JLL Capital Markets announced that it has arranged a $63 million recapitalization of the Channel Club, a recently completed two-story Class A high-rise apartment community located at 1115 E. Twiggs St. in Tampa, Florida.
JLL represented the borrower, a partnership between ECI Group and Mercury Advisors, to secure the financing with BBVA USA and BlackRock.
The Channel Club consists of 324 one- and two-bedroom apartments, with units averaging 911 square feet. Residents can enjoy spacious, sophisticated units with best-in-class interior finishes and stainless-steel appliances, granite countertops in the kitchen and bathroom(s), 42-inch upper cabinets and a private balcony with immaculate skyline views.
Community amenities include a resort-style pool accompanied by breathtaking Downtown Tampa views, state-of-the-art fitness center, a covered parking garage and business center. Additionally, residents have the convenience of an on-site Publix for grocery needs.
Touted as Tampa’s most walkable submarket and just a few minutes from Downtown Tampa, the property is strategically located in close proximity to various shopping, dining and entertainment options in the Channel District neighborhood.
Formerly a historic industrial district, Channel District is currently undergoing several transformative developments, including a $3.5 billion Water Street mixed-use property. The revitalization marks the Channel District as a burgeoning neighborhood in Tampa, housing 3,300 of the 3.1 million residents in the metropolitan area and quickly becoming a hot spot for start-ups and businesses, providing immense job opportunities within the surrounding areas.
The JLL Capital Markets team representing the borrower was led by Atlanta-based Managing Director Chip Sykes who commented, “We are extremely grateful for the opportunity to have work on this financing for ECI and Mercury Advisors. We are in a highly challenging financing environment and only the best assets in the strongest growth markets with best-in-class sponsors are being financed. I’m glad those stars were aligned here and allowed us to succeed.”
“Despite the disruptions in the capital markets caused by Covid-19, capital continues to find Tampa to be an attractive market for real estate,” continues Matt Mitchell, who leads JLL’s Capital Markets group in Tampa. “Tampa has emerged as one of the most stable multi-housing markets in the U.S. because of a variety factors including its economic diversity, affordability and a manageable pipeline of new supply.”
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.
