Eyzenberg & Co. Structures $73.35 Million Construction Loan For Downtown St. Petersburg Condo Development

Eyzenberg & Company has arranged a stretch-senior construction loan to finance the development of Reflections Condominiums, a 17-story condominium tower on Mirror Lake in St. Petersburg, Florida. The New York-headquartered commercial real estate investment banking firm was retained in 2021 as the exclusive financial advisor for the development of the 326,468 square foot building.

Situated at the Edge District of St Petersburg, Reflections is surrounded by new restaurants, boutique shopping, as well as award winning galleries and museums. With nationwide interest of homebuyers flowing into the greater Tampa and St. Petersburg markets of Florida, the developer was well positioned to deliver a product in extremely high demand. In the months leading up to loan closing the developer pre-sold over 55% of the building’s available units.

“Our firm and team members have a long history of representing developers in the South Florida community, one of the many reasons we established a local office in Miami in 2019” Said David Eyzenberg, President of Eyzenberg & Company.

The tower features open floor plan options ranging from 1,168 to nearly 2,285 square feet of interior living space. Reflections’ residents are provided private access to the tower’s 12,000 square foot rooftop featuring a glass façade, air-conditioned fitness center and social club, a tropical pool and spa terrace, outdoor kitchen and wet bar, and unparalleled panoramic views of Mirror Lake, Downtown St. Petersburg, and Tampa Bay.

The Eyzenberg deal team included Robert Ginsberg, Aaron Stelzer, Alex Anderson and Elena Burgos. After exploring the equity and structured capital markets to fill the existing gap in the capital stack, Eyzenberg arranged a construction loan from a debt fund that provided stretch-senior construction financing that allowed both existing sales deposits as well as future sales deposits to be treated as a source of capital that filled the entire capital stack. “This particular transaction underscores the need for sophisticated structuring capabilities vs introduction services in complicated scenarios” said Robert Ginsberg, managing director of Eyzenberg & Company

With economic headwinds facing the construction industry from inflation, the lingering effects of Covid-19, and geo-political pressures in Europe, Eyzenberg was able to work with both the lender and borrower to bridge cost overruns and a steepening yield curve and shepherd the transaction to a successful close.

The project is anticipated to reach completion and deliver the final units in April of 2024.

The Tampa EDITION Launches Sales Center At Water Street Tampa

The Residences at The Tampa EDITION have recently launched sales for the city’s first five-star hotel-brand inside Water Street Tampa. The project was developed by Tampa-based firm Strategic Property Partners. The new sales gallery opening will allow buyers to view residences’ interiors and layouts first-hand for the 37 residences featured in the building. The Tampa EDITION will be the third EDITION Residences offered around the World. 

"We are thrilled to introduce this unmatched residential offering to Tampa,” said Bob Glaser, CEO and President of Smith & Associates, the brokerage responsible for residential sales at The Tampa EDITION. “Serviced by the world-renowned EDITION brand and providing immediate access to the best shopping, dining and cultural institutions the city has to offer, The Residences at The Tampa EDITION are unlike any other product in the history of Tampa. It’s gratifying to see such an incredible response from the market, as well as the enthusiasm from our buyers who recognize how special these homes are.” 

The Tampa EDITION features luxury condos by world-renowned architecture firm Morris Adjmi Architects. Interiors are inspired by AD 100 design firm Roman and Williams. Residences will offer indoor-outdoor living with expansive floor-to-ceiling windows and sliding glass doors leading to wraparound terraces. Residences will also have access to private amenities and residential services programmed by The EDITION. Amenities include a residents-only fitness center, social kitchen and lounge, private residential lobby access, private residents’ elevators and a residential Lifestyle Manager. Residents will also be able to enjoy EDITION Hotel benefits including a rooftop terrace, pool, and priority access to reservations at the restaurants. Residences will begin on the 10th floor situated above the 172-key EDITION Hotel. The building will have views of Hillsborough Bay and Downtown Tampa. 

The Tampa EDITION is located in the neighborhood connecting Tampa’s central business district with its waterfront. Construction is well underway and the first contracts for The Residences are already being signed. Pricing for available residences starts at $2 million. Smith & Associates will be the exclusive sales agent representing The Residences at the Tampa EDITION. 

American Landmark Acquires 624-Unit Multifamily Portfolio From RADCO For $100.5 Million

American Landmark has acquired the recently renovated Radius Winter Park and Ashford at Feather Sound communities in Casselberry and Clearwater, FL from the Atlanta-based RADCO Companies. The 624-unit portfolio traded for $100.5 million and the transaction was overseen by CBRE. Radius Winter Park features 336 apartment units and sold for $51.5 million and Ashford at Feather Sound features 276 apartment units and sold for $49 million. The properties will be renamed Onyx Winter Park and Fairways at Feather Sound.

Radius Winter Park is located in Casselberry, FL, just 10 miles north of Orlando. The lakeside community was developed in 1983 and features a suite of amenities including a pool, BBQ and picnic area, playground, dog park, pet spa, indoor fitness center and internet café. Units range from studio to two-bedroom floor plans.

Ashford at Feather Sound was developed in 1985 and is located near I-275 just across the bay from Tampa in Clearwater, FL. The lushly landscaped property features two lakes, a heated pool, hot tub, sundeck, a grilling and picnic station, fitness center, tennis courts, scenic walking paths and an equipped pet park. Units are available in one- and two-bedroom layouts.

Avison Young Oversees Sale Of $70 Million Transformco Distribution Center To Reich Brothers

Avison Young’s Florida Capital Markets Group has overseen the sale and closing of the Transformco Distribution Center, the largest single-building industrial asset in Florida spanning nearly 2 million SF, to Reich Brothers. The transaction closed for $70 million for the 1,937,892-square-foot Transformco Distribution Center, located at 655 SW 52nd Ave. in Ocala. With a sale-leaseback agreement, Transformco continues to occupy the property to operate its main distribution center for the entire Southeast U.S. region supporting Sears, Kmart, and Hometown stores. The transaction brings Avison Young’s Capital Markets Group’s investment sales closed in the past 60 days alone to more than $300 million

Avison Young Principal and Miami Managing Director Michael T. Fay; Principals Jay A. Ziv, CCIM, SIOR, ALC; John K. Crotty, CCIM; and David Duckworth; Vice President Brian C. de la Fé; Associate Berkley Bloodworth; and Associate Emily Brais negotiated the sale on behalf of Transform Holdco. The buyer was Reich Brothers, a national industrial real estate firm specializing in manufacturing and distribution facilities across the U.S.

“Industrial continues to be the hottest asset type for investment in Florida, with Ocala standing out due to its quick access to every major market in the state as well as Georgia, South Carolina, and Alabama,” said Fay. “The Distribution Center offered Reich Brothers the opportunity to acquire a substantial, in-demand, cash-flow property in Central Florida.”

Despite new construction, Central Florida’s distribution market maintains a vacancy rate in the low single-digits. In addition to Transformco, major distribution users in Ocala include ClosetMaid, Chewy, AutoZone, FedEx, and several others. Less than five minutes from Interstate 75, the Sears Distribution Center is within a four-hour drive time of 14 million people.

Avison Young’s Florida Capital Markets Group also completed the disposition of the 126,336-square-foot Sears location at 9409 U.S. Hwy 19 in Port Richey, Florida.