JLL Capital Markets announced that it has arranged a $16 million refinancing for Canopy Place, a 150-unit, townhome-style multihousing community in Jacksonville, Florida.
JLL worked on behalf of the borrower, Beachwold Residential LLC, to secure the 10-year, floating-rate loan through Freddie Mac. The loan will be serviced by JLL Real Estate Capital, LLC, a Freddie Mac Optigo lender.
Canopy Place consists exclusively of three-bedroom townhomes that feature 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 has implemented a renovation project that included exterior painting, interior flooring replacements and roof, air conditioning and foundation repairs.
Located at 11050 Harts Rd., Canopy Place is near Interstates 95 and 295, providing easy access to the area’s amenities. Additionally, residents have access to public transportation close to 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 retail.
The JLL Capital Markets debt team that represented the borrower was led by Senior Managing Directors Elliott Throne, Mona Carlton and C.W. Early, Vice President David Lott and Associate Kenny Cutler.
“This financing produced a substantial cash-out at an extremely attractive floating rate, all while allowing for prepayment flexibility,” said Throne. “This loan structure is one of the many benefits of Freddie Mac financing and allowed the borrower to be rewarded for their continued success since acquiring the asset.”
JLL delivers multihousing investors a full range of solutions through one diverse, 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 nation’s largest affordable and conventional multi-housing and seniors housing lenders with comprehensive loan underwriting, asset management and loan servicing capabilities. Agency/GSE lending and loan servicing are performed by JLL Real Estate Capital, LLC, a wholly owned indirect subsidiary of Jones Lang LaSalle Incorporated. Loans made or arranged in California are pursuant to a California Financing Law license.
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 sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.