Investor Duo Procures Refi on Jax Apartments
A team of developers has obtained a $32.8 million loan to refinance Eastborough at San Marco, a new, stabilized 226-unit multifamily community in Jacksonville.
Philip Rachels, Jeff Kinney and Connor O’Sullivan with CBRE Capital Markets’ Debt & Structured Finance in Jacksonville secured the 10-year fixed-rate loan on behalf of the borrower, an affiliate of Chance Partners and EJF OpZone Fund II. The refinancing will retire the property’s construction loan and pay off an existing ground lease. CBRE is the seller/servicer on behalf of Freddie Mac.
Constructed in 2023, the community is located at 1906 Promenade Way within an opportunity zone. It is 95% occupied and encompasses two, four-floor buildings with 226 one-, two- and three-bedroom units featuring energy efficient appliances, keyless entry, in-unit washers and dryers, wood plank vinyl flooring, walk-in closets and private balconies/patios. Community amenities include a clubhouse, co-working space, 24-hour fitness center, resort-style pool with a yoga lawn, pet spa and bark park, bicycle storage and package rooms.
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