JLL Capital Markets announced that it arranged $38 million in construction financing for GroveParc Townhomes, a 190-unit, Class A build-to-rent development located in Wesley Chapel, Florida (Tampa MSA).
JLL worked on behalf of the borrower, ResiBuilt, to secure the loan through a regional bank.
The project is expected to be completed in January of 2025 and will feature three- and four-bedroom townhomes with garages and private backyards. The community will be gated and will include a clubhouse, resort-style pool, fitness center, playground, dog park, pickleball courts, lakeside trail and pedestrian access to the adjacent The Grove at Wesley Chapel & KRATE, an open-air shopping center with a plethora of retail and dining options.
Situated at 6568 Halo Bend Ct, Wesley Chapel, Florida, GroveParc Townhomes is located off of I-75, providing residents immediate access to Downtown Tampa, the Westshore Business and Entertainment district and Tampa International Airport.
The JLL Capital Markets Debt Advisory team representing the borrower was led by Senior Director Max La Cava, Managing Director Matthew Putterman and Director Drew Jennewein.
“We are thrilled to have secured construction financing for GroveParc Townhomes during a time when many local and regional banks are on the sidelines. This execution is a testament to ResiBuilt’s blue-chip status within the build-to-rent sector and GroveParc Townhomes’ position as a best-in-class project in Tampa,” said La Cava.
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.
