Sunday, April 3, 2022

M/I Homes Begins Final Phase of Encore at Ovation in Winter Garden’s Horizon West

Brent Bartholomew

 WINTER GARDEN, FL – M/I Homes started work on Phase IV of Encore at Ovation in the award-winning, master-planned community of Horizon West.

With the earlier phases of Encore at Ovation sold out, M/I Homes is getting ready to build 56 single-family homes and 68 town homes in the collection of villages that makes up Horizon West, according to Brent Bartholomew M/I Homes’ Area President. 

“Horizon West was designed to emphasize the relationships between residential communities, schools, town centers and parks,” he said.

“Its growth has created a sense of neighborhood with places like restaurants, places of worship, health care facilities, medical offices, and salons and spas.”

Bartholomew said M/I Homes’ single-family offerings will feature 10 floorplans from two distinct collections:  

The Bungalow Collection has four alley-loaded plans – including one with a detached garage – that have either three or four bedrooms and ranging from 1,803 and 2,780 square feet. 

 Exteriors can include front porches, stone accents, shutters and shaker-shingle accents, while buyers can select interior options like tray ceilings or free-standing tubs.


The Cottage Collection homes – six of M/I Homes’ most-popular one- and two-story plans – range from 1,857 to 3,611 square feet and offer from three to six bedrooms and two- or three-car tandem garages.  

Upgrades can include a second owner’s suite, a bonus room, an additional bath and an extended balcony or lanai.

The Town Home Collection includes two plans with two-car, alley-loaded, detached garages.  The two-story plans range from 1,691 to 1,833 square feet and offer three bedrooms with two and one-half baths.  One plan has a separate main level flex room that offers endless possibilities


Amenities at Encore at Ovation will include a 
fitness center and outdoor gathering area, spacious patio and outdoor kitchen at the clubhouse, a resort-style pool, dog park, and corn hole and bocce ball areas.

Models are currently open.  Sales of homes in the new phase are expected to begin in July with pre-construction prices starting in the low $300’s for town homes, and high $400’s through $900’s for single-family homes.

 

About M/I Homes

M/I Homes, Inc. is one of the nation’s leading homebuilders, having sold over 140,000 homes since 1976.


The Company has operations in Columbus and Cincinnati, Ohio; Indianapolis, Indiana; Chicago, Illinois; Minneapolis/St. Paul, Minnesota; Detroit, Michigan; Tampa, Sarasota and Orlando, Florida; Austin, Dallas/Fort Worth, Houston and San Antonio, Texas; Charlotte and Raleigh, North Carolina; and Nashville, Tennessee.

CONTACTS:

Brent Bartholomew, Area President, M/I Homes

407-531-5100 bbartholomew@mihoms.com

Beth Payan, Larry Vershel Communications Inc.

407-461-3781 beth@larryvershel.com 

 www.mihomes.com/ EncoreAtOvation

Trez Capital Provides $9 Million Construction Loan for Boutique Condominium Project in Fort Lauderdale, FL

Casa Murano, a planned $9 million boutique
 luxury condominium project to be
 located on the water in Fort Lauderdale, FL

 FORT LAUDERDALE, FLORIDA –Trez Capitala private real estate lender helping to build better communities across North America, funded a $8,993,934.00 loan to finance construction of Casa Murano, a boutique luxury condominium project located on the water in Fort Lauderdale.

Casa Murano, a planned eight unit condominium
project on the water in Fort Lauderdale

The eight-unit building is sold out. Unit prices range from $2.2 million to $2.8 million.

 Construction is expected to start over the next 30 days and be completed by the end of the third quarter of 2023.

 

Trez Capital Vice President Scott Mehlman originated the loan on behalf of the developer/borrower Casa Murano, LLC.

 

Scott Mehlman 

Mehlman is based in Trez Capital’s Palm Beach, Florida office led by Executive Managing Director, Eastern U.S. Brett Forman. This is the third loan Trez has closed with the same development group since 2018.   

 

“We are pleased to work with a repeat borrower that is adding a new luxury living option in Fort Lauderdale,” said Mehlman.

 

“As people continue to move to South Florida in droves, developers cannot build projects like Casa Murano fast enough to meet the insatiable demand for high-end housing with water access.”


Brett Forman

“The demand for new housing is strong across the country, but perhaps nowhere is it as intense than in South Florida,” said Forman. “Fort Lauderdale remains a magnet for people seeking warm weather year-round and a laid-back coastal lifestyle, with plenty of dining and entertainment options within easy reach.”

 

The five-story Casa Murano is located on a canal leading to the Atlantic Ocean at 141 Isle of Venice Dr. It is just blocks from popular boutique retail shops and dining spots on Las Olas Blvd. and a quick bike or car ride from Ft. Lauderdale Beach.

 

CONTACT:

 

Eric Kalis

Vice President

 BoardroomPR

ekalis@boardroompr.com

O 954-370-8999 

C 305-794-5123

Bank of America Plaza | 1776 N Pine Island Road

Suite 320 | Fort Lauderdale, FL 33322

Web | Facebook | LinkedIn | Twitter | Instagram

 

www.trezcapital.com.

 

 

Saturday, April 2, 2022

Trion Properties Expands Florida Foothold with $49 Million Acquisition of 250-Unit Luxury Multifamily Community in Greater Orlando, FL area

 

Max Sharkansky
ORLANDO, FL – Trion Properties, a multifamily investment sponsor and private equity real estate firm based in West Hollywood, California and Miami, Florida, has acquired Altamonte at Spring Valley, a 250-unit luxury multifamily community in Altamonte Springs, Florida, a submarket of North Orlando for $49.1 million.  

 Altamonte at Spring Valley is Trion’s second acquisition in Florida, following the firm’s 2021 acquisition of Patterson Court, a luxury apartment community in Orlando.

 The team has been actively pursuing opportunities in the desirable Florida market and aims to rapidly expand their presence in Southern states over the next several years, according to Max Sharkansky, Managing Partner at Trion Properties.  

 “By utilizing our strong 16-year track record of successful multifamily investments, we were able to obtain a favorable purchase price and close the deal smoothly and quickly,” explains Sharkansky, who notes that the acquisition of Altamonte at Spring Valley brings Trion’s Southeast multifamily portfolio to more than 1,230 units in just over six months since entering the region.

 

Mitch Paskover

The property is on the south side of the Altamonte Springs submarket, a 15-minute drive from downtown Orlando and within a 20-minute drive of more than 36 million square feet of office space, notes Mitch Paskover, Managing Partner at Trion Properties.   

 “We are seeing rapid job growth in Orlando, which has been double the national average over the past 5 years and is projected to continue at approximately 2.5 times the national average over the next 5 years,” says Paskover.

 Marley Dominguez, Director of Acquisitions at Trion Properties, adds: “Altamonte Springs is unique within the North Orlando submarket for the large number of renters despite the affluence of the area, making this a unique opportunity to implement value-add enhancements that will meet the expectations of renters in the area and in turn increase values.” 

 Marley Dominguez
Altamonte at Spring Valley is located at 693 Wymore Road in Altamonte Springs, Florida.

Ryan Moody, Scott Ramey and Paul Grant from Newmark represented the seller in this transaction. 

 

CONTACTS:

 

Elisabeth Manville / Anthea Davis  

The Smart Agency  

(949) 438-626

andavis@thesmartagency.com  

 

 https://trionproperties.com/.   

 

Native Realty Closes $11 Million Sale of Multifamily Development Site in Fort Lauderdale’s Flagler Village

 

Dan Ross 
FORT LAUDERDALE, FL –– Native Realty, the Jaime Sturgis-led real estate firm that is disrupting the industry and placemaking South Florida’s hottest neighborhoods, brokered the $11 million sale of the future site of Advantis Station at Flagler Village in Fort Lauderdale.

 Sturgis and Native Senior Associate Dan Ross represented the sellers in a deal that closed on March 31.

 


The 1.4-acre site was one of the last available assemblages in Flagler Village and is across the street from Peter Feldman Park.


Jaime Sturgis
Buyer Midtown PAL Flagler Village LLC plans to build a 12-story, 252-unit rental project with a 300-space parking garage, expansive pool and amenity deck, open-air pedestrian plaza and ground-floor retail and restaurant space.

 

Construction is expected to begin this year, with resident move-ins targeted for 2024.

 





CONTACT:

 Eric Kalis

Vice President

 BoardroomPR

ekalis@boardroompr.com

O 954-370-8999 

C 305-794-5123

Bank of America Plaza | 1776 N Pine Island Road

Suite 320 | Fort Lauderdale, FL 33322

Web | Facebook | LinkedIn | Twitter | Instagram

www.nativerealty.com.

 

Friday, April 1, 2022

JLL hires Greg Bisconti as San Diego, CA Life Science Tenant Rep Lead and Executive Managing Director

Greg Bisconti 
 

SAN DIEGO, CA With incredible life science/biotech growth in San Diego and throughout the United States, JLL announced that 28-year industry veteran Greg Bisconti has joined the firm as San Diego Life Science Tenant Rep Lead and Executive Managing Director. 


 Based in JLL’s San Diego, California office, Bisconti will specialize exclusively in working with life sciences companies on their real estate and facility needs, both regionally and globally.

He will also work with JLL leadership in expanding and enhancing a National Life Sciences Tenant Representation Group.


Chad Urie 

Bisconti joins JLL San Diego’s Life Sciences experts Chad Urie and Grant Schoneman, who rank among the top producing brokers in the country for the firm. 

This partnership builds upon JLL’s best-in-class team focused exclusively on life sciences occupier and investor clients’ unique needs.

Collectively, the JLL San Diego team will have represented more life sciences transactions in the last five years than all regional brokerage firms combined.


Peter Belisle

"For several years, JLL has seen tremendous growth in the life sciences industry and the COVID pandemic has accelerated that growth,” said Peter Belisle, JLL Southwest Market Director. 

"Greg’s expertise, reputation and passion for helping life sciences companies make him the perfect candidate to help us service and advocate for the specialized needs of the industry.

"We are confident that he will be a valued team member of our team locally, regionally and nationally."


Grant Schoneman

Prior to joining JLL, Bisconti served as Vice Chairman and National Life Sciences Practice Group Leader at an international commercial real estate firm. 

“Our clients are getting more sophisticated in their analysis of where and why they do business,” said  Urie, JLL Executive Managing Director.

“Life sciences is a global game needing a global game plan. Our JLL Life Sciences team strives to be a consultative partner for clients from early stages of R&D to global headquarters to sophisticated cGMP manufacturing facilities."

 For further information, please visit jll.com.

 CONTACT:

 David Ebeling

Ebeling Communications

949.861.8351

949.278.7851 (Cell)

david@ebelingcomm.com

Member of the National Association of Real Estate Editors (NAREE)

“PR Strategist for the Commercial Real Estate Industry:  I do what I love and love what I do.”

Investors Brace for More Volatility in Capital Real Estate Markets

John Oharenko 

 Chicago, IL, April 1, 2022 – The ongoing war in Ukraine, global supply chain issues and inflation continue realigning realty capital markets.   In turn, investors brace for more volatility based on greater economic uncertainty, including the following:


Climbing Rates:  Most believe that the days of historically low interest rates are behind us, as rates rise at the fastest pace in over a decade.  Breaking a three-year record of low-rate policy, the Fed raised rates by a quarter point.  Furthermore, as many as seven interest rate hikes could occur this year.






Inverted Yield Curve:  For the first time since the pandemic, the 5-year and 10-year Treasury yields inverted, opening the possibility of an upcoming recession.  Investors see short-term instability as opposed to long-term yield.


Rate Floors:  Mortgage rate floors return, as lenders fear funding loans at below-market pricing in a rising rate environment.  Common floors range from 3.75% to 4.5%, factoring fifty basis points or more pricing cushions. 


 Furthermore, lenders include more pricing protection vehicles such as MAC clauses (“material adverse change”), in case market conditions substantially change during the loan process.





Widening Spreads:  In line with rate floors, lenders widen spreads to build in more yield risk.  By the same token, many funding sources, especially smaller financial institutions, move away from fixed-pricing commitments to indexing rates over benchmark indices.  Pricing spread premiums start at 25 basis points.


Valuations:  Even though rates continue climbing, the oversupply of capital favors sellers over buyers.  Sellers have yet to change yield expectations to reflect current conditions, as property transaction markets are usually lagging indicators.  





Eventually, downward pricing adjustments will occur, especially for assets offering limited inflation protection, such as a net-lease properties with relatively flat cash flow characteristics.


 John Oharenko, director of The Real Estate Capital Institute®, suggests, “With all the pricing uncertainty, many lenders react by pulling back funding programs, and reducing longer-term mortgage exposure.”


The Real Estate Capital Institute® is a volunteer-based research organization that tracks realty rates data for debt and equity yields.  The Institute posts daily and historical benchmark rates, including treasuries, bank prime, and LIBOR. 

 

 CONTACT:


John Oharenko 

john.oharenko@reci.com

Executive Director

The   Real Estate Capital Institute®

Chicago, Illinois USA 60622


director@reci.com / www.reci.com

Wednesday, March 30, 2022

JLL Capital Markets brokers sale of fully leased, 18-property medical office portfolio in Texas and Kansas

Mindy Berman 
 

 DALLAS, TX, Mar. 30, 2022 JLL Capital Markets has closed the sale of an 18-property medical office portfolio totaling 762,780 square feet in Texas and Kansas.

The properties are directly aligned with partnerships between Ardent Health Services, a leading healthcare provider, and two market-leading academic health systems, The University of Texas Health Science Center at Tyler and The University of Kansas Health System.

 Brian Bacharach

JLL marketed the properties on behalf of the seller, Ardent Health Services. The portfolio was acquired by a healthcare-focused real estate investment trust.

 The JLL Healthcare Capital Markets team representing the seller was led by Senior Managing Directors Brian Bacharach and Mindy Berman and Vice President Vasili Davos.

Vasili Davos

 The medical office portfolio consists of:

·         Continental Medical Building, 631 SW Horne St., Topeka, Kansas

·         Mulvane Medical Plaza, 634 SW Mulvane St., Topeka, Kansas

·         UT Health East Texas Hope Center, 721 Clinic Dr., Tyler, Texas

·         Olympic Plaza Tower, 700 Olympic Plaza, Tyler, Texas

·         UT Health Rehabilitation Center, 701 Olympic Plaza, Tyler, Texas

·         East Lake Professional Building, 1100 E. Lake, Tyler, Texas

·         Lake Palestine, 18118 FM 344 W, Flint, Texas

·         Medical Plaza I, 117 Medical Circle, Athens, Texas

·         Medical Plaza II, 115 Medical Circle, Athens, Texas

·         Athens Cancer Institute, 1801 S. Palestine, Athens, Texas

·         Lakeland Medical Associates, 170 Municipal Dr., Gun Barrell City, Texas

·         UT Health Cedar Creek Lake, 100 Municipal Dr., Gun Barrell City, Texas

                             Medical office portfolio


·         Jacksonville Medical Plaza, 203 Nacogdoches, Jacksonville, Texas

·         UT Health East Texas Rehabilitation Clinic – Jacksonville, 414 S. Main St., Jacksonville, Texas

·         UT Health East Texas Physicians Rusk, 1325 N. Dickinson Dr., Rusk, Texas

·         UT Health East Texas Rehabilitation Clinic – Mineola, 1616 N. Pacific St., Mineola, Texas

·         UT Health East Texas Olympic Center Pittsburg, 2801 US Hwy 271 N, Pittsburg, Texas

 Contacts: 

Kristen Murphy

Director, Public Relations, Americas

JLL

One Post Office Square, Suite 3500

Boston, MA 02109

T +1 617 848 1572

M +1 617 543 4873

Kristen.Murphy@am.jll.com

 jll.com

 

Cierra Lacasse

 JLL Associate

 Public Relations

Phone: +1 602 648 8701

Email:  Cierra.Lacasse@am.jll.com