Original Southeast commercial real estate news & events for Atlanta, Carolinas, Memphis, Miami, Nashville, Orlando and Washington D.C. metro area; plus expert insights, commentary and analysis into secondary and tertiary regional and local markets.
Barings and Bank OZK provided $100 million for the office building project. The equity was provided by MBR, LLC, an affiliate of The Allen Morris Company and ICM Asset Management, Inc. of Calgary. Holliday Fenoglio Fowler, L.P. arranged the transaction.
According to its best and final offer submitted to JEA, the Ryan Cos. project at 325 West Adams St. will cost approximately $72.2 million to construct. The building will total 207,810 square feet, including a 6,340-square-foot rooftop outdoor patio.
The financing deal was announced by Holliday Fenoglio Fowler, L.P., which arranged a fixed-rate loan for the development of the Home2 Suites Sarasota and a floating-rate loan for the development of the Home2 Suites Largo.
The acquired properties total 813 units including independent living, assisted living and memory care in Michigan, Pennsylvania (pictured) and Virginia.
Codina sold the parcel on the south side of the Downtown Doral master plan along 41st Street and 87th Avenue to Charleston, SC-based real estate development and investment firm Greystar for $19.25 million.
New York City-based ESG Kullen, which is active in the South Florida distressed and value-add multifamily investment markets, secured $33 million from Pembrook Capital Management LLC of New York City in connection with the deal.