JLL Capital Markets announced that it has arranged a $53.77 million refinancing for The Grove at South Shore, a 340-unit, garden-style apartment community in Riverview, Florida.
JLL worked on behalf of the borrower, Beachwold Residential, LLC., to originate the seven-year, non-recourse loan through Freddie Mac.
The Grove at South Shore is comprised of one-, two-, three- and four-bedroom units averaging 1,142 square feet and featuring brushed nickel fixtures, energy-efficient appliances and oversized closets. The community amenities offer tenants a fitness center, business center, grill area, laundry facilities, picnic area, playground and swimming pool.
The Grove at South Shore is located just 18 miles southeast of downtown Tampa. It is directly across from St. Joseph’s Hospital, a major BayCare Health System hospital, and it is within two miles of 1.1 million square feet of retail, including Walmart, Sam’s Club, Aldi and Publix-anchored shopping centers. Other nearby employment drivers include South Bay Hospital and Tampa Regional Industrial Park. The community is two miles from an on-ramp for Interstate 75, one of the nation’s major north-south interstates, connecting Miami and the west coast of Florida all the way to Michigan. I-75 also provides access to I-4, central Florida’s primary east-west artery.
The Capital Markets Debt Advisory team representing the borrower included Senior Managing Directors Elliott Throne and Mona Carlton, Associate Kenny Cutler and Analyst Karim Khaiboullin.
“Since their acquisition in 2014, Beachwold has done an amazing job of renovating/repositioning the asset while the market has continued to experience major macroeconomic growth,” stated Throne. “This interest-only loan refinance provides a great return of capital for their successful efforts along with years of durable cash flow that will only further enhance their future returns.”
JLL delivers multi-housing investors a full range of solutions through one diverse, integrated platform. The division employs approximately 400 professionals who provide comprehensive investment sales advisory 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.
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.