JLL announced today it has arranged a $24 million loan to refinance Agora at Port Richey, a 288-unit, garden-style apartment community in Port Richey, Florida.
Working exclusively on behalf of Agora Capital Partners, JLL placed the 10-year, fixed-rate loan with Goldman Sachs. The loan, which closed on July 31st and includes interest-only payments for the full term, replaces acquisition financing the same deal team secured on the borrower’s behalf in 2017.
Agora at Port Richey features 24, two-story buildings totaling 264,168 rentable square feet with a variety of one-, two- and three-bedroom layouts. Unit amenities include faux granite countertops, raised panel cabinet doors, new appliances and faux wood plank flooring. Community amenities include a swimming pool with cabanas, fitness center, dog park, playground, clubhouse, business center, internet café and coffee bar.
The JLL Capital Markets team representing the borrower was led by Managing Director Elliott Throne and Director Jesse Wright.
“Goldman Sachs provided a very attractive, low-rate, full-term, interest-only loan with a cash out option that won the business in the midst of a highly competitive lender field, including the agencies and other CMBS shops,” Wright said. “With this financing, the borrower has put themselves in an excellent position to hold the asset long-term.”
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients—whether investment advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
Deal secured by Holliday Fenoglio Fowler LP (“HFF”) prior to being acquired by JLL on July 1, 2019. Co-brokerage services provided by Jones Lang LaSalle Americas, Inc.
JLL is a leading professional services firm that specializes in real estate and investment management. Our vision is to reimagine the world of real estate, creating rewarding opportunities and amazing spaces where people can achieve their ambitions. In doing so, we will build a better tomorrow for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.3 billion, operations in over 80 countries and a global workforce of nearly 92,000 as of June 30, 2019. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated.