HFF closes sale and arranges financing for newly-built mixed-use tower in Miami
MIAMI, FL – November 14, 2016 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the sale of and secured financing for InTown Apartments, a newly-developed, two-building, mixed-use residential and retail property in Miami’s Little Havana submarket.
HFF brokered the sale of the property on behalf of the seller, The Astor Companies, in an off-market transaction. Greystar purchased the asset free and clear of existing debt. HFF also assisted the new owner by securing a fixed-rate acquisition loan with Florida Community Bank, which also provided the original construction financing for the development of the property.
InTown Apartments comprises two 15-story towers with a total of 320 residential units and 19,000 square feet of ground-floor retail. The property also features a 536-space structured parking garage surrounded by eight exclusive, bi-level townhouse units. The additional 312 residential units encompass 182 one-bedroom, 104 two-bedroom and 26 three-bedroom floor plans. Completed earlier this year, the property’s amenities include a clubroom, coffee bar, state-of-the-art fitness center, yoga room, business center and amenity deck featuring a 60-foot outdoor swimming pool. Situated on 2.53 acres at 1900 Southwest 8th Street in the Little Havana submarket, the asset offers residents a central location between downtown Miami and the affluent Coral Gables neighborhood.
The HFF investment sales team representing the seller was led by managing director Jaret Turkell and director Maurice Habif.
HFF’s debt placement team was led by managing director Elliott Throne and senior managing director Andy Scott.
“Little Havana represents one of the most exciting urban landscapes in the City of Miami,” said Turkell. “The area is characterized by a deep history with strong cultural ties to the local community. We are excited to see this project and the surrounding neighborhood thrive.”
“As one of Miami’s most rapidly-developing neighborhoods, Little Havana is rich in authentically-local culture and is a beloved neighborhood with incredible potential for growth,” said Kent Ellert, President & CEO of Florida Community Bank. “As a Florida-based, Florida-focused bank, we are proud to align with organizations right here in our own backyard that strengthen our local communities.”
About The Astor Companies
The Astor Companies (Astor) is a privately held real estate development firm based in Miami, Florida, with experience in all facets of the industry, including the development, construction, leasing and management of multifamily properties. With an eye for detail, Astor incorporates exceptional architecture, interiors and amenities into each of its projects. Led by Henry Torres, the company has successfully delivered numerous residential developments throughout South Florida valued at more than $300 million, including InTown, Brickell Vista, Nordica, Gateway to the Grove, Valencia, and is currently developing Merrick Manor in Coral Gables, which is comprised of 227 Mediterranean-style, luxury condominium residences and 19,000 square feet of retail and restaurant space. For more information, visit Merrick-Manor.com and astorcompanies.com.
Greystar is a leading, fully integrated real estate company offering expertise in investment management, development and property management of rental housing properties globally. Headquartered in Charleston, South Carolina with offices throughout the United States, Europe, and Latin America, Greystar is the largest operator of apartments in the United States, managing over 400,000 units in over 160 markets globally. Greystar also has a robust institutional investment management platform dedicated to managing capital on behalf of a global network of institutional investors with over $14 billion in gross assets under management, including $6.3 billion of developments underway. Greystar was founded by Bob Faith in 1993 with the intent to become a provider of world class service in the rental housing real estate business. To learn more about Greystar, visit greystar.com.
About Florida Community Bank
Established in 2010, Florida Community Bank (FCB) has grown to over $8 billion in assets, is the third largest Florida-based independent bank, and recently received a five-star rating from Bauer Financial™. Listed on the New York Stock Exchange (NYSE: FCB), FCB serves the state with 48 full-service banking centers. The presence of FCB blankets both Florida coasts, from Daytona Beach to Miami-Dade, Naples through Tampa Bay, as well as the I-4 Corridor. FCB is among the most highly capitalized banks in the state with capital ratios exceeding the regulatory standard to be considered “well capitalized” by a wide margin. Complete information outlining the depth and breadth of the company is found at FloridaCommunityBank.com. Equal Housing Lender, Member FDIC.
HFF and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 23 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information please visit hfflp.com or follow HFF on Twitter @HFF.