SAN JUAN, PR—PRISA Group, the developers of The District San Juan, unveiled the flag for its lifestyle-focused hotel at the Convention Center District in Miramar. Aloft Hotels will make its Caribbean debut as part of the new $125 million-dollar entertainment project. Aloft Hotels in Puerto Rico introduces an urban-inspired gathering place and hot spot that will complete the offering of The District.

DEAL TRACKER

ORLANDO—Shopping Center Group represented the seller in the $2.5M sale of an Orlando Dollar Tree located in the University of Central Florida area. Located along one of the most heavily traveled roads in Central Florida, Dollar Tree joins Dairy Queen, Dustin's Bar-B-Q, Blue Water Express Wash and WaWa. Overall, central Florida closed 2016 strong and continues to provide opportunities for a variety of investors, particularly properties with significant lease term remaining with extensions such as the Dollar Tree opportunity.

SANFORD, FL—KeyBank Real Estate Capital secured a $10.1 million Fannie Mae, first mortgage loan for Dalton Place Apartments. The 172-unit, garden-style multifamily property was built in 1985. Hayley Suminski of Key's Commercial Mortgage Group arranged the financing with a 10-year term, five-year interest only period and 30-year amortization schedule. The loan was used to refinance existing debt.

DAVENPORT, FL—HFF brokered the $26.75 million acquisition and bridge financing for Village at Town Center, a 240-unit, garden-style apartment community located in the Central Florida community of Davenport, Florida, within the Orlando MSA. The HFF team worked on behalf of Beachwold Residential to secure the acquisition and bridge loan, which was provided by NXT Capital.

RIVIERA BEACH, FL—A joint venture between Fort Lauderdale-based BTI Partners and Miami-based 13^th Floor Investments secured a $14 million loan from Florida Community Bank. The loan will help fund construction of Arbor Parc, a single-family home gated community in Riviera Beach. The borrower is Mediterranea Palm Property Subsidiary LLC. Once completed, Arbor Parc will consist of 500 single-family homes. Currently, home prices range from $278,990 to $336,990 for floor plans of 1,558 square feet to 2,086 square feet. The first homes will be delivered in the second quarter of 2018. The community is just west of I-95 and just north of Blue Heron Boulevard. “The revolving loan will allow the joint venture to provide quality homes to first-time home owners at attainable prices,” says Noah Breakstone, managing partner at BTI Partners. “BTI acquired the land at a great price during the recession and that has allowed us to meet the demand for single-family homes priced competitively.”

BUILDING BLOCKS

COCONUT GROVE, FL—Optimum Group broke ground on The Optimum, a class A office tower on Main Highway in Miami. The project is one of the first new office buildings in more than a decade in the heart of Coconut Grove.