Jacksonville, FL
CBRE Arranges $32,840,000 Refinancing of New 226-Unit, Live-Local-Certified Multifamily Community in Jacksonville
November 8, 2024
Media Contact
Justin Luera
Comms Sr Manager
CBRE has arranged a $32,840,000 loan for the refinancing of 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 holds the Live Local Act’s Multifamily Middle Market Certification from the Florida Housing Finance Corporation. In 2024, the property certified 70 one-bedroom units and one three-bedroom unit are in accordance with the Act.
The community 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. The gated community sits on 6.6 acres and complies with the National Green Building Standard.
“Strong housing demand for this product resulted in the quick stabilization of the community, bolstered by its location in San Marco and the borrower’s commitment to providing workforce housing in Jacksonville,” said CBRE Senior Vice President Philip Rachels.
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 holds the Live Local Act’s Multifamily Middle Market Certification from the Florida Housing Finance Corporation. In 2024, the property certified 70 one-bedroom units and one three-bedroom unit are in accordance with the Act.
The community 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. The gated community sits on 6.6 acres and complies with the National Green Building Standard.
“Strong housing demand for this product resulted in the quick stabilization of the community, bolstered by its location in San Marco and the borrower’s commitment to providing workforce housing in Jacksonville,” said CBRE Senior Vice President Philip Rachels.
About Chance Partners
Chance Partners, LLC is an award-winning fully integrated real estate firm specializing in the acquisition and development of high-quality, infill, multifamily and mixed-use communities. Backed by a deep understanding of the markets, a commitment to excellence and an unmatched track record of success, Chance Partners, led by Judd Bobilin and Jeffrey Rosen, is redefining its targeted communities, one building at a time. Since 2010, the Company has developed or acquired more than $850 million of premier assets ranging from Multifamily to Student Housing to Hospitality to Retail in strategic walkable locations throughout the Southeast.About EJF Capital
EJF Capital LLC is a global alternative asset management firm focused primarily on regulatory event-driven investing within the financial sector. EJF was founded by Manny Friedman and Neal Wilson in 2005 and is headquartered just outside of Washington, D.C., with an additional office in London. As of June 30, 2024, EJF manages approximately $6.0 billion, including $3.2 billion in CDO assets through affiliates, across a diverse group of alternative asset strategies. EJF’s approach combines investment expertise across the capital structure with a corporate finance focus to unearth creative solutions for investing in complex, mispriced securities and other assets. To learn more, please visit http://ejfcap.com and please read additional Risks and Limitations located here.