Richard E. Jacobs Group, Inc. and CBL & Associates Properties, Inc. closed a $191 million loan on the Gulf Coast Town Center in Fort Myers, Fla., a 50/50 joint venture project between Richard E. Jacobs and CBL. The loan featured a 5.6-percent interest rate and a 10-year term and replaces a $144 million variable-rate construction financing. Gulf Coast Town Center is a 1.2-million-square-foot lifestyle development that will feature two hotels in addition to a retail component.
Ramco-Gershenson Properties Trust has formed a joint venture with Heitman LLC, which will grow on an asset-by-asset basis. Heitman will hold a 93-percent interest in the venture and Ramco-Gershenson will hold a 7-percent stake, in addition to serving as an asset manager for the purchased properties. So far, Ramco-Gershenson sold two centers to the venture: Kissimmee West in Kissimmee, Fla. and the Shoppes of Lakeland in Lakeland, Fla.
David Cronheim Mortgage Corp. opened a Southeastern regional office in Boca Raton, Fla. Sean McKissic, a 17-year industry veteran who has worked for Vornado Realty Trust, Meridian Capital and Palin Enterprises, will head the new office.
Colliers Abood Wood-Fay appointed Maria Crocamo as property manager in the South Florida market. In her new position, Crocamo will be responsible for handling a property portfolio in Dade County. She previously served as director of the property management division with Valle Realty & Management.
Tremont Realty Capital arranged a $43 million loan for the acquisition of Church Street Station, a 300,000-square-foot mixed-use project in Orlando, Fla. The non-recourse bridge loan featured a two-year term. Dennis Walsh, a senior director with Tremont, negotiated this transaction.
Marcus & Millichap Real Estate Investment Services negotiated the sale of Town Center, a 304,000-square-foot shopping center in Lakeland, Fla., from Howe Whitman to a private investor from Europe for $32 million. Ricardo Bovero, of Marcus & Millichap, represented the buyer in the transaction.