In a significant move within the South Florida real estate market, Alta Developers recently secured a construction loan of $94.2 million for their luxury condominium project, Cassia, located in Coral Gables.
Originally intended to be apartments, the project transformed into condominiums designated for short-term rentals, coinciding with a trend seen across the industry this year.
Cassia will feature 174 units within a 12-story building at 4011 Salzedo St., and is expected to be completed by the beginning of 2027.
JVP Management has provided the financing, as reported by The Real Deal.
The condominiums range from one to three bedrooms, with prices starting at $800,000. Amenities at Cassia will include a dry sauna, steam spa, fitness studios, and a pool.
Alta Developers purchased the 1.4-acre site in 2020 for $17.5 million.
They are not alone in the growing trend of luxury condominiums catering to short-term rentals.
In financing news, Inmobiliaria Brom, based in Mexico City, has successfully refinanced its Onyx Tower in Aventura, landing $77 million from Barings.
Onyx Tower is a 28-story office structure located within the O Towers campus at 21500 Biscayne Blvd., encompassing 285,000 square feet of office space, along with a lap pool and a rooftop deck.
Adjacent to the Onyx Tower are the Red Tower, a four-story building, and the White Tower, which stands at nine stories.
The debt arrangement was orchestrated by Newmark’s team, comprising Jordan Roeschlaub, Jonathan Firestone, Nick Scribani, and Chris Lozinak.
In another major project, 13th Floor Investments and Barings secured a substantial $125 million construction loan from Santander Bank and TD Bank.
This financing will support Cadence, a 35-story multifamily tower that will have 432 market-rate apartments.
Significantly, 12% of these units will be allocated for workforce housing, catering to renters earning no more than 120% of the area’s median income.
Cadence will serve as the third residential building within the Link at Douglas mixed-use development, which spans across Coral Gables and Coconut Grove along US 1 and Douglas Road.
It will join two previously completed towers: Core, with 312 units, and Cascade, with 421.
The mixed-use development also houses Milam’s Market and a fourth residential tower with more than 400 units is currently in the pipeline.
Construction for Cadence is underway with an expected completion date set for 2028.
In Hallandale Beach, developer Giuseppe Ladisernia has received a $112 million construction loan from S3 Capital for the east tower of the Oasis Hallandale project, as per The Real Deal.
Spanning 10 acres at 1000 East Hallandale Beach Blvd., the project will consist of two 25-story condo towers, each with 250 units.
The west tower has reportedly achieved 80% presold status and is scheduled for completion later this year.
Sales for the east tower commenced in November, with unit sizes ranging from 900 to 4,750 square feet and prices beginning at $750,000.
Enriching its offerings, the project will feature amenities like a pool, a lounge, office space, and a fitness center.
Kushner Cos. also made headlines by securing a $115 million construction loan from Arbor Realty Trust for a multifamily development in Surfside.
This development at 9300 Collins Ave. will feature 68 units and is expected to wrap up construction in 2026, following the groundbreaking in May.
The units will range from studios to four-bedroom apartments, with amenities covering a total of 15,000 square feet, including a spa, fitness center, theater, library, and a rooftop space featuring a pool and yoga lawn.
In the realm of property sales, Elion Partners finalized the sale of a two-building industrial portfolio located in Deerfield Beach and Pompano Beach to Exeter.
The portfolio includes a significant 158,000 square foot distribution center in Deerfield Beach, leased entirely to Amazon, along with a 63,000 square foot property in Pompano Beach leased to two different tenants.
Elion Partners was represented in the transaction by a team from Cushman & Wakefield, including Mike David, Dominic Montazemi, Rick Brugge, Rick Colon, and Greg Miller.
Moreover, New York-based Simi Capital has acquired an industrial site in Miami that had remained within the same family since the late 20th century.
For $31 million, Simi purchased the property at 8505 NW 74th St., which includes a restructured 10-year lease with the current tenant, Iron Container.
The deal was brokered off-market by The Katsikos Group, representing the Acosta Family LTD Partnership, which had previously acquired the site for just $1.6 million in 1998.
Additionally, an entity linked to Greystar purchased 36 acres of land from Coolidge Inc. for $30.5 million, securing a construction loan of $63 million from Truist Bank for development.
Situated in Coconut Creek, the land is proposed for over 280,000 square feet of industrial space and 43,000 square feet of office area spread across three warehouses, with provisions for 314 parking spaces.
In terms of recent leases, West Elm has agreed to a 12,000 square foot lease to establish a storefront at The Dorsey Wynwood.
The home decor giant is moving from its Midtown location to occupy six combined storefronts at NW 28th Street and Third Avenue.
The Dorsey is a 306-unit residential development featuring various apartment sizes along with a plethora of amenities such as a pet spa, rooftop pool, and yoga room, in addition to its 78,000 square feet of office and 33,000 square feet of retail space.
Furthermore, a partnership between L&L Holdings and Oak Row Equities has plans to introduce an Italian-style steakhouse named Luca Steak, spearheaded by Miami chef Giogio Rapicavoli, within Wynwood Plaza.
The establishment will cover 4,500 square feet indoors and an additional 1,900 square feet outdoors, adjacent to Wynwood Plaza’s expansive 26,000 square feet public plaza at 95 NW 29th St.
Wynwood Plaza boasts a mixed-use campus encompassing 1 million square feet, which also includes a residential tower with 509 units. Recently, Amazon secured a lease for 50,000 square feet within this impressive campus.
In personnel news, JLL has announced the hiring of Daniel Gardner as a vice president for its retail brokerage group based in Fort Lauderdale.
Previously serving as a director at Katz & Associates, Gardner provided strategic advice to major brands such as Walmart, Chick-fil-A, and Five Below.
At JLL, he will focus on retail tenants as well as landlord representation, contributing to the company’s growth in the South Florida market.
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