Tricera Capital Obtains $50.75 Million in Financing for The Press in West Palm Beach

 

Ben Mandell 

  WEST PALM BEACH, FL –– Tricera Capital, the Miami-based real estate investment firm led by Ben Mandell and Scott Sherman, secured a $50.75 million loan for its pioneering mixed-use project - The Press - in West Palm Beach.

The transaction refinances an existing loan and provides Tricera with the necessary funding to complete the redevelopment of the Palm Beach Post campus.

 Scott Sherman

Monroe Capital LLC (“Monroe”) of Chicago is the lender. The transaction closed on April 15.

Kyle Asher

Located on more than 11 acres at 2751 S. Dixie Hwy., The Press is an adaptive re-use project in which nearly all existing structures are being preserved.

 It includes a 125,000-square-foot retail component - Shops at the Press – and an adjacent 140,000-square-foot office building branded as Workspaces at the Press.

“We are thrilled to complete this transaction and appreciative of Monroe Capital’s belief in our firm’s most ambitious project to date,” Mandell said. 

“The tenant mix is coming together nicely, with retailers that will complement the office tenants next door and surrounding neighborhood. The Press is poised to reinvigorate the Dixie Highway corridor.”

Jason Krane 

“We are excited to partner with Scott, Ben and the Tricera team on this asset. This represents Monroe’s continued interest and appreciation of opportunities in the South Florida real estate market,” said Kyle Asher, Co-Head of Monroe Capital’s Opportunistic Private Credit Group.

“Monroe continues to establish and grow its real estate business. While many competitors were impacted by COVID, we identified opportunities and closed our seventh real estate transaction in the last 12 months.”

Simon Ziff 

Ackman-Ziff Real Estate Group Principal Jason Krane and President Simon Ziff arranged the financing on behalf of Tricera. Law firm Polsinelli served as Tricera’s legal representative for the transaction.

The financing comes on the heels of Tricera finalizing a long-term lease with Joseph’s Classic Market to anchor Shops at the Press.

Joseph’s, an upscale family-owned Italian specialty market founded in 2005 by New York native and longtime Palm Beach County resident Joseph Acierno, is leasing more than 15,000 square feet.

Gal Bensaadon

Tricera also recently completed a lease with retailer Tipsy Salonbar, a South Florida-based high-end beauty salon that will open a new location at Shops at the Press.

Tricera expects to deliver the Joseph’s space in mid-2022. Meanwhile, the firm is nearing completion of the Starbucks outparcel on the project site at the hard corner of Belvedere Road and South Dixie Highway. The Starbucks is scheduled to open to the public in June 2021.

The Press is bringing much-needed retail, offices, entertainment and public art to West Palm Beach while preserving an important piece of the city’s history. The Post’s office building and printing press will remain intact. The project name is a nod to the Post’s legacy at the site.

 Everald Colas 

For Workspaces at the Press, Tricera recently completed an extensive renovation of the existing four-story office building.

The Post has signed a new long-term lease and are now occupying 35,000 square feet on the second floor. Cameron Tallon, senior vice president for JLL’s agency leasing team, is handling office leasing on behalf of Tricera.

Other members of the project team include:

·       Miami-based General Contractor Red Door Construction, led by Gal Bensaadon

·       Architect Everald Colas of St. Petersburg-based Storyn Studio for Architecture

·       St. Petersburg-based artist Ya La’ford, a renowned muralist who is creating public art displays on the project’s exterior façade.

 Ya La’ford

CONTACTS:  

Eric Kalis

954-370-8999

ekalis@boardroompr.com

 

Daniel Benjamin

Senior Account Executive, BoardroomPR

dbenjamin@boardroompr.com

O 954-370-8999

C 954-618-8287

Bank of America Plaza | 1776 N Pine Island Road

Suite 320 | Fort Lauderdale, FL 33322

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www.triceracap.com.

Seefried Completes Two 200,000-SF Last Mile Facilities in Groveland, FL and Apopka, FL

 

 Paul Seefried

GROVELAND, FL and APOPKA, FL -- Atlanta-based Seefried Industrial Properties has delivered two 201,475-square-foot industrial facilities in Groveland and Apopka, FL. 

 Developed on a build-to-suit basis for a major online retail company, the first last-mile facility is located on a 48 acres northwest of Republic Drive and Independence Boulevard in Lake County’s Groveland. 

The second facility is located approximately 30 miles east on the southeast corner of General Electric Drive and Hermit Smith Road in the Plymouth area of Apopka.  Together, both stations will power last-mile delivery capabilities to speed up deliveries for customers in the metro area. 

 Constructed in less than eight months, the new delivery stations each feature 9,913 square feet of office space, 36-foot clear heights, 12 dock doors and 1,554 van and employee parking spaces. 

 Paul Seefried, Senior Vice President of Development for Seefried had this to say about the project:

“The central Florida market presents an ideal location for regional last-mile distribution opportunities, offering strong transportation infrastructure with easy access to major highways and a growing residential market. 

 Apopka, FL City Hall

"We are pleased to deliver these two new last-mile delivery stations to the ever-growing cities of Apopka and Groveland and look forward to expanding our portfolio across the Sun Belt.”

  The project team on the Groveland project included Kimley-Horn as the civil engineer, BL Companies as the architect and Catamount Constructors, Inc. as the general contractor. 

Kimley-Horn was the civil engineer; BL Companies was the architect; The Conlan Team was the general contractor on the Apopka project. 

CONTACTS:  

Mr. Paul Seefried

Senior Vice President of Development

(678) 904-1917

paulseefried@seefriedproperties.com

 

Ms. Barbara Bennett

Marketing Coordinator

(770) 702-8207

bbennett@seefriedproperties.com

 

 

Seefried Properties Launches Construction on 181,500- SF Build-to-Suit for E-commerce Retailer in Memphis, TN

 

Greg Herren

MEMPHIS, TN, Shelby County -- Seefried Industrial Properties is pleased to announce that development of a build-to-suit distribution facility for one of the world’s largest e-commerce retailers is underway. 

Located at 3140 Victory Ridge Cv.  in Memphis, Tennessee, the state-of-the-art last mile logistics facility will serve residents throughout the northeast suburbs of Memphis. 

The site will include a 181,500 square-foot standalone package delivery facility used to complement a larger fulfillment center less than half a mile north on New Allen Road. 

 To maximize efficiencies, the building will feature a 32’ clear height, 17 dock doors, 13 trailer spaces, parking for 953 delivery vans and 290 employee vehicle spaces as well as 12,190 sq. ft. of office and break room space.

 “Seefried Properties is pleased to be a member of this development team and appreciative of the hard work of all members to make this project a reality,” said Greg Herren, Senior Vice President & COO of Seefried.     

 An early February 2022 completion is expected.  The Conlan Company is serving as the general contractor; BL Companies is the architect; The Reaves Firm, Inc. is the civil engineer on the project.

 CONTACTS: 

Mr. Greg Herren

Senior Vice President & COO

(678) 904-1901

gregh@seefriedproperties.com

 

Ms. Barbara Bennett

Marketing Coordinator

(770) 702-8207

bbennett@seefriedproperties.com

 

 

 

Value-add apartments purchased for $40.2 million in Coral Springs, FL

Coral Falls, a 190-unit value-add multi-housing
property located in Coral Springs, FL

 

Maurice Habif

MIAMI, FL, April 15, 2021 – JLL Capital Markets announced it has closed the $40.2 million sale of Coral Falls, a 190-unit value-add multi-housing property located in Coral Springs, Florida, which is just 20 miles northwest of Fort Lauderdale.

JLL worked on behalf the seller, Iron River Management on behalf of CF Partners Ltd., to complete the sale to the buyer, Landmark Companies, based in Keasbey, NJ; and working locally with Weirwood Capital.

 Landmark owns and operates over 3,000 apartment units and this is their second Florida acquisition. The buyer assumed the loan originally placed on the asset.

 Coral Falls was originally built in 1988 and consists of 19 residential buildings, a clubhouse and maintenance shop.

Simon Banke

The garden-style apartments total 195,504 rentable square feet and include one- and two-bedroom floorplan options.

 Community amenities include a clubhouse, fitness center, picnic areas, tennis court, playground and swimming pool.

 The apartments are located at 2801 N.W. 91^st Ave., near various golf courses and other residential communities.

 This quaint area is known for its “calmer and higher quality of life,” while still providing direct access to key economic drivers and employment hubs in Fort Lauderdale and Boca Raton.

Ted Taylor 

Coral Falls is situated off of University Drive, a major commercial corridor, surrounded by over 12 million square feet of industrial and office space, three hospitals and over 30 schools.

 Despite the COVID-19 pandemic, Coral Falls has performed extremely well with current occupancy at 100 percent and resident retention averaging 74 percent.

 The JLL Capital Markets team representing the seller was led by Managing Director Maurice Habif, Director Simon Banke, Director Ted Taylor and Associate Jo Rousseau.

Jo Rousseau

CONTACT: 

Natalie Passarelli
PR, Americas

JLL

M +1 224 477 7307

JLL.com

 

 

Lee & Associates-Pasadena Closes $3.6 Million Sale of Iconic 14,000-SF Commercial Property in Monrovia, CA

 

Jodi Shoemake

MONROIVA, CA – Lee & Associates - Pasadena Founding Principals Dan Bacani and Jodi Shoemake successfully facilitated the sale of Monrovia’s iconic property, located at 204 W. Foothill Blvd. in the city of Monrovia, California, to a well-deserving and long-time Monrovia business, Foothill Gym, which is owned by Brian and Jennifer Whelan and have been in operation for over nineteen years.

Dan Bacani 

 “While we needed to get creative towards the end, I personally love the fact that such a community-oriented group has found its forever place,” explained Dan Bacani, Founding Principal. “I learned that a bad pandemic can never keep a good entrepreneur down.”

Foothill Gym, 204 West Foothill Boulevard, Monrovia, CA

The Monrovia Masonic Center is a 14,214 square foot special purpose commercial property with excellent visibility on Foothill Blvd. near Old Town Monrovia. 

 Maggie Chou Bell

 Over the years, the building has been home to Masonic meetings, weddings and Boy Scout events to name a few. 

Andrew Chan

Bacani and Shoemake represented the Seller, Monrovia Masonic Building Corp. 

 Andrew Chan and Maggie Chou of Compass Commercial represented the Buyer, Foothill Gym.

 CONTACT: 

Kimberly Barbata

Lee & Associates - Pasadena, Inc.

(626) 240-2790

 lee-associates.com or

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Pangea Properties Completes First Phase of Renovations at Apartment Community in Chicago’s South Shore Neighborhood

6904 South Creiger Avenue,  a 26-unit apartment
building in Chicago’s South Shore neighborhood 

 

 CHICAGO, IL — Chicago-based Pangea Properties (Pangea) announced it completed the first round of renovations of 6904 S. Creiger Ave., a 26-unit apartment building in Chicago’s South Shore neighborhood and one of 13 properties Pangea acquired from the Better Housing Foundation (BHF) in July 2020.

Pangea is now leasing units with rents ranging from the mid-$900s to $1,075 per month.

 A real estate investment trust founded in 2008, Pangea acquires, rehabilitates and improves multifamily residential properties with the philosophy that developing and maintaining these buildings will have a direct impact on the neighborhoods they serve.

Over the past 12 years, the firm has invested almost $500 million to acquire and renovate almost 13,000 units in Chicago, Indianapolis and Baltimore.

 “Our business is transforming forgotten properties into clean, safe and affordable workforce housing, and 6904 S. Creiger is a great example of the quality we can deliver to our residents and the community,” said Bryan Cullers, regional manager at Pangea.

“I have to commend our team for making these units livable again in such a short time and I’m really excited about the bold plans we have for other properties in this portfolio.”

 When Pangea acquired the 281-unit BHF portfolio last summer, the buildings had 1,792 code violations and required extensive repairs.

In particular, 6904 S. Creiger had boarded-up ground-floor windows, broken downspouts, unsafe stairs, missing lighting and uninhabitable units, with only 10 of 26 units rentable.

CONTACTS: 

 Matt Baker, mbaker@taylorjohnson.com

 (312) 267-4512

Gretchen Muller, gmuller@taylorjohnson.com

 (312) 267-4511

 

Keyes/Illustrated Luxury Report: First Quarter Data Confirms South Florida High-End Market is Scorching

 

Mike Pappas

 MIAMI, FL and PALM BEACH, FL, April 14, 2021 – South Florida’s luxury residential market continued its blistering pace of sales activity and price gains during the first quarter of 2021, according to the quarterly South Florida Luxury Market Report produced by The Keyes Company and Illustrated Properties.

 

 Miami-Dade, Broward, Palm Beach and Martin counties recorded year-over-year increases of 116.2% in completed $1 million-and-up single-family sales and 131.5% in condominium transactions.

 

And the second quarter could see even more closed high-end transactions, as the Keyes Family of Companies had more than $1 billion in pending sales in March 2021 – the most in the 95-year history of the firm.

Miami skyline

South Florida’s total high-end single-family sales rose from 826 in the first quarter of 2020 to 1,786 in the first quarter of 2021. The average sales price increased 20.1% year-over-year, from $2.55 million to $3.06 million. Cash sales also soared, with a 126.7% gain from 460 to 1,043.

 

Miami-Dade, Broward and Palm Beach counties all had year-over-year increases in luxury single-family sales, average sales price and cash transactions.

 

On the condo side, South Florida’s total sales jumped from 425 in the first quarter of 2020 to 984 in the first quarter of 2021. The average sales price rose 8.1% year-over-year, from $2.23 million to $2.41 million. Cash sales surged 139.3%, from 303 to 725.

Broward County hot spots

“It has been the perfect storm for South Florida’s luxury market since late last year,” said Keyes and Illustrated President and CEO Mike Pappas.

 

“All the converging trends, including domestic migration from high-tax states, a brutal winter around the nation and historically low interest rates, are resulting in an unprecedented high-end market. Our firm’s record-setting March is an indication that the second quarter could be even stronger.”

 

Other notable findings from the quarterly luxury report include:

 

• Palm Beach County’s high-end single-family sales climbed by 94.8% year-over-year, from 347 to 676. Cash transactions rose by 109%, from 234 to 489

Palm Beach condos

• Broward County $1 million-and-up single-family sales jumped 97.6% year-over-year, from 207 to 409. Luxury condo transactions increased by 131.3%, from 67 to 155
• Miami-Dade County’s high-end market is seeing significant gains in total sales and pricing. The county’s closed single-family transactions surged by 159.6%, from 245 to 636, with the average sales price increasing by 46.1%, from $2.18 million to $3.18 million. Condo sales soared by 159.7%, from 206 to 535, with a 16.7% climb in average sales price, from $2.43 million to $2.73 million.

  CONTACT:

 Eric Kalis,

 BoardroomPR

ekalis@boardroompr.com

954-370-8999

Arbor Funds $143 Million in Bridge Loans Across GA, NC and TX

Ivan Kaufman

 UNIONDALE, NY – Arbor Realty Trust, Inc. (NYSE:ABR) a leading multifamily and commercial mortgage lender, recently closed several bridge transactions totaling $143M. The loans, spanning across GA, NC and TX, consist of refinance, acquisition and new construction executions.

 Gianni Ottaviano

 Over the last year, Arbor Bridge Loans have become an attractive financing option for borrowers looking for short-term debt until they are ready to transition to a permanent loan.

Brian Scharf 

 “There are a variety of financing options today for multifamily investors, with institutions like Fannie Mae, Freddie Mac and FHA providing what many believe are the best available products,” said Ivan Kaufman, Chairman and CEO of Arbor Realty Trust.

“With the resilience of the multifamily sector of the commercial real estate market, alternative financing options have emerged, serving more specialized needs, including critical interim financing. For those needs, quite often, the right product is a bridge loan.”

Gianni Ottaviano, Managing Director of Structured Finance Production adds, “Whether you are looking to acquire a newly built asset that requires time to stabilize, to execute a significant repositioning, or refinance a construction loan giving the borrower time to lease up, our interest-only, prepayable bridge loans are designed to provide flexibility and a seamless transition to one of Arbor’s various permanent financing options.”

Stephen York

Here are some highlights of the recently closed bridge transactions:

 Grace Park in Morrisville, NC – Arbor provided a $25.5M bridge loan to refinance this mixed-use community was constructed in 2007. The property offers modern apartments located above retail shops. Restaurants, pharmacies, grocery stores, nightlife, gyms and other services are all within walking distance or on-site. Brian Scharf of Arbor’s Uniondale office originated the loan. 

 Vintage at College Station in College Station, TX – Arbor provided $10M in acquisition financing. The 200-unit, newly remodeled property features stainless steel appliances, granite countertops, wood flooring and spacious walk-in closets. The pet-friendly complex includes cat and dog parks, a picnic area and cabana. Stephen York of Arbor’s New York City office originated the loan.

 Grace Park in Morrisville, NC 

 The Meadows at Bloomingdale in Bloomingdale, GA – Arbor provided a $23M acquisition loan for this 200-unit multifamily property comprising two-bedroom, two-bathroom apartment homes with hardwood floors. Other amenities include a resort-style pool and fitness center. Public transportation is nearby. Alexander Kaushansky of Arbor’s New York City office originated the loan.

Alexander
Kaushansky

PARC at 505 in Houston, TX – Arbor provided $30M in acquisition financing. The 486-unit multifamily property offers one-, two-, and three-bedroom apartment homes, lofts, flats and townhomes. The complex features wood burning fireplaces, French doors with private patios, spacious kitchens, private balconies and outside storage. Alexander Kaushansky of Arbor’s New York City office originated the loan.

 The Eddy at River Landing in Smyrna, GA – Arbor provided $54.5M in acquisition financing for a newly build multifamily property. Built in 2019, the 310-unit property is nestled along the Chattahoochee River and includes one-, two- and three-bedroom floorplans with granite countertops, stainless steel appliances and eat-in kitchens. Retail shopping is nearby. Alexander Kaushansky of Arbor’s New York City office originated the loan.

The Eddy at River Landing
in Smyrna, GA

CONTACT:

Bina Handa

Tel: 516.506.4229

bhanda@arbor.com

 Arbor Realty Trust, Inc.

333 Earle Ovington Blvd, Suite 900

Uniondale, NY 11553

800.ARBOR.10

arbor.com