FORT LAUDERDALE, FL—Stiles announced new appointments to its senior management team that will expand the company's retail development platform. Ryan Karlin, who has held roles in both retail brokerage and development throughout his 14-year career at Stiles, has been promoted to president of Stiles Retail Group. Stiles has promoted Justin Siemens to vice president and development officer within the Real Estate Investment Group (REIG), which oversees the retail, office and residential divisions. Formerly director of Real Estate Development, Siemens started with Stiles in 2014 and has helped to originate new development transactions, including land acquisitions and properties for redevelopment.

DEAL TRACKER

MIAMI—Berkadia secured a $24.97 million loan on behalf of Cornfeld Group to refinance Carib Villas, a 365-unit multifamily property located at 11105 Southwest 200th Street in Miami. Senior managing director Mitch Sinberg and associate director Matt Robbins of the firm's South Florida office arranged the loan. The 10-year refinancing loan features a competitive adjustable rate, full-term interest only, through Freddie Mac. The new financing structure allows equity to be returned to the sponsors, who can then reinvest it elsewhere. Built in 1972, the 365-unit multifamily property features one-, two- and three-bedroom homes with floor plan options to accommodate every resident.

COCONUT GROVE, FL—Meridian Capital Group arranged $21.5 million in financing for the refinance of the Hampton Inn by Hilton located in Coconut Grove, FL on behalf of Hospitality Operations. The seven-year balance sheet loan, provided by the US arm of an international bank, features a fixed rate of 3.9%. Meridian managing director Noam Kaminetzky and vice president Joseph Landsberg, who are both based in the company's Boca Raton, FL office, negotiated the loan. “This deal presented a unique challenge for the borrower as the prior loan could not be prepaid without a significant penalty,” says Kaminetzky. “There were concerns about the rising interest rate environment and Meridian negotiated a loan that allowed for a six-month rate lock. Ultimately, the borrower was able to close the loan 55 basis points below prevailing market rates as result of this arrangement.”

AVENTURA, FL—Transwestern's South Florida industrial team facilitated a long-term, 109,267-square-foot lease renewal on behalf of The Kansas Marine Co. at 555 Northeast 185th Street in Aventura. Transwestern senior managing directors Walter Byrd and Ben Eisenberg, senior vice president Thomas Kresse, and senior associate Carlos Gaviria represented the leading seafood wholesaler in the transaction at Aventura Industrial Center, a 232,500-square-foot industrial park in North Miami Beach. Aventura Industrial Center includes industrial warehouses at the Golden Glades Interchange via Miami Gardens Drive with immediate access to Interstate 95, State Route 826, and the Florida Turnpike. Aventura Industrial Center was represented by Jonathan Kingsley of Colliers International.

ORLANDO—Marcus & Millichap brokered sale of West Colonial Retail Plaza, a 10,900-square foot retail property located in Orlando. The asset sold for $2.3 million. Barry M. Wolfe, senior vice president Investments, and Alan Lipsky, associate, both in M&M's Fort Lauderdale office, had the exclusive listing to market the property on behalf of the seller, an individual/personal trust. West Colonial Retail Plaza is located at 7332 West Colonial Drive. West Colonial Retail Plaza includes 10,900-square feet of retail space on 1.1 acres. It is 100 percent occupied with three national tenants, including Mattress Firm, Wing Stop and Sprint.

BUILDING BLOCKS

SAINT PETERSBURG, FL—Leasing is underway at The Hermitage Apartment Homes, Allen Morris Company's luxury mixed-use multifamily rental development in Downtown Saint Petersburg. The multifamily project is set for completion by the end of first quarter 2017. The Hermitage Apartment Homes has already secured dozens of tenants despite recently launching leasing activities in November 2016. Set in the heart of Downtown Saint Petersburg's art district, the development is steps away from the city's finest retail shops, art galleries, museums, marinas, medical and university campuses. It is also next to the Pinellas County bike-jog trail with a Walk Score and Bike Score of 90 and 94, respectively.

Early this week in Florida, we're seeing plenty of financing deals close. Stiles is making some big personnel moves and industrial is making headlines. South and Central Florida are dominating the news.

BY THE NUMBERS

Miami-Dade County industrial vacancy hit a 10-year low and demand reached its highest level in the fourth quarter of 2016. This has increased demand for space near major thoroughfares, particularly in the eastern portion of the county, and has set the stage for increased renewal activity in the first half of 2017. (Source: Transwestern)

NEWS & NOTABLES

FORT LAUDERDALE, FL—Stiles announced new appointments to its senior management team that will expand the company's retail development platform. Ryan Karlin, who has held roles in both retail brokerage and development throughout his 14-year career at Stiles, has been promoted to president of Stiles Retail Group. Stiles has promoted Justin Siemens to vice president and development officer within the Real Estate Investment Group (REIG), which oversees the retail, office and residential divisions. Formerly director of Real Estate Development, Siemens started with Stiles in 2014 and has helped to originate new development transactions, including land acquisitions and properties for redevelopment.

DEAL TRACKER

MIAMI—Berkadia secured a $24.97 million loan on behalf of Cornfeld Group to refinance Carib Villas, a 365-unit multifamily property located at 11105 Southwest 200th Street in Miami. Senior managing director Mitch Sinberg and associate director Matt Robbins of the firm's South Florida office arranged the loan. The 10-year refinancing loan features a competitive adjustable rate, full-term interest only, through Freddie Mac. The new financing structure allows equity to be returned to the sponsors, who can then reinvest it elsewhere. Built in 1972, the 365-unit multifamily property features one-, two- and three-bedroom homes with floor plan options to accommodate every resident.

COCONUT GROVE, FL—Meridian Capital Group arranged $21.5 million in financing for the refinance of the Hampton Inn by Hilton located in Coconut Grove, FL on behalf of Hospitality Operations. The seven-year balance sheet loan, provided by the US arm of an international bank, features a fixed rate of 3.9%. Meridian managing director Noam Kaminetzky and vice president Joseph Landsberg, who are both based in the company's Boca Raton, FL office, negotiated the loan. “This deal presented a unique challenge for the borrower as the prior loan could not be prepaid without a significant penalty,” says Kaminetzky. “There were concerns about the rising interest rate environment and Meridian negotiated a loan that allowed for a six-month rate lock. Ultimately, the borrower was able to close the loan 55 basis points below prevailing market rates as result of this arrangement.”

AVENTURA, FL—Transwestern's South Florida industrial team facilitated a long-term, 109,267-square-foot lease renewal on behalf of The Kansas Marine Co. at 555 Northeast 185th Street in Aventura. Transwestern senior managing directors Walter Byrd and Ben Eisenberg, senior vice president Thomas Kresse, and senior associate Carlos Gaviria represented the leading seafood wholesaler in the transaction at Aventura Industrial Center, a 232,500-square-foot industrial park in North Miami Beach. Aventura Industrial Center includes industrial warehouses at the Golden Glades Interchange via Miami Gardens Drive with immediate access to Interstate 95, State Route 826, and the Florida Turnpike. Aventura Industrial Center was represented by Jonathan Kingsley of Colliers International.

ORLANDO—Marcus & Millichap brokered sale of West Colonial Retail Plaza, a 10,900-square foot retail property located in Orlando. The asset sold for $2.3 million. Barry M. Wolfe, senior vice president Investments, and Alan Lipsky, associate, both in M&M's Fort Lauderdale office, had the exclusive listing to market the property on behalf of the seller, an individual/personal trust. West Colonial Retail Plaza is located at 7332 West Colonial Drive. West Colonial Retail Plaza includes 10,900-square feet of retail space on 1.1 acres. It is 100 percent occupied with three national tenants, including Mattress Firm, Wing Stop and Sprint.

BUILDING BLOCKS

SAINT PETERSBURG, FL—Leasing is underway at The Hermitage Apartment Homes, Allen Morris Company's luxury mixed-use multifamily rental development in Downtown Saint Petersburg. The multifamily project is set for completion by the end of first quarter 2017. The Hermitage Apartment Homes has already secured dozens of tenants despite recently launching leasing activities in November 2016. Set in the heart of Downtown Saint Petersburg's art district, the development is steps away from the city's finest retail shops, art galleries, museums, marinas, medical and university campuses. It is also next to the Pinellas County bike-jog trail with a Walk Score and Bike Score of 90 and 94, respectively.