gateway 2015 annual report: south florida real estate group project highlights
DESCRIPTION
In Holland & Knight's second edition of the Gateway Annual Report, we showcase a sampling of our Real Estate Group's South Florida transactions during 2015.TRANSCRIPT
www.hklaw.com
South Florida Real Estate Group Project Highlights
TABLE OF CONTENTS
Healthcare Real Estate................................................01
Residential Communities ............................................03
Condominium Development.........................................07
Hospitality, Entertainment and Gaming .........................09
Industrial, Office and Specialty ....................................13
2015 GATEWAYANNUAL REPORT
Last year, Holland & Knight’s Miami Real Estate Group published
the inaugural edition of this publication. In that edition, we showcased
some of the South Florida transactions handled by our Miami attorneys
during 2014. As we publish the 2015 edition, the firm is again pleased
to present some Miami transactions, but Holland & Knight’s South
Florida real estate representation is much more than just the Miami
Real Estate Group. This year, we are excited to expand the reach of
this report to include not just our Fort Lauderdale office, but have
also included transactions in South Florida that were handled by other
attorneys within the firm.
Based on the number of lawyers, Holland & Knight has one of
the largest real estate practices in South Florida. With over 43
practitioners, our lawyers are deeply involved in all phases of
assisting our clients in acquiring real estate across a variety of
asset classes. In the following pages, we present a sampling of the
breadth of transactions on which our lawyers worked during 2015.
We continue to be proud of our clients and all of the projects in which
we were involved.
As always, we thank our clients for letting us be a part of such exciting
transactions.
Sincerely,
John Halula,
Miami Real Estate Practice Group Leader
Nick Milano,
Fort Lauderdale Real Estate Practice Group Leader
HEALTHCAREREAL ESTATE
Over the last few years, healthcare-related real estate has been a consistent performer and 2015
was no different. Among a variety of other projects, our lawyers helped to shape South Florida’s
healthcare market by assisting on several new facilities being constructed from Palm Beach
to Homestead.
1 | www.hklaw.com
TD Bank
» Our lawyers were pleased to represent TD Bank, N.A.
in connection with a $26 million construction loan to
The Palace at Homestead. The proceeds of the loan
are being used to finance the construction of a 201
residential-unit assisted living facility.
Baptist Health Miami Beach Medical Plaza
» Overcoming major opposition from another local hospital,
we successfully represented Baptist Health Miami Beach
Medical Plaza in obtaining construction approval for a
brand new 60,000 square-foot urgent care, diagnostic,
ambulatory surgical and primary care facility in the heart
of South Beach.
www.hklaw.com | 2
SunTrust Bank
» The care of an aging population continues to be a
pressing need for South Florida. In 2015, our attorneys
assisted SunTrust Bank in providing the financing
for both an already existing elder care facility and
construction financing for a new tower devoted to
elder care. A $72 million term loan and a $65 million
construction loan, respectively, will result in the
borrower continuing to deliver high-quality services to
Palm Beach’s population.
www.hklaw.com | 2
RESIDENTIALCOMMUNITIES
South Florida is a world-renowned destination not just for tourists – from Palm Beach to South
Beach, South Florida continues to be a developing metropolis for its residents. As this region
continues to grow, our clients are developing and financing new communities to house this
increasing population.
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Rilea Group
» We represented Rilea Group in its acquisition of a former FDG
railway parcel adjacent to Dadeland Mall. This acquisition will
be developed into a new residential development to house
Miami’s growing population.
Yale Stream Center Court
» After representing them in the sale of a multifamily
residential project, we assisted Yale Steam Center Court, LLC
in completing its 1031 tax exchange to acquire an affordable
housing project in North Miami consisting of 588 units.
www.hklaw.com | 2
Pasadena at the California Club
» As South Florida continues its western push, the firm
was pleased to assist Pasadena at the California Club
in connection with obtaining the zoning approvals
necessary to construct a 684-unit, luxury rental
community in the California Club neighborhood of
Northwest Dade County. The rental community is the
first project by Pasadena Communities in Miami-Dade
County and is the first community of its kind built in
the area in at least two decades.
Lennar Homes
» We were also proud to continue to assist longtime
client, Lennar Homes, in its acquisition of a 145-acre
parcel of land in the town of Miami Lakes. As part
of that acquisition, our land use attorneys assisted
Lennar in obtaining the zoning and subdivision
approvals necessary to construct a 482-unit private
community on that parcel of land.
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Florida Community Bank
» Our attorneys assisted longtime client, Florida
Community Bank, in connection with a $31 million
acquisition and development loan and a $12 million
revolving construction loan, which will be used to
finance the development and construction of 394
single-family homes on a 108-acre parcel in northwest
Miami-Dade County.
» We also helped Florida Community Bank close a
$53 million acquisition and development loan and a
$12 million revolving construction loan to finance the
construction of 319 single-family homes on a 71-acre
parcel in Doral, Florida.
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Ocean Bank
» A key aspect of the construction of new residential
communities is the relationship between developers
and their lenders. Our attorneys represented Ocean
Bank in providing financing to Isla Verde Wellington,
LLC. This $53 million construction loan will be used to
finance the construction of Isla Verde, a 33-building,
350-unit garden-style luxury rental apartment
community located in Wellington, Florida.
JPMorgan Chase Bank
» We represented JPMorgan Chase Bank in connection
with a $68 million construction loan to finance the
construction of a 19-story, 195-unit apartment project
located in Miami.
www.hklaw.com | 6
CONDOMINIUMDEVELOPMENT
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While our attorneys worked on a number of communities containing single-family homes,
condominium projects continued to be a popular asset class in 2015. Rebounding more quickly than
expected from the economic downturn, condominium developers returned in force during 2015.
Construction Financing
South Florida’s condominium market continued to evolve in
2015 and new structures for purchaser deposits were put into
place. As a result, the structure of construction financing for
these condominium projects also evolved and our attorneys
were there to guide our lender clients. In 2015, we represented
a variety of lenders in a number of projects throughout the
region, including:
» The representation of HSBC Bank USA in connection with
a $94 million construction loan to finance the construction
of Phase II of the Marina Palms Yacht Club & Residences,
a 25-story tower containing 234 residential units, a
431-space parking garage and 56 for-sale boat slips and
amenities in North Miami, Florida.
» The representation of City National Bank in connection
with a construction loan to develop a 38-unit condominium
building known as Sereno, located in Bay Harbor, Florida.
» The representation of SunTrust Bank in connection with a
$105 million construction loan to finance the construction
of Icon Las Olas, a 272-unit, Class A, 42-story high-rise
apartment project located in downtown Fort Lauderdale.
» The representation of Wells Fargo Bank in connection
with a $136.5 million construction loan to finance the
construction of Parque Towers, consisting of two high-rise
buildings with 329-unit condominiums and amenities in
Sunny Isles Beach, Florida.
www.hklaw.com | 2
PDS Development
» Fisher Island is a world-famous destination for luxury
South Florida real estate. Last year, we represented
PDS Development LLC, an affiliate of Fisher Island
Holdings, the master developer of Fisher Island, in
connection with the development of the Palazzo Del
Sol, a luxury residential condominium, containing 47
condominium units in Phase 1 of the project, ranging in
price from $5 million to $32 million. The units contain
three to seven bedrooms and range from 3,700 to
9,700 square feet. This representation started over two
years ago with the various condominium unit filings
and purchase agreement negotiations, and Holland
& Knight is pleased to represent PDS as unit closings
begin in 2016.
www.hklaw.com | 8
HOSPITALITY,ENTERTAINMENTAND GAMING
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South Florida continues to be a hot spot for tourists from all over the United States and the rest of the
world. Part of the reason for this popularity is the region’s terrific hospitality industry and its growing
gaming community. Holland & Knight’s real estate attorneys continue to work in this ever-exciting
asset class.
Diplomat Golf Course Venture
» We continued our representation of Diplomat Golf Course
Venture, LLC. Diplomat acquired an estimated 130-acre
site in 2014, and in 2015 we assisted them in obtaining
the entitlements for three hotel towers that will include
935 hotel rooms, a 250-unit residential tower, expansion
of the existing banquet facilities and the addition of a new
onsite specialty restaurant, as well as a redesign of the
signature golf course, tennis center and marina.
Pompano Pier Associates
» South Florida is more than just Miami Beach and in 2015
we represented Pompano Pier Associates in a high-profile
revitalization of the Pompano Pier development. This
work consists of a series of 50-year ground leases and
related subleases for the development of the oceanfront
pier area into eight separate parcels dedicated to retail,
restaurant and hotel use, as well as a parking garage and
approximately 48,500 square feet for development.
www.hklaw.com | 2
HSBC Bank USA
» Last year, we reported on our representation of HSBC
Bank USA’s financing of Faena House, an ultra-luxury
condominium project in the heart of Miami Beach. In
2015 we continued this representation in connection
with HSBC’s orgination of a $75 million construction
loan to finance the construction of the Faena Events
Center involving 46,195 square feet of a newly
constructed exhibition and event facility with banquet
capacity for 600 people that will generate revenue
from meeting room rentals, catering, and social
and corporate events; and the Faena Bazaar, which
involves a modernist architectural renovation and
conversion of the historic Atlantic Hotel – an existing
four-story structure designed by Rem Koolhaas and
OMA – that will contain 15,757 square feet of net
lettable area (NLA) flexible retail and office space along
with a 1,265 square foot courtyard facing Indian Creek.
Faena Park and Retail was also designed by OMA,
and has four above-grade level and one below-level
semi-automated parking area for 238 vehicles. The
building has been designed to screen the vehicles with
a custom-engineered skin through which the vehicles
will be veiled from the street. The building totals
61,428 gross square feet and will feature prominent
ground-level retail space on Collins Avenue and retail
space located above the parking levels, similar to the
trophy retail space atop 1111 Lincoln Road.
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Ocean Bank
» As the downtown Miami market continues to develop,
we represented Ocean Bank in connection with
a $34.5 million construction loan to West Brickell
Hotel, LLC to finance the construction of a 140-room
full-service hotel and restaurant project that upon
completion will be doing business as the Hotel Indigo,
which is a part of the InterContinental Hotels Group
family, and an additional 90-room extended-stay hotel
project that will be separately accessed and doing
business as the Sojourn.
11 | www.hklaw.com
Marriott International andSeville Acquisition
» Throughout 2015 we represented Marriott International
and its affiliate Seville Acquisition, LLC, the developer,
manager and hotel operator of 2901 Collins
Condominium, the Residences at The Miami Beach
EDITION and The Miami Beach EDITION hotel located
at 2901 Collins Avenue in Miami Beach, Florida, on
a hotel and residential condominium project. This
project is part of a mixed-use project at the former
historic Seville Beach Hotel including luxury residential
condominium units and The Miami Beach EDITION
hotel. We created the association structure, prepared
the condominium documentation and shared facilities
covenant to govern the relationship between the hotel
and residential components of the project, negotiated
and prepared unit purchase agreements, and handled
unit closings for the project.
BankUnited
» The South Florida gaming market continues to expand
and we were pleased to represent BankUnited, N.A.
in connection with a $40 million construction loan
to Dania Entertainment Center, LLC to finance the
renovations to The Casino @ Dania Beach located in
Dania Beach, Florida.
www.hklaw.com | 12
INDUSTRIAL,OFFICE ANDSPECIALTY
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In addition to housing and hospitality, South Florida’s commercial market also had a terrific 2015.
Transactions throughout all aspects of the commercial asset class demonstrated the existence of a
strong 2015 South Florida real estate market. Our attorneys represented lenders, developers and
owners across an impressive array of transactions.
Wells Fargo
» Change in the Miami skyline is underway as we
represented Wells Fargo as the lead lender for a syndicate
of lenders in providing a $340 million construction loan
to build the Panorama Tower. Located at 1101 Brickell
Avenue, Panorama – once constructed – will be the tallest
building in Miami and will consist of rental apartments, a
hotel, retail, office space and parking.
RESOLVE Marine Group
» We represented RESOLVE Marine Group, Inc. in
connection with a multi-parcel assemblage to form its
international headquarters campus, which is located in
close proximity to Port Everglades in Fort Lauderdale.
RESOLVE Marine Group is one of the three largest marine
salvage companies in the world, with operations in China,
Singapore, India, England, Gibraltar, Africa and several port
cities in the U.S. including Anchorage, Seattle/Tacoma and
Mobile. The assemblage was achieved through multiple
acquisitions, the most recent of which was an office
building that was purchased in 2015. That office building
now houses the RESOLVE Maritime Academy, where
captains, engineers, and other crew members of cruise
and cargo ships come from around the world for marine
continuing education training.
www.hklaw.com | 2
SunTrust Bank
» We represented SunTrust Bank in a construction
loan to Boys & Girls Clubs of Miami-Dade, Inc., a
nonprofit corporation, and Greater Miami Boys’ Clubs
Foundation, Inc., a nonprofit corporation, to finance
the construction of a 55,000 square feet, five-story
building to expand the charter school currently located
on the property.
Historical Property Renovations
» In addition to helping shape the future, we assisted
in preserving a piece of history. In 2015, our lawyers
were pleased to represent a developer in obtaining a
90-year ground lease of the historic Miami Women’s
Club building. Once renovated, this waterfront property
will provide a base for future tenants and a long-term
home for the Miami Women’s Club.
www.hklaw.com | 14
CMBS Portfolio Refinance
» We represented the owner of 41 properties through a
$660 million commercial mortgage-backed securities
refinancing, including eight properties in Florida.
Midtown Opportunities XIVB
» In 2015, the Midtown area of Miami became a hot
spot for development. We were pleased to represent
Midtown Opportunities XIVB, LLC in connection with the
$55 million sale of several parcels in this neighborhood
of Miami.
C1 Bank
» It wasn’t just Midtown that became a hot spot for real
estate. In 2015, we represented C1 Bank in connection
with loans to Millie Realty, LLC, Malux Realty, LLC and
Melanie Holdings, LLC totaling approximately $38.25
million that were secured by properties throughout the
hip Wynwood area.
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National Self-Storage Compaines
» With all the new housing developments in the South
Florida area, self storage was a particularly successful
asset class. We assisted several national self-storage
companies in conducting real estate transactions and
obtaining zoning, permitting and platting approvals for
numerous projects around Miami-Dade County. One
such project was for our long-term client, Safeguard
Self Storage. We assisted Safeguard in acquiring a
parcel of property in the up-and-coming Allapattah
area of Miami and look forward to continuing our work
on new Safeguard sites in 2016.
www.hklaw.com | 2
Stripey
» We also represented Stripey in its assemblage of the
three parcels located in Midtown. These parcels will be
developed in another exciting Midtown project.
Stiles Property Fund
» We represented Stiles Property Fund, LP in connection
with its acquisition of the Sunrise Corporate Plaza,
an office building containing over 100,000 square
feet of office space located in Sunrise, Florida. This
Class A office park is located in the heart of the
Sawgrass corporate and retail area, and is known for
its magnificent lake views, outdoor courtyards and
superior common areas.
Global City
» As Miami’s real estate market continued to move
up Biscayne Boulevard, we also represented Global
City in the purchase and assemblage of 6.6 acres in
Miami’s Upper Eastside neighborhood. This involved
nine properties, the assignment of a long-term ground
lease and coordinating all the unrelated sellers.
Ultimately, our client will be seeking to up zone the
property to permit development of a mixed-use project
encompassing an entire city block.
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City Place Doral
» Our land use practitioners continued their work on City
Place Doral. This mixed-use retail, office and residential
project is located in the emerging downtown area of
eastern Doral. Our representation in this matter includes
assisting in obtaining zoning, development of regional
impacts (DRI) and permitting approvals for the continued
development of this project.
Banco Popular North America
» We represented Banco Popular North America in the
negotiation of various leasing matters relating to new
retail bank branches and office spaces throughout
Florida, New York and Illinois. Some of the more
prominent locations include 275 Madison Avenue in
New York, Keystone Plaza in North Miami, Commodity
Circle in Orlando and Turnberry Plaza in Miami.
Rita Garden ll
» Our work in Doral continued with our representation of Rita
Garden II, LLC in connection with obtaining a construction
loan for the development and leasing of an office building
located at 10305 NW 58th Street in Doral, Florida.
CONTACTS
Tony Alfonso
954.468.7830
Mark Aronson
305.789.7657
Hugo Arza
305.789.7783
Bill Bloom
305.789.7712
Miguel De Grandy
305.789.7535
Vivian de las Cuevas-Diaz
305.789.7452
Joe Dewey
305.789.7746
Geneve DuBois (刘莹)
954.468.7828
Irwin Fayne
954.468.7895
Kimberly Ginsburg
305.789.7587
Joe Goldstein
305.789.7782
John Halula
305.789.7796
Judi Kreitzer
954.468.7859
Alan Krischer
305.789.7758
Janna Peters Lhota
954.468.7841
Jeffrey Lowe
305.789.7532
Jon Marcus
954.468.7924
Ines Marrero-Priegues
305.789.7776
19 | www.hklaw.com
CONTACTS
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Juan Mayol
305.789.7787
Allison McCarthy
954.468.7851
Nick Milano
954.468.7804
Stephen Moss
954.468.7857
Debbie Orshefsky
954.468.7871
Rick Perez
305.789.7630
Tracy Slavens
305.789.7642
Ron Shapo
305.789.7443
Bob Smith
305.789.7749
Ilana Strickon
305.789.7444
Melissa Turra
904.798.5457
Gavin Williams
305.789.7637
Gloria Velazquez
305.789.7407
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