Affiliated Development Closes $74 Million Loan, Commences Construction Of Live Local Project ‘The Cove’
The Cove will rise on the site of a former hotel property, delivering 376 residential units in an eight-story building with structured parking.
The Cove will rise on the site of a former hotel property, delivering 376 residential units in an eight-story building with structured parking.
The building, which dropped to a low of 62% leased during the pandemic, now stands at 97% occupied with a diversified tenant roster comprising 43 tenants in 15 distinct industries.
The portfolio, which totals 42 residential units, traded for a combined $8.87 million, equating to $211,190 per unit.
Senior Vice Presidents Steve Hyatt and Keith Graves, CCIM, SIOR represented the seller in the transaction.
Plans call for 2,874 residential units, including 200 townhomes, along with 400,000 square feet of retail, 125,000 square feet of Class A office space and a 185-room hotel.
The sales total nearly $16 million in value.
The $139 million project also ranks as the the second largest affordable senior housing development in Florida.
Senior Managing Director Jaret Turkell and Senior Directors Omar Morales and Yoav Yuhjtman of Berkadia South Florida led the transaction on behalf of the seller.
When fully built out across all three phases, the project will feature five residential towers ranging from 21 to 24 stories, with approximately 1,292 rental residences, 36,000 square feet of restaurants and retail, and 1.1 million square feet of access-controlled parking with 2,650 spaces.
The 13-story development will include 83 residences between the Atlantic Ocean and the Intracoastal Waterway, with homes starting at $2.5 million.
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