JLL Capital Markets announced that it has arranged a $ 16 million refinance for Canopy Place, a 150-unit townhouse-style community in Jacksonville, Florida.
JLL worked on behalf of the borrower, Beachwold Residential LLC, to secure the 10-year variable rate loan through Freddie Mac. The loan will be managed by JLL Real Estate Capital, LLC, a lender to Freddie Mac Optigo.
Canopy Place consists exclusively of three-bedroom townhouses with private patios, extra storage, walk-in closets and a full suite of upgraded appliances. The community offers a swimming pool, clubhouse and children’s play area. Beachwold implemented a renovation project that included exterior painting, replacement of interior flooring, and repairs to the roof, air conditioning and foundation.
Located at 11050 Harts Rd., Canopy Place is close to Highways 95 and 295, providing easy access to area amenities. In addition, residents have access to public transport near the property. Nearby amenities include Regal Cinemas 14, River City Market Place, Highlands Shopping Center, UF Health North, Ray Greene Park and a variety of local and national restaurants and shops.
The JLL Capital Markets debt team representing the borrower was led by Senior Managing Directors Elliott Throne, Mona Carlton and CW Early, Vice President David Lott and Partner Kenny Cutler.
“This financing produced a substantial cash-out at an extremely attractive variable rate, while allowing early repayment flexibility,” said Throne. “This loan structure is one of the many benefits of Freddie Mac financing and has enabled the borrower to be rewarded for their continued success since acquiring the asset.”
JLL offers multi-home investors a full range of solutions through a diverse and integrated platform. The division employs approximately 400 professionals who provide comprehensive investment sales and disposition services with access to thousands of domestic and foreign investors. JLL is also one of the largest affordable and conventional multi-family housing and senior housing lenders in the country, with comprehensive loan underwriting, asset management and loan servicing capabilities. Agency / GSE lending and loan servicing is provided by JLL Real Estate Capital, LLC, an indirect wholly owned subsidiary of Jones Lang LaSalle Incorporated. Loans made or arranged in California are licensed under California finance law.
JLL Capital Markets is a global full service provider of capital solutions for real estate investors and occupiers. The company’s in-depth knowledge of the local market and global investors provides the best solutions for clients, whether it is investment sales and advice, debt advice, equity advice or recapitalization. The company has more than 3,000 capital markets specialists around the world with offices in nearly 50 countries.