North Carolina-based Madison Capital Group has plans for a multi-family housing development on Florida’s Space Coast. Madison Midtown will comprise 240 homes, with in-unit amenities including granite countertops, high-end flooring and cabinets, and stainless-steel appliances.
Berkadia announced it arranged for $172 million in construction financing for ONE Park Tower by Turnberry, a 33-story, 292-unit condominium tower located at 2411 Laguna Circle in the 184-acre master-planned community of SoLé Mia in North Miami, Florida. Designed by the award-winning architecture firm Arquitectonica, with interiors by the globally acclaimed Meyer Davis and landscaping by DS Boca, the building offers a variety of one-, two-, and three-bedroom units, including a selection of penthouses. The financing deal was orchestrated by Managing Director Scott Wadler, Associate Director Alec Fox, Senior Managing Director Mitch Sinberg, and Managing Directors Brad Williamson and Matt Robbins of Berkadia South Florida. It was closed with Bank OZK on behalf of Turnberry, led by Chairman and CEO Jackie Soffer, on March 25.
Related Companies has acquired Sorrento, an affordable housing community in Miramar, Florida, from Zom Foxcraft, an entity tied to ZOM Living and NRP Group for $48.2 million, equating to $150,625 per unit. The 320-unit, garden-style apartment community offers LIHTC income-restricted apartments at 8991 and 9577 Southwest 41st Street. The property was completed by ZOM Living in 2012 and was originally financed through the federal Low Income Housing Tax Credit Program and various state and county debt financing programs.
Berkadia has recently marked a significant milestone by orchestrating acquisition financing for Tavalo Tradition. Situated in Port St. Lucie, Florida, this 216-town home build-to-rent community is part of the Tradition Master Planned Community. GTIS Partners oversees the buyer’s entity. The financing is a forward acquisition loan supplied by a national bank. It will be allocated incrementally, synchronized with K. Hovnanian’s construction progress, anticipated to span until mid-2024.
Berkadia announced it has arranged the sale of 1715 Douglas, an 0.87-acre development site located at 1715 Southwest 37th Avenue in the heart of Downtown Coral Gables, within walking distance to Miracle Mile, six million square feet of office space, and two million square feet of retail. Senior Managing Directors Roberto Pesant and Jaret Turkell, Director Yoav Yuhjtman, Associate Director Omar Morales, and Associate Jose Mota of Berkadia South Florida marketed the property on behalf of the seller.
