Below is a brief summary of projects in which the principals of Beach Hill Capital Partners have been involved with as principals, under Beach Hill Capital, and as individual entities and partners:
Multifamily & Condominium:
The Waverly at South Beach
The property is located at 1331 West Avenue in Miami Beach, Florida. The property is a 399-unit 36-story condominium conversion located in iconic South Beach, Florida. The Company bought the property prior to the completed final certificate of occupancy. The property was purchased in a quiet, off market sale directly with the Builder for $97,000,000. The purchase and subsequent condominium conversion was financed by GE Capital and Athena Capital. Final sellout was accomplished in less than 18 months. Final Aggregate Sales Value; over $140,000,000.
The property is located at 1331 West Avenue in Miami Beach, Florida. The property is a 399-unit 36-story condominium conversion located in iconic South Beach, Florida. The Company bought the property prior to the completed final certificate of occupancy. The property was purchased in a quiet, off market sale directly with the Builder for $97,000,000. The purchase and subsequent condominium conversion was financed by GE Capital and Athena Capital. Final sellout was accomplished in less than 18 months. Final Aggregate Sales Value; over $140,000,000.
The Columbus
The Columbus is a proposed Class "A" multifamily rental complex located on 4.19 acres in Dania Beach, Florida. The Project is designed as a 14-story, mid-rise building containing 352 units, 370,100 net rentable square feet with a 2-level, structured garage with 777 parking spaces. The project includes a proposed 71 additional spaces reserved for public parking and a public bicycle concession. The property has received site plan approval, and is currently awaiting final plat approval.
The Columbus is a proposed Class "A" multifamily rental complex located on 4.19 acres in Dania Beach, Florida. The Project is designed as a 14-story, mid-rise building containing 352 units, 370,100 net rentable square feet with a 2-level, structured garage with 777 parking spaces. The project includes a proposed 71 additional spaces reserved for public parking and a public bicycle concession. The property has received site plan approval, and is currently awaiting final plat approval.
The Collins
The property is located at 6917 Collins Avenue in Miami Beach, Florida. The property is a 239 unit 14-story condominium development Project adjacent to the Canyon Ranch Spa and Condominiums. The project was purchased in a private sale directly with the seller. The project was a full gut-rehab construction project, including reconstruction of the actual concrete structure. The project was financed through AmTrust Bank and Fidelity Investments. Purchase price was $24,000,000 with an additional $24,000,000 of construction costs (hard and soft). Final sell out value - $74,000,000. Construction and sellout was completed within 18 months
The property is located at 6917 Collins Avenue in Miami Beach, Florida. The property is a 239 unit 14-story condominium development Project adjacent to the Canyon Ranch Spa and Condominiums. The project was purchased in a private sale directly with the seller. The project was a full gut-rehab construction project, including reconstruction of the actual concrete structure. The project was financed through AmTrust Bank and Fidelity Investments. Purchase price was $24,000,000 with an additional $24,000,000 of construction costs (hard and soft). Final sell out value - $74,000,000. Construction and sellout was completed within 18 months
NoBe Bay Condominiums
The property is located at 6700 Indian Creek Drive, Miami Beach, Florida. The property, when purchased, was a partially completed 98 unit condominium tower and a separate 6 story parking garage. The property was put under contract when the original builder was in foreclosure, and all work had stopped. The contract itself was sold, realizing a profit, and construction was completed by the purchaser of the contract. As part of the process the construction scope and contracts, including appointment of a new general contractor and architect, was completed.
The property is located at 6700 Indian Creek Drive, Miami Beach, Florida. The property, when purchased, was a partially completed 98 unit condominium tower and a separate 6 story parking garage. The property was put under contract when the original builder was in foreclosure, and all work had stopped. The contract itself was sold, realizing a profit, and construction was completed by the purchaser of the contract. As part of the process the construction scope and contracts, including appointment of a new general contractor and architect, was completed.
Worthing at Metrowest/ Madison at Metro West
The property is located in the exclusive MetroWest neighborhood in Orlando, Florida. The property is a 364-unit, garden style condominium conversion purchased for $56,000,000. The project was financed by the former Corus Bank and Key Bank Private Equity. The project was an off market deal purchased directly from the owner, Worthing Properties. The project was sold to an internal partner prior to the last condominium cycle downturn.
The property is located in the exclusive MetroWest neighborhood in Orlando, Florida. The property is a 364-unit, garden style condominium conversion purchased for $56,000,000. The project was financed by the former Corus Bank and Key Bank Private Equity. The project was an off market deal purchased directly from the owner, Worthing Properties. The project was sold to an internal partner prior to the last condominium cycle downturn.
Eagle’s Nest/Atlantic Springs
A 264 unit, garden style condominium conversion built in 1989 and located in Coral Springs, Florida. The Transaction was financed by Fremont Savings and Loan, and Ritchie Capital The property was purchased in a quiet off market deal, after a bid process failed to meet the Seller’s expectations. The Property was purchased by an internal investor prior to the last condominium cycle downturn.
A 264 unit, garden style condominium conversion built in 1989 and located in Coral Springs, Florida. The Transaction was financed by Fremont Savings and Loan, and Ritchie Capital The property was purchased in a quiet off market deal, after a bid process failed to meet the Seller’s expectations. The Property was purchased by an internal investor prior to the last condominium cycle downturn.
Alta Surf
The Property is located at 101 Breakers Drive, in Myrtle Beach, South Carolina. The 216-unit property, built in 2007, was acquired as a purchase of the first mortgage from the Senior note holder. The property was built by a large regional builder, and was the market leading class "A" apartment complex in Myrtle Beach, South Carolina. A deed-in-lieu was obtained immediately after closing, along with a small settlement to the purchaser. The property was refinanced 5 months after closing and was sold within 2 years for a substantial gain.
The Property is located at 101 Breakers Drive, in Myrtle Beach, South Carolina. The 216-unit property, built in 2007, was acquired as a purchase of the first mortgage from the Senior note holder. The property was built by a large regional builder, and was the market leading class "A" apartment complex in Myrtle Beach, South Carolina. A deed-in-lieu was obtained immediately after closing, along with a small settlement to the purchaser. The property was refinanced 5 months after closing and was sold within 2 years for a substantial gain.
Bristol at Metrowest/The Element
The Project is located in the affluent MetroWest section of Orlando, Florida. The property is a 328 unit condominium conversion, situated on the MetroWest public golf course, and was originally constructed in 1998. The property underwent major rehab work during the condominium conversion. Work included a gut rehab of the clubhouse, common areas, and building facades. The transaction was financed by the former Corus Bank and Key Bank Private Equity. The property was purchased for $55,000,000 in a private sale, involving a broker, after two previous deals fell through The Property was sold to an internal partner prior to the last condominium cycle downturn.
The Project is located in the affluent MetroWest section of Orlando, Florida. The property is a 328 unit condominium conversion, situated on the MetroWest public golf course, and was originally constructed in 1998. The property underwent major rehab work during the condominium conversion. Work included a gut rehab of the clubhouse, common areas, and building facades. The transaction was financed by the former Corus Bank and Key Bank Private Equity. The property was purchased for $55,000,000 in a private sale, involving a broker, after two previous deals fell through The Property was sold to an internal partner prior to the last condominium cycle downturn.
Botanica Apartments
The property is located as 100 St. Ann Drive in Mandeville, Louisiana. The property was acquired as a performing first mortgage from the note holder. Botanica Apartments is a Class “A” apartment complex, located in a high-end suburb of New Orleans, Louisiana, one of the few areas that was not destroyed by Hurricane Katrina. The complex contains 228 units and was built in 1999. A deed-in-lieu was obtained, along with a cash settlement once the loan matured. Upon ownership, the asset was leased from 75% to 95% occupancy and then successfully refinanced.
The property is located as 100 St. Ann Drive in Mandeville, Louisiana. The property was acquired as a performing first mortgage from the note holder. Botanica Apartments is a Class “A” apartment complex, located in a high-end suburb of New Orleans, Louisiana, one of the few areas that was not destroyed by Hurricane Katrina. The complex contains 228 units and was built in 1999. A deed-in-lieu was obtained, along with a cash settlement once the loan matured. Upon ownership, the asset was leased from 75% to 95% occupancy and then successfully refinanced.
Davie Crossings
- The Project is located near Nova University in Davie Florida. The Project, a joint venture with a local developer, was a 200 unit multifamily rental redevelopment project at a cost of $18,840,000. The project was originally built as 80 units, and an additional 160 units were added as new construction. The project, when completed, ultimately sold to a condominium converter.
Hypoluxo Cove, Hypoluxo, Florida
The property is located at 50 Scotia Drive in Hypoluxo, Florida. The project was a joint venture ground-up construction project of a 240 unit, mixed mid-rise & garden style residential rental project. The project was constructed for $25,315,000 and sold within three years to a condominium converter for $30,000,000
The property is located at 50 Scotia Drive in Hypoluxo, Florida. The project was a joint venture ground-up construction project of a 240 unit, mixed mid-rise & garden style residential rental project. The project was constructed for $25,315,000 and sold within three years to a condominium converter for $30,000,000
Boot Ranch/Madison Oaks, Tampa, Florida
The property was built in 1998 as a 250 unit, garden style apartment complex. The partners converted the property to condominiums. The project was purchased through a broker in a quiet off-market sale after the seller, Archstone Properties, marketed the property and was unable to achieve the asking price. The property was financed by Fremont Savings and Loan, and by Key Bank Private Equity. The project is located in Palm Harbor, Tampa, Florida. The property was purchased for $25,000,000 and sold to an internal partner prior to the condominium cycle downturn.
The property was built in 1998 as a 250 unit, garden style apartment complex. The partners converted the property to condominiums. The project was purchased through a broker in a quiet off-market sale after the seller, Archstone Properties, marketed the property and was unable to achieve the asking price. The property was financed by Fremont Savings and Loan, and by Key Bank Private Equity. The project is located in Palm Harbor, Tampa, Florida. The property was purchased for $25,000,000 and sold to an internal partner prior to the condominium cycle downturn.
Retail:
Patton Creek
The property is located at 4400 Creekside Avenue, Hoover, Alabama. The lead agent’s share of the first mortgage was purchased on this Class “A” retail power center located in Birmingham, Alabama. The property contains a total of 512,871 square feet and was built in 2004. A deed-in-lieu was obtained in less than three months. Six months after closing, the property was refinanced with long term CMBS debt. Currently 90% occupied, this core quality regional power center is anchored by Barnes & Noble, BuyBuy Baby, Cost Plus World Market, Christmas Tree Shops, Dick’s Sporting Goods, DSW, Rave Motion Pictures and Ross Dress for Less. The property is located in the affluent Birmingham suburb of Hoover, at the confluence of Interstate 459, Galleria Boulevard, SR150 and US 31. Hoover is one of the fastest growing cities in the greater Birmingham, Alabama market.
The property is located at 4400 Creekside Avenue, Hoover, Alabama. The lead agent’s share of the first mortgage was purchased on this Class “A” retail power center located in Birmingham, Alabama. The property contains a total of 512,871 square feet and was built in 2004. A deed-in-lieu was obtained in less than three months. Six months after closing, the property was refinanced with long term CMBS debt. Currently 90% occupied, this core quality regional power center is anchored by Barnes & Noble, BuyBuy Baby, Cost Plus World Market, Christmas Tree Shops, Dick’s Sporting Goods, DSW, Rave Motion Pictures and Ross Dress for Less. The property is located in the affluent Birmingham suburb of Hoover, at the confluence of Interstate 459, Galleria Boulevard, SR150 and US 31. Hoover is one of the fastest growing cities in the greater Birmingham, Alabama market.
Omni Mall
The property was acquired through the purchase of a bifurcated first note of the first mortgage on the OMNI Center & Hilton Downtown. The transaction was high profile with many partners and a complex structure. One of the Company's partner's was extensively involved in the entire transaction. The property itself is a mixed use property, located at 1501 Biscayne Boulevard in Miami, Florida. The property contains 1.5 million square feet and consists of office, hotel, future retail/residential development and parking. Less than 4 months after closing, Note A was purchased by The Genting Group at par.
The property was acquired through the purchase of a bifurcated first note of the first mortgage on the OMNI Center & Hilton Downtown. The transaction was high profile with many partners and a complex structure. One of the Company's partner's was extensively involved in the entire transaction. The property itself is a mixed use property, located at 1501 Biscayne Boulevard in Miami, Florida. The property contains 1.5 million square feet and consists of office, hotel, future retail/residential development and parking. Less than 4 months after closing, Note A was purchased by The Genting Group at par.
Coral Landings II
The project is a Publix grocery anchored shopping center, located in Coral Springs, Florida, a suburb of Fort Lauderdale. The project was acquired by purchasing the first mortgage. Built in 2008, the shopping center is comprised of 3 buildings totaling 102,786 square feet. A deed was obtained immediately after closing and the property was leased up and an out-parcel was sold. The property was refinanced leaving $612,000 of equity remaining in the deal. The property is located at 6270 West Sample Road, Coral Springs, Florida.
The project is a Publix grocery anchored shopping center, located in Coral Springs, Florida, a suburb of Fort Lauderdale. The project was acquired by purchasing the first mortgage. Built in 2008, the shopping center is comprised of 3 buildings totaling 102,786 square feet. A deed was obtained immediately after closing and the property was leased up and an out-parcel was sold. The property was refinanced leaving $612,000 of equity remaining in the deal. The property is located at 6270 West Sample Road, Coral Springs, Florida.
Pecan Promenade
The property is located at 9850 West Lower Buckeye Road, Tolleson, Arizona. Built in 2006, the shopping center is comprised of 5 buildings totaling 124,407 square feet. The center’s major tenants include Ross, Dollar Tree, Kirkland’s, Famous Footwear, and Fashion Bug. This project was purchased as a first mortgage. A deed-in-lieu was negotiated immediately after closing. The out parcels were sold and the property was refinanced leaving $4,800,000 of equity in the deal.
The center is adjacent to a planned 100-acre regional park and civic center that is estimated to have almost one million visitors per year. It is located on the trade area’s major north/south and east/west arterials as well as near Interstate 10.
The property is located at 9850 West Lower Buckeye Road, Tolleson, Arizona. Built in 2006, the shopping center is comprised of 5 buildings totaling 124,407 square feet. The center’s major tenants include Ross, Dollar Tree, Kirkland’s, Famous Footwear, and Fashion Bug. This project was purchased as a first mortgage. A deed-in-lieu was negotiated immediately after closing. The out parcels were sold and the property was refinanced leaving $4,800,000 of equity in the deal.
The center is adjacent to a planned 100-acre regional park and civic center that is estimated to have almost one million visitors per year. It is located on the trade area’s major north/south and east/west arterials as well as near Interstate 10.
McKay's Mill Village
The property is located at 1400 Liberty Pike, in Franklin, Tennessee. Franklin is an affluent suburb of Nashville. The property was acquired as first mortgage from the senior lender. The property is a Publix grocery anchored shopping center. Built in 2005, the shopping center is comprised of buildings totaling 78,504 square feet. The venture successfully negotiated a deed-in-lieu with the borrower in less than one month. One outparcel was sold and the existing loan was reduced leaving $2,700,000 of equity remaining.
The property is located at 1400 Liberty Pike, in Franklin, Tennessee. Franklin is an affluent suburb of Nashville. The property was acquired as first mortgage from the senior lender. The property is a Publix grocery anchored shopping center. Built in 2005, the shopping center is comprised of buildings totaling 78,504 square feet. The venture successfully negotiated a deed-in-lieu with the borrower in less than one month. One outparcel was sold and the existing loan was reduced leaving $2,700,000 of equity remaining.
Riverstone Shoppes
The property is located at 7251 North State Road 7 in Parkland Florida. Parkland is an affluent suburb of Coral Springs, Broward County, Florida. The property was purchased from the senior note holder, within an online auction. Closing took place within 10 days. Built in 2004, the shopping center is comprised of 3 buildings totaling 61,758 square feet.
The property is located at 7251 North State Road 7 in Parkland Florida. Parkland is an affluent suburb of Coral Springs, Broward County, Florida. The property was purchased from the senior note holder, within an online auction. Closing took place within 10 days. Built in 2004, the shopping center is comprised of 3 buildings totaling 61,758 square feet.
Condominium Conversions:
Below are projects the partners were involved with as condominium conversions:
- Amethyst; Miami Beach, Florida; 120 units; sold out in 8 months
- Carriage House; Miami Beach, Florida; 387 units; sold out in 2 years
- Carriage Club North; Miami Beach, Florida; sold out in 18 months
- Carriage Club South; Miami Beach, Florida; sold out in 18 months
- Hampton; Miami Beach, Florida; sold out in 12 months
- Alexander Towers; Hollywood, Florida; 262 units; sold out in 2 years
- Casablanca; Miami Beach, Florida; 250 units; sold out in 2 years
- Radisson Aventura Beach Club; Aventura, Florida; 509 units; sold out in 28 months
- Sea Air Towers; Hollywood, Florida; 352 units; sold out in 2 years
- Central Park; Tulsa, Oklahoma; 397 units; sold out in 12 months
- Park Place, Chicago, Illinois: 901 unit 59-story high-rise, the city’s largest rental project. Aggregate value - $150,000,000
- Four Towers, Chicago, Illinois: 500-unit rental conversion project. Aggregate value - $60,000,000
- 301 First Street, San Francisco, CA: Ground-up development of a 270 unit, two-tower high-rise condominium in the Rincon Hill section of San Francisco. Aggregate value – $200,000,000
Rental Communities:
Below are projects the partners were involved with as multifamily rental properties:
- Safari Apartments, 352 units, class B property, Las Vegas, Nevada
- Mission Apartments, 140 units, class C property, Las Vegas, Nevada
- Ashley & Arbor Club, 392 units, class B property, Pensacola, Florida
- Northfield Apartments, 125 units, class B property, Northfield, Plainfield, Michigan
- The Place, 100 units, class B property, Greenville, South Carolina
- Alden Trace, 60 unit, class C project, Miami, Florida
- Golf Villas, 45 unit, class B property, Pensacola, Florida
Commercial Projects:
Below are projects the partners have been involved with as commercial projects. Note; the projects below were conversions from industrial warehouse properties to office space. Some projects are still under confidentiality agreements. All the projects involved complex and sophisticated tenant installations, significant construction, and long term lease agreements, as the tenants were mostly governmental agencies:
- 30-01 Queens Boulevard, New York City, New York: Renovation of an existing 320,000 square foot warehouse to an office building for NYC Human Resources and NYC Department of Transportation.
- 29-76 Northern Boulevard, New York City, New York: Renovation of an existing 800,000 square foot warehouse to an office building for the NYC Police Department and the NYC Board of Education.
- Long Island City, Queens, New York: Conversion of a 120,000 square foot warehouse facility into use as an field office for a federal agency
- College Point, Queens, New York: Renovated 30,000 square foot warehouse to an office for NYC Board of Education Queens Regional Offices
- Bay Ridge, Brooklyn, New York: Renovated 40,000 square foot warehouse/office building for NYC Board of Education Brooklyn Regional Offices.