight apartment communities in South Florida.

5500 Broken Sound Blvd. is a 180-unit apartment complex completed in 2018 on 9.1 acres. The property was developed and sold by a joint venture between Mainstreet Capital Partners and New Century Companies and sold for $56.5 million, roughly $314,000 per unit. 950 NW Broken Sound Parkway was also completed in 2018 and features 90 townhomes on 5-acres. The property was sold by an affiliate of Bluerock Real Estate and sold for $37.75 million, roughly $419,000 per unit.

Aston Martin Residences Miami Reveals New Renderings And Financing Options

G&G Business Developments has revealed new renderings and introduced a unique way of financing their new property at Aston Martin Residences Miami. Created to simplify the buying process, clients can enjoy a special payment plan developed with mortgage broker, Regal Group International.

After reviewing the market for over a year, Germán Coto, CEO of G&G Business Developments, and his team, saw an opportunity to innovate and enhance the buying experience by offering pre-construction deposit financing. This pioneering new program enables clients to finance their property from day one, providing buyers with greater freedom to manage their portfolio of investments and revenues.

“We’re redefining the Miami skyline with the new Aston Martin Residences, and now we’re redefining the way our valued customers can finance their new luxury homes,” says Germán Coto, CEO of G&G Business Developments. “At G&G we have a reputation for pursuing innovative projects with a clear vision to achieve exceptional results and increase customer satisfaction, and this is why we created an innovative financing option.” 

The collaboration between Regal Group International, a trusted name in residential mortgage lending for more than 23 years, and G&G Business Developments, a leading global luxury real estate company, is good news for clients looking for a smart way to finance their new home.

“Buyers have the opportunity to purchase their home with a special long-term payment plan that will provide comfort and a smooth process for prospective clients,” says Juan Ayala, President of Regal Group International. “After the initial payment, the buyer will make equal monthly installments for the Term of the Loan. These installments are fixed from day one of signing the contract and for the full term of the loan. There is no prepayment penalty for the duration of the loan, and the client can cancel or change their lender without being penalized. Additional financing costs and commitment fees are not included and remain the buyer’s responsibility. This new financing plan is one of the first of its kind for a pre-construction luxury development.” 

Regal Group International offers a highly personable approach, working with both parties, the prospective buyer and private investor, to ensure clients are supported throughout the sales process. Responsible for all financial and legal disclosures to the buyer pertaining to this financing, Regal Group International has developed a personalized and straightforward approval process, with a team of expert advisors on hand to ensure a smooth and stress-free transition to a new home at Aston Martin Residences.

Headquartered in Miami, G&G Business Developments was founded by CEO, Germán Coto. As the developer of Aston Martin Residences, the only Aston Martin real estate project in the world, G&G has a reputation for pursuing innovative projects with a clear vision that achieves exceptional results. This new financing offer is just one of the luxury services G&G has developed to make life easier for its high-level clients.

Aston Martin Residences, located at 300 Biscayne Boulevard Way in Miami, consists of 391 luxury residences and penthouses priced from the $970,000s to upwards of $50 million. The project is almost 60% sold, and construction is scheduled for completion in 2022. 

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