NEWS & NOTABLES

MIAMI—Monumental Real Estate Services named Melissa Dominguez as vice president of human resources. With almost 10 years of experience within the construction industry, Dominguez is a licensed human resources professional, with a deep understanding of 401(k) management, audits, 5500's and plan conversions. In this role, she will be responsible for the strategic direction and day-to-day operations of Monument's HR department across the US, where she will also be implementing HR management strategies that enable Monument to attract, develop and retain the best talent in the industry while building a culture of engagement.

FORT LAUDERDALE, FL—Gregory Giananti joined Berger Commercial Realty/CORFAC International as a project manager at the company's Miramar office. Giananti brings 14 years of experience in planning and resource management for high-visibility commercial real estate construction projects. Prior to joining Berger, Giananti served as project manager and field construction manager at McKenzie Construction in Miami, where he simultaneously led multiple construction projects from start to completion. Since beginning his career in construction management in 2004, he has managed projects in South Florida and Southern California, developing expertise in value engineering, budgeting and resource management designed to deliver complex commercial construction projects on time and on budget.

DEAL TRACKER

DUNEDIN, FL—Marcus & Millichap brokered the sale of 885 Beltrees Street, a 16-unit apartment property located in Dunedin. The asset sold for $925,000. Jason Hague, Michael Donaldson and Nicholas Meoli, investment specialists in Marcus & Millichap's Tampa office, represented the seller and the buyer, both limited liability companies. “Beltrees Apartments was an off-market transaction that we closed with a cash buyer,” says Hague. “The buyer owned assets in the immediate area and found this property to be particularly interesting due to the location. The property did have some deferred maintenance issues which we were able to overcome and got the buyer to close in just over 30 days from the executed contract.”

CORAL GABLES, FL—CBRE's Ana Barcelo is spearheading the leasing of 13,395 square feet of premium retail and restaurant space at Giralda Place in Downtown Coral Gables. Fronting Giralda Avenue and abutting the new streetscape promenade transforming the city, the mixed-use project recently topped off construction at nine stories, with completion set for early 2018. Located at 2222 Ponce De Leon Boulevard, Giralda Place spans an entire city block and will feature 33 luxury residences, class A office space and ground-floor retail suites. It is walking distance to top hotels, restaurants, retail, and is just minutes from major thoroughfares and Miami International Airport. The project is co-developed by Heidi Eckes-Chantré, Kim Tabet and Christopher Brown.

SAINT PETERSBURG, FL—HFF worked on behalf of Denholtz Associates to arrange $11.35 million in interim financing for Pinellas Business Center, a 205,032-square-foot light industrial complex in Saint Petersburg. HFF placed the three-year, floating-rate loan with a fund managed by global credit manager Marathon Asset Management. Loan proceeds will be used to complete the capital improvement and leasing plan instituted by Denholtz Associates. Completed between 1985 and 1986, Pinellas Business Center comprises six one-story buildings leased at closing to a variety of tenants, including IDEXX Reference Labs, NDH, Sensidyne, Symphoni Group, Litewave Media, Pan Medical and Curant Health.

RIVERVIEW, FL—Batson-Cook Development Company and Dunphy Properties sold Rivercrest Commons, a successful Publix-anchored retail center in the 301 Corridor in Riverview, for $21.7 million. Located at the intersection of Symmes Road and US 301, the 15-acre Rivercrest Commons is a 75,000 square-foot center that 92% leased. The 301 Corridor is among the fastest growing areas, population-wise, in Florida. Colliers International represented the joint-venture. Nicklaus of Florida was the buyer, which was represented by RealNet Tampa Bay. The partnership broke ground on the project in the summer of 2015, and quickly leased up the under-construction space. Publix opened in September 2016, and the center reached stabilization over the summer. US Ameribank provided the construction financing.

ORLANDO—Berkadia secured a $20.82 million bridge loan on behalf of ESG Kullen for the acquisition of 145 units at Discovery Palms, a condominium community located in the Far South/Lake Buena Vista submarket of Orlando. The property is located at 12806 Madison Pointe Circle. Berkadia South Florida managing director Christopher Apone, along with senior managing director Charles Foschini, arranged the three-year, floating rate loan through a New York-based debt fund at an aggressive interest rate and structure, with extension options and future funding for additional unit purchases and capital expenditures. “This was a very unique transaction given that less than 50% of the collateral was being acquired at the time of purchase,” says Apone. “The majority of non-recourse lenders require at least 50% of the community in order to maintain full HOA control. Ultimately, we were able to secure a lender that was comfortable with the strength and experience of the borrower, their business plan, and the asset's exceptional location on International Drive”.

This week in Florida saw a notable student housing project announced, more musical chairs in the commercial real estate industry, bridge loans and long-term leases. Get all the details.

BY THE NUMBERS

Rent pressure seems to shift inland in some areas of Greater Miami. Hialeah leads regional growth with a 6.4% increase year-over-year, while Coral Springs, Davie and Pembroke Pines post significant rent growth as well. (Source: Rentcafe)

Miami works its magic and manages to keep supply and demand in balance. Thanks to approximately 3,500 new apartments expected this year, rents inch up by 2.1% y-o-y, one of the lowest growth rates among Florida's pricey markets. (Source: Rentcafe)

NEWS & NOTABLES

MIAMI—Monumental Real Estate Services named Melissa Dominguez as vice president of human resources. With almost 10 years of experience within the construction industry, Dominguez is a licensed human resources professional, with a deep understanding of 401(k) management, audits, 5500's and plan conversions. In this role, she will be responsible for the strategic direction and day-to-day operations of Monument's HR department across the US, where she will also be implementing HR management strategies that enable Monument to attract, develop and retain the best talent in the industry while building a culture of engagement.

FORT LAUDERDALE, FL—Gregory Giananti joined Berger Commercial Realty/CORFAC International as a project manager at the company's Miramar office. Giananti brings 14 years of experience in planning and resource management for high-visibility commercial real estate construction projects. Prior to joining Berger, Giananti served as project manager and field construction manager at McKenzie Construction in Miami, where he simultaneously led multiple construction projects from start to completion. Since beginning his career in construction management in 2004, he has managed projects in South Florida and Southern California, developing expertise in value engineering, budgeting and resource management designed to deliver complex commercial construction projects on time and on budget.

DEAL TRACKER

DUNEDIN, FL—Marcus & Millichap brokered the sale of 885 Beltrees Street, a 16-unit apartment property located in Dunedin. The asset sold for $925,000. Jason Hague, Michael Donaldson and Nicholas Meoli, investment specialists in Marcus & Millichap's Tampa office, represented the seller and the buyer, both limited liability companies. “Beltrees Apartments was an off-market transaction that we closed with a cash buyer,” says Hague. “The buyer owned assets in the immediate area and found this property to be particularly interesting due to the location. The property did have some deferred maintenance issues which we were able to overcome and got the buyer to close in just over 30 days from the executed contract.”

CORAL GABLES, FL—CBRE's Ana Barcelo is spearheading the leasing of 13,395 square feet of premium retail and restaurant space at Giralda Place in Downtown Coral Gables. Fronting Giralda Avenue and abutting the new streetscape promenade transforming the city, the mixed-use project recently topped off construction at nine stories, with completion set for early 2018. Located at 2222 Ponce De Leon Boulevard, Giralda Place spans an entire city block and will feature 33 luxury residences, class A office space and ground-floor retail suites. It is walking distance to top hotels, restaurants, retail, and is just minutes from major thoroughfares and Miami International Airport. The project is co-developed by Heidi Eckes-Chantré, Kim Tabet and Christopher Brown.

SAINT PETERSBURG, FL—HFF worked on behalf of Denholtz Associates to arrange $11.35 million in interim financing for Pinellas Business Center, a 205,032-square-foot light industrial complex in Saint Petersburg. HFF placed the three-year, floating-rate loan with a fund managed by global credit manager Marathon Asset Management. Loan proceeds will be used to complete the capital improvement and leasing plan instituted by Denholtz Associates. Completed between 1985 and 1986, Pinellas Business Center comprises six one-story buildings leased at closing to a variety of tenants, including IDEXX Reference Labs, NDH, Sensidyne, Symphoni Group, Litewave Media, Pan Medical and Curant Health.

RIVERVIEW, FL—Batson-Cook Development Company and Dunphy Properties sold Rivercrest Commons, a successful Publix-anchored retail center in the 301 Corridor in Riverview, for $21.7 million. Located at the intersection of Symmes Road and US 301, the 15-acre Rivercrest Commons is a 75,000 square-foot center that 92% leased. The 301 Corridor is among the fastest growing areas, population-wise, in Florida. Colliers International represented the joint-venture. Nicklaus of Florida was the buyer, which was represented by RealNet Tampa Bay. The partnership broke ground on the project in the summer of 2015, and quickly leased up the under-construction space. Publix opened in September 2016, and the center reached stabilization over the summer. US Ameribank provided the construction financing.

ORLANDO—Berkadia secured a $20.82 million bridge loan on behalf of ESG Kullen for the acquisition of 145 units at Discovery Palms, a condominium community located in the Far South/Lake Buena Vista submarket of Orlando. The property is located at 12806 Madison Pointe Circle. Berkadia South Florida managing director Christopher Apone, along with senior managing director Charles Foschini, arranged the three-year, floating rate loan through a New York-based debt fund at an aggressive interest rate and structure, with extension options and future funding for additional unit purchases and capital expenditures. “This was a very unique transaction given that less than 50% of the collateral was being acquired at the time of purchase,” says Apone. “The majority of non-recourse lenders require at least 50% of the community in order to maintain full HOA control. Ultimately, we were able to secure a lender that was comfortable with the strength and experience of the borrower, their business plan, and the asset's exceptional location on International Drive”.