Terra And New Valley Lock Down $64.8 Million Construction Loan For Natura Gardens Apartments

Terra and New Valley, the development partners behind Natura Gardens, a new multifamily community in Northwest Miami-Dade County, have secured $64.8 million in construction financing from Bank OZK. The loan will fund the ongoing construction of the 23-acre community, which will encompass 460 garden-style apartments across 12 three-story residential buildings. The development broke ground in February 2021 and vertical construction will get underway in the next 30 days, with completion slated for late 2022. Cushman & Wakefield arranged the financing on behalf of the development team.

“Our ability to secure favorable construction financing for Natura Gardens speaks to the growing demand for market rate rental housing in South Florida,” said David Martin, CEO of Terra. “We’re seeing an influx of millennials, young professionals and new families looking for attainably-priced residential options in South Florida’s suburban neighborhoods, specifically west of I-75, close to good schools, and some of the region’s largest corporate employers.”

Natura Gardens has been architecturally designed by Pascual, Perez, Kiliddjian Architecture (PPK), with the development’s clubhouse and model units imagined by tennis champion Venus Williams’ design firm V Starr Interiors.

Apartments will range from one- to three-bedrooms, measuring between 727 and 1,476 square feet in size. Units will boast high-end finishes and fixtures, expansive balconies, custom shaker-style kitchen cabinetry, spacious built-in pantries, kitchen islands with breakfast areas, stainless-steel appliances, full-size washer and dryers, spacious living and dining rooms, walk-in closets and en-suite bathrooms.

Amenities at the gated community will include a two-story clubhouse with a resort-style pool and spa; a covered kitchen prep area and grilling station, sink and refrigerator; outdoor tiki hut areas with hammocks and lounge chairs on comfortable beach sand, tables and umbrellas; a media room, game room and kids playroom; a children’s tot-lot play area with recreational equipment and electronics charging stations; a sophisticated lounge with a bar and kitchen; a state-of-the-art fitness center with yoga, aerobics and spinning studios; a business center with co-working spaces and a coffee bar; and a residents-only dog park with site furnishings.

Inspired by the area’s natural surroundings, the community will feature lush landscaping, open lawns, lakes and preserves. Residents will also have access to a dedicated walking/running trail throughout the community.

Natura Gardens is situated along NW 170th Street between I-75 and Florida’s Turnpike, immediately south of the planned American Dream retail and entertainment complex.

Turnberry Associates and LeFrak Organization Lock Down $32 Million Construction Loan For SoLé Mia

Turnberry Associates, led by Jackie Soffer, and the LeFrak Organization, led by Richard LeFrak, have locked down a $32 million construction loan for the 187-unit Villa Solé at the $4 billion SoLé Mia mixed use masterplan in North Miami. The loan was provided by JP Morgan Chase Bank. Villa Solé is a 187 unit, 6-story multifamily building designed by MSA Architects with interiors by KDS Interiors. The building topped off Q1 2021 and is expected to be delivered Fall 2021. The developers have also planned another 190-unit multifamily building Villa Laguna.

In March 2019 the first residential tower at SoLé Mia, The Shoreline, was delivered. The SoLé Mia masterplan includes 12 towers, 500,00 SF of retail and commercial space, a 225,000 SF University of Miami Health Center, all anchored around South Florida’s first 7-acre Crystal Lagoon, Laguna Solé, at the $4 billion, 184-acre master-planned community, SoLé Mia. SoLé Mia will ultimately be a 183-acre master-planned community with the entire development expected to take over 10 years to complete. In total SoLé Mia will feature 4,300 residential units, retail, entertainment and recreation.

The 48-Story Five Park Locks Town $345 Million Construction Loan In South Beach

The developers of Five Park, a 48-story residential tower coming to the entrance of South Beach at 500 Alton Road, has locked down a $345 million construction loan. The loan is the largest residential construction loan to be funded in South Florida since the pandemic took hold and is being provided by Blackstone and Apollo. Five Park is being developed by a partnership between Terra, led by David Martin, and the Galbut Family Office in partnership with New Valley. The 519-foot development will become the tallest building in Miami Beach upon its completion in 2023.

“Miami Beach is well-positioned for long-term growth as a global gateway city, with continued demand coming from both foreign and domestic buyers. Five Park is poised to become the address of choice for the City’s newest residents, offering direct pedestrian access to Canopy Park and the Miami Beach Baywalk, panoramic views across the cityscape and Biscayne Bay, and best-in-market amenities,” said David Martin, CEO of Terra.

Five Park is designed by Arquitectonica with interiors by Gabellini Sheppard. The tower will include approximately 280 residential units with a blend of condominium and multifamily residences as well as 3-acre public park. The units mix is made up of spacious two-, three-, and four-bedroom residences and penthouses. Building amenities will include an amenity deck with two swimming pools, a restaurant, sunset viewing lounge areas, a resort-style spa, and a state-of-the-art fitness center with outdoor exercise areas. The tower will also feature a grand lobby with a gourmet café as well as a Sky Club lounge with a second fitness center, a private dining room, and a building concierge offering in-room dining and other specialized services for residents.

The development also includes the construction of Canopy Park, Miami Beach’s newest public park, which broke ground in July 2020. The three-acre park, located between the 600 and 700 blocks of Alton Road, will include an array of resiliency and sustainable features along with open green spaces shaded by native tree species, pedestrian and bike paths, an outdoor gym and dog run, a MONSTRUM-designed children’s playground, and public art displays. Construction of Miami Beach’s newest world-class city amenity is currently underway and is slated for completion in Summer 2021.

Approved plans for the site also include a third phase, Miami Beach Canopy, which will encompass a signature pedestrian bridge spanning 5th Street designed by internationally renowned artist Daniel Buren and is anticipated to get underway in 2022. The Miami Beach Canopy — subtitled Walking Under, Along, and On the Colors: work in-situ by Daniel Buren — will complete the Miami Beach Baywalk, creating a safe and seamless connection running from South Pointe Park north to the Lincoln Road District and east to the beachfront. The Canopy will become an instant icon for Miami Beach and a beloved work of public art that guides pedestrians along a rainbow of colorful shadows.

The $345 million loan is the latest sign that Blackstone is going long on the Miami market following the news that the firm has purchased the office towers at 2 and 3 Miami Central in Downtown Miami for $230 million. Blackstone is planning a 200-person tech-focused office in Downtown Miami.

For more information about Five Park, private showings or purchasing/ leasing information please fill out the form below:

Aztec Group Secures Debt & Equity For Retail Acquisition In South Carolina

Aztec Group, Inc., Florida’s leading real estate investment and merchant banking firm for the past 40 years, has announced that Managing Directors Jason Shapiro and Sean Harrington, and Senior Associate, Joel Zusman secured a $10.75 million, 60% loan-to-cost, non-recourse loan and joint venture equity for the acquisition of Chapin Crossing, a 72,714 square foot Publix-anchored shopping center located in Chapin (Columbia MSA), South Carolina.

Located at 1235 Chapin Road, the property was built in 2017 and is situated at the southwest corner of Chapin Road and Lexington Avenue on 13.6 acres of land. Chapin Crossing is comprised of a 45,600 square foot Publix, 13,950 square feet of in-line space and a 13,164 square foot multi-tenant outparcel. The Property’s tenants include Anytime Fitness, Marco's Pizza, Bank of America, Palm Beach Tan, Pacific Dental, Jersey Mike's, Verizon and Palmetto Health.

Aztec Group represented the buyer, a partnership led by affiliates of Miami, Florida-based CF Properties Corp. The lender is a Missouri-based life insurance company, and the loan was executed with a fixed rate under 3.0% for ten years. “The low, fixed interest rate will further support the buyer’s objective of strong and long-term cashflow, which has become difficult to find today,” said Sean Harrington.

Over the last 90 days, Aztec Group’s team has closed over $250,000,000 in debt and equity engagements for multifamily, retail, office, land and industrial properties across the Southeast.

Real Estate Developer Leads $560,000 Funding Round to Develop VR Gaming Experience

AEXLAB, virtual reality (VR) technology studio, has raised over $560,000 on Start Engine in just two weeks through a Regulation Crowdfunding (Reg CF) offering. Regulation CF, also known as equity crowding, is similar to Regulation A and allows companies to raise funds from the public. Start Engine is the largest crowdfunding platform in the U.S. and is advised by Shark Tank’s Kevin O’Leary.

The company is raising capital to continue developing unparalleled VR technology that gives gamers superior immersive, interactive and social gaming experiences. AEXLAB is led by CEO Jonathan Ovadia, real estate developer and licensed general contractor in Florida. The virtual reality gaming market size is expected to reach $92.31 billion by 2027, expanding at a compound annual growth rate of 30.2% over the forecast period.

“When Facebook lowered the barrier of entry to VR by launching Quest 2 in September 2020, we knew this was an inflection point in the market. With Miami currently rebranding itself as a tech hub, we thought it was the perfect time to go public with VAIL, our first gaming franchise,” said Ovadia.

Founded in 2015, the firm’s proprietary systems include solutions for haptics, audio spatialization, firearm simulation, virtual reality human interfaces, and real-time social and gaming networking technology. The closed alpha of the upcoming VAIL franchise has attracted professional e-sports competitive players and enthusiastic casual players alike. AEXLAB has created numerous bespoke experiences for Red Bull, American Institute of Architects, Epic Games and Valve.

The desire for social interaction and an immersive experience in gaming has been accelerated by recent events. In VAIL, players load into an interactive space and invite friends to socialize before queuing up for matches. AEXLAB supports all major headset manufacturers including Lenovo, Hewlett Packard, Oculus, Valve, HTC, Windows Mixed Reality and more.

For more information visit www.startengine.com/aexlab.

By Katya Demina

Reuben Brothers-Led Venture Buys Out Fortress Investment Group's Debt Backing One Thousand Museum By Zaha Hadid Architects

A Reuben Brothers-led venture, which includes Fontainebleau Development, has bought out the remainder of Fortress Investment Group’s stake in the debt behind one Thousand Museum by Zaha Hadid Architects. Fortress Investment Group had initially provided a $225 million construction loan in 2016, half of which was later acquired by the Reuben Brothers-led venture before a portion was paid back by the developers.

The Reuben Brothers is a British private equity firm led by David and Simon Reuben. The firm has partnered with Jeffrey Soffer’s Fontainebleau Development on several projects in South Florida recently including at the JW Marriott Miami Turnberry Resort & Spa in Aventura.

One Thousand Museum was developed by Louis Birdman, Gilberto Bomeny, Gregg Covin and Kevin Venger. The tower officially debuted August 2019 as one of the country’s most anticipated condominiums, with its striking exoskeleton instrumental to becoming the most iconic and identifiable tower in Downtown Miami. The tower was the designed by the late Zaha Hadid and was her first residential skyscraper in the Western Hemisphere. The unique tower features an exoskeleton which was made from glass fiber reinforced concrete imported from Dubai.

One Thousand Museum rises 62-stories and offers 84-units. The building’s luxe lifestyle and exclusive amenities are among its most desirable attractions including a private rooftop helipad, making it Miami’s only residential building accessible via its own private airport. One Thousand Museum is also the first residential building in the world to partner with Forbes Travel Guide to create a hospitality-focused experience for residents and their guests on par with the finest hotel in the world.

Additional amenities include a Sky Lounge for dining and private events; an on-premise bank vault; nearby private Beach Club, Museum Beach; access to a house car service, 1KM wellness center featuring state-of-the-art equipment by Techno-Gym, a Spa with relaxation pods and private treatment rooms for spa services and the Aquatic Center featuring an indoor lap-pool at the 61st Floor.

For more information about One Thousand Museum by Zaha Hadid Architects, private showings or purchasing information please fill out the form below:

The Estate Companies, Merrimac Ventures And Tricera Capital Secure $56 Million Construction Loan For Soleste Cityline Apartments

The Estate Companies, Merrimac Ventures and Tricera Capital have secured a $56 million construction loan for Soleste Cityline, a multifamily development planned in Dania Beach. The loan was provided by Synovus Bank and the development partnership plans to break ground by the end of Q1 2021. The 2.2-acre site was acquired in September 2020 for $8 million. The Estate Companies is a subsidiary of Estate Investments Group (EIG), Merrimac Ventures is led by Dev Motwani and Tricera Capital is led by Scott Sherman.

Soleste Cityline was designed by Caymares Martin. The development will be located at 4 N Federal Highway and will rise 8 stories featuring 340 apartments with 12,800 square feet of retail. Units will range from roughly 600 square foot studios to 1,200 square foot three-bedroom floor plans. Amenities will include a pool deck with grilling stations, fitness center, community room and private event space. Upon expected completion in 2023 the retail portion will be owned by Merrimac Ventures and Tricera Capital, both firms have been very active developing and acquiring retail properties in South Florida.

LA CLARA Locks Down $110 Million In Construction Financing In West Palm Beach

Great Gulf and Terrace Mountain Investors have obtained $110 million in construction financing from Bank OZK for LA CLARA, a 25-story, 83 unit condo tower under construction in West Palm Beach. Sales have reportedly eclipsed 50% and over $100 million including an $8.9 million penthouse. LA CLARA is located on a 2.4-acre site at 1515 S Flagler Drive on the Intracoastal waterway which the development partnership acquired for $24 million in 2016. John Moriarty & Associates are the general contractor on the project.

LA CLARA offers 83 residences comprised of one-, two- and three-bedroom units ranging from 1,500 SF to more than 4,000 SF. Pricing starts at $2 million with sales and marketing being exclusively overseen by Douglas Elliman Development Marketing. The building is designed by Hariri Pontarini Architects with Stantec as the architect of record.

The structure’s façade will feature a contemporary Florida Modernist style with a muted neutral palette consisting of stucco, Roman travertine, coral stone and granite with bronze accents. The luxury condominium is designed to achieve LEED Certification by the U.S. Green Building Council. Amenities will include a state-of-the-art fitness center with yoga studio, spa, outdoor garden, dog spa, club lounge, theater, conference room, business center, wine tasting room with storage and a resort style pool.

Sales are being led by Chris Leavitt, Alison Newton and Joey Columbo of Douglas Elliman Development Marketing. The deposit schedule is 10% down at contract, an additional 10% six months later and an additional 5% the following year. The building is expected to be delivered in 2021.

For more information about La Clara, private showings or purchasing/ leasing information please fill out the form below:

First American Bank Continues to Expand in South Florida with New Westchester Branch Location

First American Bank celebrated the grand opening of its new Westchester branch location at 9696 SW 40th Street, which will replace its temporary Florida International University facility. First American, which acquired the Bank of Coral Gables in 2014 and Continental National Bank in 2019, now has six branches throughout Miami-Dade, a wealth management office in Tampa, and 53 locations in the Chicago-Milwaukee metropolitan market.  This event follows the bank’s November opening of its Florida headquarters in Coral Gables. The grand opening was celebrated on-site with an intimate, socially-distanced ribbon cutting ceremony on January 14, 2021.

“It has been an expansive year for First American Bank, and I am excited to be leading the Westchester team here in South Florida,” said Julio Valle, Vice President and Market Manager. “First American Bank prides itself on offering clients professional attention for their business, wealth, and personal financial needs; our expansion will continue this commitment to the Westchester community.”

Due to the current state of the global pandemic, First American Bank held a live stream of the ceremony on its Instagram account and hosted several key members of First American Bank in-person including Julio Valle, and Rodolfo Lleonart, the Executive Vice President and Managing Director Community Banking.

With assets in excess of $5 billion, First American Bank serves privately owned businesses with trade finance and working capital facilities directly and through its affiliation with the Small Business Administration. In addition, they have a broad array of commercial and consumer mortgage lending programs.  The Bank’s wealth management department has over $3 billion in assets under management.

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.