JLL Capital Markets announced that it has closed the $77 million construction financing for Atlantica at Daytona, a 341-unit, luxury, garden-style multihousing development in Daytona Beach, Florida.
JLL represented the borrower, a joint venture between Sovereign Properties and Invest Capital Group, to secure the three-year, 75 percent loan to cost, construction loan through Broadshore Capital Partners.
With first units set to open in October 2024, Atlantica at Daytona will feature one-, two- and three-bedroom units, averaging 981 square feet. Units will offer modern kitchens, stainless steel appliances, quartz countertops, white shaker cabinets with matte black finishes, wood-style vinyl plank flooring, and expansive screened patios and balconies. Community amenities will include a resort-style pool, a BBQ grill station, a screened lanai with a fireplace, bar and TVs, an outdoor summer kitchen, a dog park, a co-working space, a game room, a high-tech fitness center and more.
Located at 1799 North Williamson Blvd., the project sits just five minutes from the beach and only eight miles from the intersection of Interstate-95 (I-95) and Interstate-4 (I-4), two of the most trafficked roadways in Florida, providing residents connectivity to Tampa, Orlando and Jacksonville. Just four miles south of the property are the internationally recognized Daytona International Speedway and Daytona International Airport.
The JLL Capital Markets Debt Advisory team was led by Senior Managing Director Gregory Nalbandian, Senior Director Jesse Wright and Associate Joshua Odessky.
“While our clients, Sovereign Properties and Invest Capital Group, are very experienced multi-housing developers in Central Florida, this project marks their first development in Daytona Beach. Broadshore did a terrific job understanding the strengths of the development in a very underserved market and delivered a very attractive 75 percent LTC, non-recourse, stretch senior construction loan at a time when lenders are significantly pulling back on construction financing,” stated Nalbandian.
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.
