MIAMI—Housing Trust Group has been ranked the top affordable housing developer in the state—and number 22 in the country—by Affordable Housing Finance's latest rankings of the Top 50 Affordable Housing Developers of 2016. The company closed on financing and began construction on 416 new units of affordable housing in Florida and delivered 301 new units last year. HTG's increased pace of growth in 2016 propelled it to advance its ranking from 25th in the nation and second on the state in 2015, having closed on financing and begun construction on 296 units of affordable housing in Florida last year as well as 72 units of market-rate housing in Tennessee and 325 units of market-rate housing in Arizona.

DEAL TRACKER

JENSEN BEACH, FL—Marcus & Millichap brokered the sale of Jensen Mini-Bay Storage, a 602-unit self-storage facility located in Jensen Beach. Luke Elliott, vice president investments, and Michael A. Mele, senior managing director investments, represented the seller, a private investor. The duo also represented the buyer, a public, non-traded REIT. “While we have seen rumblings of turmoil in the self-storage market, this asset's sale demonstrates the strong interest in postcard assets,” says Elliott. “We closed very close to list price with a line of back-up buyers waiting in tow.”

NORTH MIAMI, FL—Walker & Dunlop structured two loans for Avesta Communities totaling $94.712 million for the acquisition of Avesta Biscayne, a 402-unit, class B, multifamily property in North Miami. Alison Williams and Matt Baldwin of Walker & Dunlop's Tampa office led the team in arranging the creative deal structure. In 63 days, the company's team transitioned the outstanding loan to a permanent Freddie Mac floating rate execution in the amount of $46.312 million. Qualifying for Freddie Mac's Green Up program, the loan was structured as a 10-year term with five years of interest-only payments and a 75% loan-to-value. The borrower is planning major interior and exterior renovations for asset preservation and common area amenity upgrades.

ORLANDO—HFF closed the sale of and secured acquisition and renovation financing for Holiday Inn Orlando SW—Celebration Area, a 444-room, limited-service hotel near the grounds of Walt Disney World Resort in Orlando. HFF marketed the property on behalf of the seller, Eastgate Hospitality Investors, for which the firm secured financing for the property in 2012. Palm Holdings purchased the asset free and clear of debt and unencumbered of management. Working on behalf of the new owner, HFF placed the five-year, floating-rate loan with BMO Harris Bank. Proceeds of the financing will be used to acquire the hotel and immediately implement a property improvement plan, which includes a complete overhaul of the lobby, common areas and guestrooms. The HFF team was led by senior managing director Michael Weinberg and associate directors Preston Reid and Matthew Sand.

PALM BEACH GARDENS, FL—TH Real Estate, an affiliate of Nuveen—the investment management arm of TIAA—has acquired the Promenade Shopping Plaza on Alternate A1A in Palm Beach Gardens. The 202,696-square-foot grocery-anchored retail center is 97% occupied with major tenants including Publix, Bealls Outlet, Planet Fitness, Club Outlet Store and CVS. It was first developed in 1972 and redeveloped in 2015. The neighboring shopping destinations are home to freestanding retailers such as Target, Lowe's, Costco, Kohl's, Home Depot, LA Fitness and Gander Mountain.

BUILDING BLOCKS

TAMARAC, FL—13th Floor Homes, the homebuilding arm of South Florida based 13thFloor Investments, launched sales and construction for Hidden Trails, Broward County's newest single-family home community. Hidden Trails sits just off the Florida's Turnpike and Commercial Boulevard. With prices starting in the upper $200,000s, Hidden Trails offers six distinct models with modern 3- and 4-bedroom floor plans. According to Trulia.com, the number of for-sale homes in Broward County is down 28 percent from 2012, with the most significant drop in supply being homes in the mid-market range.

Early this week in Florida saw some noteworthy multifamily leasing numbers, as well as one major kudo for an affordable housing developer based in the state. Beyond these developments, there was significant action in Florida secondary markets.

BY THE NUMBERS

Multifamily leasing activity during the first quarter of 2017 outpaced activity during the same time last year, with residents newly occupying 2,529 units. While 3,438 units were delivered, rental demand remained elevated nonetheless thanks to robust job growth—nearly every sector posted job gains over the past year, according to the report. Multifamily operators advanced monthly rent to $1,598 in March, an increase of about 2.1% year over year. (Source: Berkadia)

NEWS & NOTABLES

MIAMI—Housing Trust Group has been ranked the top affordable housing developer in the state—and number 22 in the country—by Affordable Housing Finance's latest rankings of the Top 50 Affordable Housing Developers of 2016. The company closed on financing and began construction on 416 new units of affordable housing in Florida and delivered 301 new units last year. HTG's increased pace of growth in 2016 propelled it to advance its ranking from 25th in the nation and second on the state in 2015, having closed on financing and begun construction on 296 units of affordable housing in Florida last year as well as 72 units of market-rate housing in Tennessee and 325 units of market-rate housing in Arizona.

DEAL TRACKER

JENSEN BEACH, FL—Marcus & Millichap brokered the sale of Jensen Mini-Bay Storage, a 602-unit self-storage facility located in Jensen Beach. Luke Elliott, vice president investments, and Michael A. Mele, senior managing director investments, represented the seller, a private investor. The duo also represented the buyer, a public, non-traded REIT. “While we have seen rumblings of turmoil in the self-storage market, this asset's sale demonstrates the strong interest in postcard assets,” says Elliott. “We closed very close to list price with a line of back-up buyers waiting in tow.”

NORTH MIAMI, FL—Walker & Dunlop structured two loans for Avesta Communities totaling $94.712 million for the acquisition of Avesta Biscayne, a 402-unit, class B, multifamily property in North Miami. Alison Williams and Matt Baldwin of Walker & Dunlop's Tampa office led the team in arranging the creative deal structure. In 63 days, the company's team transitioned the outstanding loan to a permanent Freddie Mac floating rate execution in the amount of $46.312 million. Qualifying for Freddie Mac's Green Up program, the loan was structured as a 10-year term with five years of interest-only payments and a 75% loan-to-value. The borrower is planning major interior and exterior renovations for asset preservation and common area amenity upgrades.

ORLANDO—HFF closed the sale of and secured acquisition and renovation financing for Holiday Inn Orlando SW—Celebration Area, a 444-room, limited-service hotel near the grounds of Walt Disney World Resort in Orlando. HFF marketed the property on behalf of the seller, Eastgate Hospitality Investors, for which the firm secured financing for the property in 2012. Palm Holdings purchased the asset free and clear of debt and unencumbered of management. Working on behalf of the new owner, HFF placed the five-year, floating-rate loan with BMO Harris Bank. Proceeds of the financing will be used to acquire the hotel and immediately implement a property improvement plan, which includes a complete overhaul of the lobby, common areas and guestrooms. The HFF team was led by senior managing director Michael Weinberg and associate directors Preston Reid and Matthew Sand.

PALM BEACH GARDENS, FL—TH Real Estate, an affiliate of Nuveen—the investment management arm of TIAA—has acquired the Promenade Shopping Plaza on Alternate A1A in Palm Beach Gardens. The 202,696-square-foot grocery-anchored retail center is 97% occupied with major tenants including Publix, Bealls Outlet, Planet Fitness, Club Outlet Store and CVS. It was first developed in 1972 and redeveloped in 2015. The neighboring shopping destinations are home to freestanding retailers such as Target, Lowe's, Costco, Kohl's, Home Depot, LA Fitness and Gander Mountain.

BUILDING BLOCKS

TAMARAC, FL—13th Floor Homes, the homebuilding arm of South Florida based 13thFloor Investments, launched sales and construction for Hidden Trails, Broward County's newest single-family home community. Hidden Trails sits just off the Florida's Turnpike and Commercial Boulevard. With prices starting in the upper $200,000s, Hidden Trails offers six distinct models with modern 3- and 4-bedroom floor plans. According to Trulia.com, the number of for-sale homes in Broward County is down 28 percent from 2012, with the most significant drop in supply being homes in the mid-market range.