Gateway 2015 Annual Report: South Florida Real Estate Group Project Highlights

South Florida Real Estate Group Project Highlights

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L

ast year, Holland & Knight’s Miami Real Estate Group published

2015 GATEWAY ANNUAL REPORT

the inaugural edition of this publication. In that edition, we showcased

TABLE OF CONTENTS

Florida real estate representation is much more than just the Miami

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 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

Healthcare Real Estate................................................01

also included transactions in South Florida that were handled by other attorneys within the firm.

Residential Communities.............................................03 Based on the number of lawyers, Holland & Knight has one of Condominium Development.........................................07

the largest real estate practices in South Florida. With over 43 practitioners, our lawyers are deeply involved in all phases of

Hospitality, Entertainment and Gaming..........................09

assisting our clients in acquiring real estate across a variety of asset classes. In the following pages, we present a sampling of the

Industrial, Office and Specialty.....................................13

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

HEALTHCARE REAL 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.

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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.

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.

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.

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RESIDENTIAL COMMUNITIES

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.

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

Yale Stream Center Court

approvals necessary to construct a 482-unit private community on that parcel of land.

» 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.

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Florida Community Bank

Âť 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.

Âť 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

Âť 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

Âť 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.

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CONDOMINIUM DEVELOPMENT

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.

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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.

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

» 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.

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.

» 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.

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HOSPITALITY, ENTERTAINMENT AND GAMING

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.

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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.

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.

Pompano Pier Associates

Faena Park and Retail was also designed by OMA, and has four above-grade level and one below-level

» South Florida is more than just Miami Beach and in 2015

semi-automated parking area for 238 vehicles. The

we represented Pompano Pier Associates in a high-profile

building has been designed to screen the vehicles with

revitalization of the Pompano Pier development. This

a custom-engineered skin through which the vehicles

work consists of a series of 50-year ground leases and

will be veiled from the street. The building totals

related subleases for the development of the oceanfront

61,428 gross square feet and will feature prominent

pier area into eight separate parcels dedicated to retail,

ground-level retail space on Collins Avenue and retail

restaurant and hotel use, as well as a parking garage and

space located above the parking levels, similar to the

approximately 48,500 square feet for development.

trophy retail space atop 1111 Lincoln Road.

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Ocean Bank

Âť 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.

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Marriott International and Seville Acquisition

Âť 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

Âť 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.

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INDUSTRIAL, OFFICE AND SPECIALTY

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.

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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.

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.

RESOLVE Marine Group

Historical Property Renovations

» We represented RESOLVE Marine Group, Inc. in

» In addition to helping shape the future, we assisted

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

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.

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 | 14 www.hklaw.com | 2

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 Companies

Âť 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.

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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.

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CONTACTS Tony Alfonso

Joe Dewey

Judi Kreitzer

954.468.7830

305.789.7746

954.468.7859

anthony.alfonso@hklaw.com

joe.dewey@hklaw.com

judi.kreitzer@hklaw.com

Mark Aronson

Geneve DuBois (ĺˆ˜čŽš)

Alan Krischer

305.789.7657

954.468.7828

305.789.7758

mark.aronson@hklaw.com

geneve.dubois@hklaw.com

alan.krischer@hklaw.com

Hugo Arza

Irwin Fayne

Janna Peters Lhota

305.789.7783

954.468.7895

954.468.7841

hugo.arza@hklaw.com

irwin.fayne@hklaw.com

janna.lhota@hklaw.com

Bill Bloom

Kimberly Ginsburg

Jeffrey Lowe

305.789.7712

305.789.7587

305.789.7532

william.bloom@hklaw.com

kimberly.ginsburg@hklaw.com

jeffrey.lowe@hklaw.com

Miguel De Grandy

Joe Goldstein

Jon Marcus

305.789.7535

305.789.7782

954.468.7924

miguel.degrandy@hklaw.com

joseph.goldstein@hklaw.com

jon.marcus@hklaw.com

Vivian de las Cuevas-Diaz

John Halula

Ines Marrero-Priegues

305.789.7452

305.789.7796

305.789.7776

vivian.cuevas@hklaw.com

john.halula@hklaw.com

ines.marrero@hklaw.com

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CONTACTS Juan Mayol

Tracy Slavens

Gavin Williams

305.789.7787

305.789.7642

305.789.7637

juan.mayol@hklaw.com

tracy.slavens@hklaw.com

gavin.williams@hklaw.com

Allison McCarthy

Ron Shapo

Gloria Velazquez

954.468.7851

305.789.7443

305.789.7407

allison.mccarthy@hklaw.com

ronald.shapo@hklaw.com

gloria.velazquez@hklaw.com

Nick Milano

Bob Smith

954.468.7804

305.789.7749

nick.milano@hklaw.com

robert.smith@hklaw.com

Stephen Moss

Ilana Strickon

954.468.7857

305.789.7444

stephen.moss@hklaw.com

ilana.strickon@hklaw.com

Debbie Orshefsky

Melissa Turra

954.468.7871

904.798.5457

debbie.orshefsky@hklaw.com

missy.turra@hklaw.com

Rick Perez 305.789.7630 richard.perez@hklaw.com

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