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Bluerock Residential Growth REIT Invests in Residential Component of Publix Mixed Use Project

31 May 2014, 6:12 am

By Balazs Szekely, Associate Editor

The Board of Directors at Bluerock Residential Growth REIT Inc. approved an investment in a 296-unit mid-density, four-story multifamily project on the East side of Orlando. Developed by Atlanta-based Catalyst Development Partners, the Class A apartment community is part of a Publix anchored retail development known as Town Park.

The one- and two-bedroom units that average 896 square feet will offer high-end features and finishes and include amenities superior to what the surrounding commodity garden-style market has to offer. Ramin Kamfar, Chairman and CEO of Bluerock Residential Growth REIT, attributes this lead to converting the land originally designated for office use to residential, which provides for up to $15,000 per unit cost advantage.

“The cost advantage is expected to allow us to deliver a superior quality product at competitive prices,” he adds.

The luxury property is in close proximity to several important locations including major employers. Located directly adjacent to the Central Florida Research Park, the Waterford Lakes Town Center, UCF and the Quadrangle Office Park are also easily accessible from the neighborhood.

The developer will contribute 15 percent of the required equity with BRG undertaking to throw in about $3.8 million of preferred equity with a 15 percent annualized rate, and the ability to convert into a common equity position on stabilization of the development. Affiliates of Bluerock Real Estate, LLC control the remaining equity in the development, according to a written announcement released recently. The terms of the agreement for the BRG’s investment, however, are still subject to final terms of negotiation.

The estimated cost to complete the development is $36.8 million and leasing is expected to begin in 2015.

Photo credits: Catalyst Development Partners

 



Nemours Opens Two Central Florida Primary Care Offices

23 May 2014, 4:11 pm

By Balazs Szekely, Associate Editor

Nemours Children’s Health System has expanded its operations to Lake County and Seminole County by opening two primary care offices. Both Nemours Children’s Primary Care, Clermont on 1371 Citrus Tower Boulevard and Nemours Children’s Primary Care, Oviedo at 7455 Pinemire Drive opened in mid-May.

Founded in 1936, Nemours is an internationally recognized children’s health system that offers pediatric clinical care, research, education, advocacy and prevention programs to families in numerous facilities that serve communities throughout Florida, Delaware, Pennsylvania and New Jersey. Nemours’ Central Florida network now includes nine Primary Care locations, five Urgent Care facilities, three Specialty Care locations and Nemours Children’s Hospital in Lake Nona Medical City.

The Clermont location opened at the former NTC Urgent Care facility and is led by physician Dr. Odette Stanley-Brown. As a board-certified pediatrician and fellow of the American Academy of Pediatrics she has provided health care to Florida families for more than 25 years and has been a pediatric practitioner in the hospital as well as the urgent care environment. Dr. Andrea Burns will lead Nemours Children’s Primary Care, Oviedo, while also helping with community-based educational workshops on adolescent health and obesity prevention and volunteering with two Central Florida service organizations.

The main purpose of Nemours’ primary care centers is to keep specialized patients close to their hospital facilities and have easy access to a child’s medical history as these locations share an electronic health record with Nemours Children’s Hospital and Nemours Children’s Specialty Care locations.

In addition to the new openings in Clermont and Oviedo, Nemours also has expanded into pediatric urgent care with recent purchases of five centers in Altamonte Springs, Dr. Phillips, Hunter’s Creek, Sanford and Waterford Lakes.

Photo credits: Nemours Children’s Health System



Construction of Crescent Gateway in Altamonte Springs is in the Works

16 May 2014, 5:26 pm

By Balazs Szekely, Associate Editor

Crescent Gateway, Crescent Communities’ luxury apartment community is underway at the intersection of Maitland Boulevard and state Route 434. The company is building an 80-acre, mixed-use project and the residential component represents the first phase. Another 300,000 square feet of office and retail space, and potentially a hotel, are in the pipeline. A groundbreaking ceremony was held May 15.

Crescent Multifamily Construction is the general contractor for the Crescent Gateway project, designed by Charlan Brock and Associates. The development is financed by an equity investment from Crescent and CNL Growth Properties Inc. with construction financing by PNC Bank.  Dix.Hite + Partners is entrusted with landscape architecture and DRMP is the civil engineer. ZRS will manage the property.

The 249-unit multifamily community is located just east of the new Adventist Health Systems headquarters and other major employers in the area such as EA Sports and Charles Schwab are within easy reach. A grocery store and other retail facilities are also accessible. The complex will feature studio homes, one- and two-bedroom apartment units in four-story buildings equipped with elevators. Three-bedroom units and two-story townhomes with attached garages are also part of the selection. Vignette Interior Design is responsible for the interior atmosphere, bringing granite countertops, stainless steel appliances and state of the art lighting to tenants. The range of common space amenities includes a swimming pool, outdoor fireplace, grilling area, a cafe with a terrace and flat-screen televisions, yoga lawn and a dog park.

Crescent Gateway is expected to open next summer.

 Satellite image of the developed parcel, courtesy of Google Maps



NorthMarq Capital Secures Lake Weston Point Community Refinance

9 May 2014, 10:21 pm

By Balazs Szekely, Associate Editor

NorthMarq Capital secured an $8.83 million refinance for Lake Weston Point Apartment Homes.

NorthMarq Capital is a privately held commercial real estate financial intermediary, providing mortgage banking and commercial loan servicing. With more than $10 billion in annual production volume and servicing a loan portfolio of more than $42 billion the company operates in 34 offices over the U.S. and has long loan production and loan servicing relationships with more than 50 life companies, many commercial mortgage-backed security platforms and hundreds of local, regional and national banks.

The company arranged financing for the borrower through its seller/servicer relationship with Freddie Mac. Structured with a 7-year term with 2-years interest only and a 30-year amortization schedule, the transaction of the adjustable rate mortgage was completed by Melissa Marcolini Quinn, managing director and senior vice president of NorthMarq Capital’s Orlando based regional office. She considers Freddie Mac’s floating rate offer “extremely attractive,” according to a press release.

The 240-unit affordable housing property is located at 2201 Weston Point Drive, Orlando. The pet-free community offers four floor plans with two to four bedrooms and two bathrooms, up to 1292 square feet. The apartments are air conditioned, equipped with central heating, ceiling fans, oversized closets, dishwashers and washer & dryer connections. Residents also have access to a lineup of community amenities such as afterschool program for kids, a clubhouse, car care area, a swimming pool, a sports court and a fitness center.

Photo credits: Lake Weston Point 



Nemours Children’s Clinic’s Lease on South Orange Ave. Renewed

1 May 2014, 2:06 am

By Balazs Szekely, Associate Editor

The Nemours Foundation has had its 34,092-square-foot lease renewed at its Orlando location at 1717 South Orange Avenue.

Nemours’ multi-specialty group practice provides pediatric care for children and adolescents with chronic or complex medical conditions. The non-profit organization operates several children’s healthcare facilities throughout the country. Nemours’ pediatric specialists provide care at satellite clinics in Lake Mary as well as at Viera. The foundation also has several partners engaged in pediatric health care. Alongside its Florida operations, it offers family-centered care in children’s hospitals and clinics in Delaware, New Jersey and Pennsylvania.

The facility is an outpatient pediatric clinic, which provides specialized pediatric care for families in Central Florida and is located in a three-story, 53,000-square-foot office building south of downtown Orlando. It features views of the adjacent Lake Lurna and is located across the street from the Orlando Regional Medical Center and the Arnold Palmer and Winnie Palmer hospitals.

Richard Solik of Cushman & Wakefield represented the tenant in the transaction and Robert Kellogg, vice president of office leasing for Lincoln spoke for the landlord. Kellogg said “The Nemours Foundation has been a longtime and highly valued client of 1717 South Orange Avenue.”

He also expressed his delight in the continuation of the successful business relationship of the two signatory parties.

Photo credits: Google Maps







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