$111M Construction Loan Secured For Edgewater Multifamily Development
JLL represented the borrower in securing the three-year loan through S3 Capital.
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JLL represented the borrower in securing the three-year loan through S3 Capital.
Cushman & Wakefield’s Stuart Duffin, SIOR, CCIM, and JJ Sanguily represented the seller in the transaction.
Vision Marine Technologies expects three pending Florida property sales to generate about $13.1 million in gross proceeds as the company consolidates operations around its Dania Beach and Fort Lauderdale waterfront platform.
At approximately $90,000 per unit, the site’s per-unit pricing is the highest ever paid for a South Miami development site.
River Landing remains one of the only mixed-use developments in Miami accessible by car, train, bike, and boat.
The sale marks a nearly 490% gain in value over 14 years. The property last sold in 2012 for $3.9 million.
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 plaza sits on more than 10 acres. The property was 89% leased at the time of sale.
The partnership plans to invest more than $30 million to upgrade and renovate the portfolio with completion expected in 2027.
The project will include more than 120,000 square feet of Class A office space, along with over 11,000 square feet of ground-floor retail.
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