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JLL arranges $127.5M financing for EON at Flagler Village

EON at Flagler Village
JLL arranged $127.5 million in financing for EON at Flagler Village developed by Alta Developers, a two-phase multihousing community in Fort Lauderdale


JLL announced today that it has arranged $127.5 million in financing for EON at Flagler Village developed by Alta Developers, a two-phase multihousing community in one of Fort Lauderdale’s most vibrant neighborhoods.

JLL worked on behalf of the borrower, Alta Developers, to secure the three-year, floating-rate loan through Mack Real Estate Credit Strategies, L.P. Loan proceeds will be used to retire the existing construction loan on Phase I and will fund the construction of Phase II.

The properties are located within the popular Flagler Village neighborhood of Fort Lauderdale, which is within one mile of the city’s downtown core. Residents benefit from proximity to seven million square feet of office space, one million square feet of retail along Las Olas Boulevard and public transportation options, including the new Virgin train station, which is within walking distance of the property. Phase I of EON at Flagler Village was completed in May 2019 and consists of 206 residential units along with 3,320 square feet of retail. Phase II, which is currently under construction, and expected to be completed by Spring 2021, will consist of 270 residential units and 2,400 square feet of retail space.

“Ahead of the curve with fresh concepts and design, our exclusive sky lounges have panoramic views of downtown Las Olas and the Atlantic Ocean delivering a creative new lifestyle in the heart of Flagler Village,” said Raimundo Onetto, Principal of Alta Developers.

The JLL Capital Markets team representing the borrower was led by Director Brian Gaswirth and Associate Reid Carleton.

“Alta Developers flawlessly executed on their business plan for Phase I, and are experiencing tremendous lease-up velocity,” Gaswirth said. “Identifying Mack as a strategic partner moving forward will help set the stage for the future success of the project. The new partnership gave Alta Developers the ability to realize the value it created in Phase I while providing funding to develop Phase II thereby creating a denser, more efficient project.”

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients—whether investment advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.

Deal secured by Holliday Fenoglio Fowler LP (“HFF”) prior to being acquired by JLL on July 1, 2019. Co-brokerage services provided by Jones Lang LaSalle Americas, Inc.

Newmark Knight Frank Multifamily closes sale and financing of The Palms at 2800

The Palms at 2800
Newmark Knight Frank Multifamily announces the $16,200,000 sale and financing of The Palms at 2800 (fka Peppertree Lane Apartments) in Jacksonville, FL.


Newmark Knight Frank Multifamily announces the $16,200,000 sale and financing of The Palms at 2800 (fka Peppertree Lane Apartments), a 168-unit community located in Jacksonville, FL. Director John Rutherford represented the seller Carter Multifamily in the sale to Quad Property Group.

Newmark Knight Frank Executive Managing Director Matthew Williams, Associate Director Kyle Schlitt and Assistant Vice President James Maynard provided the financing of a $11,198,000 Fannie Mae loan for Quad Property Group. Schlitt said “We were pleased to work with Quad Property Group to secure the financing for The Palms at 2800. The interest only component allows the borrower to invest additional capital into property and implement their value-add strategy.”

According to Rutherford, “The Palms at 2800 is a premier investment property in the Arlington/Southside submarket of Jacksonville, FL. With well-thought-out capital expenditure already deployed into the property, there is a clear and proven demand for an upscale rental in the given submarket. With direct access to Downtown and brand-new retail construction underway within two blocks, The Palms at 2800 should continue to prove out the submarket demand for continued value-add investment.”

Constructed in 1971, the community features spacious 1 and 2-bedroom townhome units. Amenities include two large pools, a beautiful clubhouse, fitness center and more.

Marcus & Millichap arranges the sale of a 28-unit apartment building in Sarasota, Florida

Phillippi Shores Village
Marcus & Millichap announced the sale of Phillippi Shores Village, a 28-unit apartment property located in Sarasota, Florida


Marcus & Millichap, a leading commercial real estate investment services firm with offices throughout the United States and Canada, has announced the sale of Phillippi Shores Village, a 28-unit apartment property located in Sarasota, Fla., according to Chris Travis, sales manager of the firm’s Tampa office. The asset sold for $3,465,000.

Adam Podbelski, Jason Hague and Ned Roberts, CCIM, investment specialists in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a limited liability company. The buyer, a limited liability company, was also secured and represented by Adam Podbelski, Jason Hague and Ned Roberts, CCIM.

“Phillippi Shores offered a very strong takeover yield for a stabilized asset located an area that has been in very high demand,” said Podbelski.  “This allowed us to create substantial interest and ultimately close on an all-cash basis within 23 calendar days of the effective date,” added Podbelski.

Phillippi Shores Village is located at 1872 Phillippi Shores Drive in Sarasota, Fla.  All units at Phillippi Shores Village feature high-end condo-grade finishes that include new granite countertops with undermount sinks, new cabinetry, new stainless-steel appliances, new wood-look vinyl-plank flooring and new fixtures.

“We sold this asset to the current seller in 2018 after negotiating an assignment of contract from another prospective buyer,” said Roberts.  “We are very pleased they were able to exceed our projection of added value achievable through a full-scale renovation of the asset,” he added.”

Phillippi Shores Village is located five minutes to Siesta Key Beach and the Westfield Siesta Key Mall.  The property is also 10 minutes to Downtown Sarasota.

Cushman & Wakefield represents Waypoint Residential in $37 million sale of The Point at West End in Tampa

Point at West End Apartments
Cushman & Wakefield has negotiated the sale of The Point at West End, a 356-unit multifamily community in Hillsborough County.


Cushman & Wakefield has negotiated the sale of The Point at West End, a 356-unit multifamily community in Hillsborough County.

Luis Elorza, Brad Capas, Robert Given and Michael Mulkern of Cushman & Wakefield’s Multifamily Group represented Boca Raton, FL-based Waypoint Residential LLC in the sale. Blue Roc Premier Properties and Associates, LLC sourced, for their investors, the asset for $37.0 million ($104,000 per unit). Blue Roc is a property management company based in Tampa.

The Point at West End is a ±225,345-square-foot, garden-style apartment community developed in 1980 on ±19.47-acre site at 6161 Memorial Highway in Tampa’s Town-N-Country submarket. The property comprises 23 two-story residential buildings and one clubhouse.

The Point at West End offers a mix of studio, one- and two-bedroom apartments. The average unit is 633 square feet with an average market rent of $976 ($1.54 per square foot). The property was 91 percent leased at the time of sale.

Apartments at The Point at West End feature energy-efficient appliances, faux granite countertops, upgraded fixtures, oversized walk-in closets and spacious patios and balconies with attractive views.

Community amenities include a 24-hour fitness center, a cyber café, an outdoor grilling area, a car-care center, a resort-style pool with tanning ledge and sundeck, three on-site laundry facilities, a tennis court and a dog park.

Since 2016, Waypoint Residential LLC invested $3.5 million in capital improvements at the property including interior unit renovations, exterior paint and stucco enhancement, upgraded landscaping, a new fitness center and equipment, an upgraded dog park, sealing and striping of the parking lot, poolside improvements and upgrades to the leasing center. Prior ownership also demolished the former racquetball building leaving room for future on-site development.

“The Point at West End provided investors with an attractive, value-add opportunity with the potential for further growth through the expansion of the existing value-add program,” said Elorza.

Added Capas, “The property offers an infill location within the high barrier-to-entry Town-N-Country submarket, where future multifamily deliveries are limited and demographics are favorable.”

Cushman & Wakefield’s Florida Multifamily Team, directed by Given, includes Elorza, Capas, Michael Mulkern, Nicholas Meoli and Michael Donaldson in West-Central Florida; Jay Ballard and Ken Delvillar in Central Florida; and Zachary Sackley, Troy Ballard, Calum Weaver, Errol Blumer, Neal Victor, James Quinn and Perry Synanidis in South Florida. Robert Kaplan, Chris Lentz and Mark Rutherford facilitate debt, equity and structured finance for the team throughout Florida.



JLL arranges $127.5M financing for EON at Flagler Village

EON at Flagler Village
JLL arranged $127.5 million in financing for EON at Flagler Village developed by Alta Developers, a two-phase multihousing community in Fort Lauderdale

JLL announced today that it has arranged $127.5 million in financing for EON at Flagler Village developed by Alta Developers, a two-phase multihousing community in one of Fort Lauderdale’s most vibrant neighborhoods.

JLL worked on behalf of the borrower, Alta Developers, to secure the three-year, floating-rate loan through Mack Real Estate Credit Strategies, L.P. Loan proceeds will be used to retire the existing construction loan on Phase I and will fund the construction of Phase II.

The properties are located within the popular Flagler Village neighborhood of Fort Lauderdale, which is within one mile of the city’s downtown core. Residents benefit from proximity to seven million square feet of office space, one million square feet of retail along Las Olas Boulevard and public transportation options, including the new Virgin train station, which is within walking distance of the property. Phase I of EON at Flagler Village was completed in May 2019 and consists of 206 residential units along with 3,320 square feet of retail. Phase II, which is currently under construction, and expected to be completed by Spring 2021, will consist of 270 residential units and 2,400 square feet of retail space.

“Ahead of the curve with fresh concepts and design, our exclusive sky lounges have panoramic views of downtown Las Olas and the Atlantic Ocean delivering a creative new lifestyle in the heart of Flagler Village,” said Raimundo Onetto, Principal of Alta Developers.

The JLL Capital Markets team representing the borrower was led by Director Brian Gaswirth and Associate Reid Carleton.

“Alta Developers flawlessly executed on their business plan for Phase I, and are experiencing tremendous lease-up velocity,” Gaswirth said. “Identifying Mack as a strategic partner moving forward will help set the stage for the future success of the project. The new partnership gave Alta Developers the ability to realize the value it created in Phase I while providing funding to develop Phase II thereby creating a denser, more efficient project.”

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients—whether investment advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.

Deal secured by Holliday Fenoglio Fowler LP (“HFF”) prior to being acquired by JLL on July 1, 2019. Co-brokerage services provided by Jones Lang LaSalle Americas, Inc.

Newmark Knight Frank Multifamily closes sale and financing of The Palms at 2800

The Palms at 2800
Newmark Knight Frank Multifamily announces the $16,200,000 sale and financing of The Palms at 2800 (fka Peppertree Lane Apartments) in Jacksonville, FL.


Newmark Knight Frank Multifamily announces the $16,200,000 sale and financing of The Palms at 2800 (fka Peppertree Lane Apartments), a 168-unit community located in Jacksonville, FL. Director John Rutherford represented the seller Carter Multifamily in the sale to Quad Property Group.

Newmark Knight Frank Executive Managing Director Matthew Williams, Associate Director Kyle Schlitt and Assistant Vice President James Maynard provided the financing of a $11,198,000 Fannie Mae loan for Quad Property Group. Schlitt said “We were pleased to work with Quad Property Group to secure the financing for The Palms at 2800. The interest only component allows the borrower to invest additional capital into property and implement their value-add strategy.”

According to Rutherford, “The Palms at 2800 is a premier investment property in the Arlington/Southside submarket of Jacksonville, FL. With well-thought-out capital expenditure already deployed into the property, there is a clear and proven demand for an upscale rental in the given submarket. With direct access to Downtown and brand-new retail construction underway within two blocks, The Palms at 2800 should continue to prove out the submarket demand for continued value-add investment.”

Constructed in 1971, the community features spacious 1 and 2-bedroom townhome units. Amenities include two large pools, a beautiful clubhouse, fitness center and more.



Marcus & Millichap arranges the sale of a 28-unit apartment building in Sarasota, Florida

Phillippi Shores Village
Marcus & Millichap announced the sale of Phillippi Shores Village, a 28-unit apartment property located in Sarasota, Florida


Marcus & Millichap, a leading commercial real estate investment services firm with offices throughout the United States and Canada, has announced the sale of Phillippi Shores Village, a 28-unit apartment property located in Sarasota, Fla., according to Chris Travis, sales manager of the firm’s Tampa office. The asset sold for $3,465,000.

Adam Podbelski, Jason Hague and Ned Roberts, CCIM, investment specialists in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a limited liability company. The buyer, a limited liability company, was also secured and represented by Adam Podbelski, Jason Hague and Ned Roberts, CCIM.

“Phillippi Shores offered a very strong takeover yield for a stabilized asset located an area that has been in very high demand,” said Podbelski.  “This allowed us to create substantial interest and ultimately close on an all-cash basis within 23 calendar days of the effective date,” added Podbelski.

Phillippi Shores Village is located at 1872 Phillippi Shores Drive in Sarasota, Fla.  All units at Phillippi Shores Village feature high-end condo-grade finishes that include new granite countertops with undermount sinks, new cabinetry, new stainless-steel appliances, new wood-look vinyl-plank flooring and new fixtures.

“We sold this asset to the current seller in 2018 after negotiating an assignment of contract from another prospective buyer,” said Roberts.  “We are very pleased they were able to exceed our projection of added value achievable through a full-scale renovation of the asset,” he added.”

Phillippi Shores Village is located five minutes to Siesta Key Beach and the Westfield Siesta Key Mall.  The property is also 10 minutes to Downtown Sarasota.



Cushman & Wakefield represents Waypoint Residential in $37 million sale of The Point at West End in Tampa

Point at West End Apartments
Cushman & Wakefield has negotiated the sale of The Point at West End, a 356-unit multifamily community in Hillsborough County.


Cushman & Wakefield has negotiated the sale of The Point at West End, a 356-unit multifamily community in Hillsborough County.

Luis Elorza, Brad Capas, Robert Given and Michael Mulkern of Cushman & Wakefield’s Multifamily Group represented Boca Raton, FL-based Waypoint Residential LLC in the sale. Blue Roc Premier Properties and Associates, LLC sourced, for their investors, the asset for $37.0 million ($104,000 per unit). Blue Roc is a property management company based in Tampa.

The Point at West End is a ±225,345-square-foot, garden-style apartment community developed in 1980 on ±19.47-acre site at 6161 Memorial Highway in Tampa’s Town-N-Country submarket. The property comprises 23 two-story residential buildings and one clubhouse.

The Point at West End offers a mix of studio, one- and two-bedroom apartments. The average unit is 633 square feet with an average market rent of $976 ($1.54 per square foot). The property was 91 percent leased at the time of sale.

Apartments at The Point at West End feature energy-efficient appliances, faux granite countertops, upgraded fixtures, oversized walk-in closets and spacious patios and balconies with attractive views.

Community amenities include a 24-hour fitness center, a cyber café, an outdoor grilling area, a car-care center, a resort-style pool with tanning ledge and sundeck, three on-site laundry facilities, a tennis court and a dog park.

Since 2016, Waypoint Residential LLC invested $3.5 million in capital improvements at the property including interior unit renovations, exterior paint and stucco enhancement, upgraded landscaping, a new fitness center and equipment, an upgraded dog park, sealing and striping of the parking lot, poolside improvements and upgrades to the leasing center. Prior ownership also demolished the former racquetball building leaving room for future on-site development.

“The Point at West End provided investors with an attractive, value-add opportunity with the potential for further growth through the expansion of the existing value-add program,” said Elorza.

Added Capas, “The property offers an infill location within the high barrier-to-entry Town-N-Country submarket, where future multifamily deliveries are limited and demographics are favorable.”

Cushman & Wakefield’s Florida Multifamily Team, directed by Given, includes Elorza, Capas, Michael Mulkern, Nicholas Meoli and Michael Donaldson in West-Central Florida; Jay Ballard and Ken Delvillar in Central Florida; and Zachary Sackley, Troy Ballard, Calum Weaver, Errol Blumer, Neal Victor, James Quinn and Perry Synanidis in South Florida. Robert Kaplan, Chris Lentz and Mark Rutherford facilitate debt, equity and structured finance for the team throughout Florida.



Newmark Knight Frank Multifamily closes sale and financing of The Palms at 2800

The Palms at 2800
Newmark Knight Frank Multifamily announces the $16,200,000 sale and financing of The Palms at 2800 (fka Peppertree Lane Apartments) in Jacksonville, FL.

Newmark Knight Frank Multifamily announces the $16,200,000 sale and financing of The Palms at 2800 (fka Peppertree Lane Apartments), a 168-unit community located in Jacksonville, FL. Director John Rutherford represented the seller Carter Multifamily in the sale to Quad Property Group.

Newmark Knight Frank Executive Managing Director Matthew Williams, Associate Director Kyle Schlitt and Assistant Vice President James Maynard provided the financing of a $11,198,000 Fannie Mae loan for Quad Property Group. Schlitt said “We were pleased to work with Quad Property Group to secure the financing for The Palms at 2800. The interest only component allows the borrower to invest additional capital into property and implement their value-add strategy.”

According to Rutherford, “The Palms at 2800 is a premier investment property in the Arlington/Southside submarket of Jacksonville, FL. With well-thought-out capital expenditure already deployed into the property, there is a clear and proven demand for an upscale rental in the given submarket. With direct access to Downtown and brand-new retail construction underway within two blocks, The Palms at 2800 should continue to prove out the submarket demand for continued value-add investment.”

Constructed in 1971, the community features spacious 1 and 2-bedroom townhome units. Amenities include two large pools, a beautiful clubhouse, fitness center and more.

Newmark Knight Frank Multifamily closes sale and financing of The Palms at 2800

The Palms at 2800
Newmark Knight Frank Multifamily announces the $16,200,000 sale and financing of The Palms at 2800 (fka Peppertree Lane Apartments) in Jacksonville, FL.

Newmark Knight Frank Multifamily announces the $16,200,000 sale and financing of The Palms at 2800 (fka Peppertree Lane Apartments), a 168-unit community located in Jacksonville, FL. Director John Rutherford represented the seller Carter Multifamily in the sale to Quad Property Group.

Newmark Knight Frank Executive Managing Director Matthew Williams, Associate Director Kyle Schlitt and Assistant Vice President James Maynard provided the financing of a $11,198,000 Fannie Mae loan for Quad Property Group. Schlitt said “We were pleased to work with Quad Property Group to secure the financing for The Palms at 2800. The interest only component allows the borrower to invest additional capital into property and implement their value-add strategy.”

According to Rutherford, “The Palms at 2800 is a premier investment property in the Arlington/Southside submarket of Jacksonville, FL. With well-thought-out capital expenditure already deployed into the property, there is a clear and proven demand for an upscale rental in the given submarket. With direct access to Downtown and brand-new retail construction underway within two blocks, The Palms at 2800 should continue to prove out the submarket demand for continued value-add investment.”

Constructed in 1971, the community features spacious 1 and 2-bedroom townhome units. Amenities include two large pools, a beautiful clubhouse, fitness center and more.