JLL Capital Markets announced that it has arranged the $10.6 million refinancing of Azul Luxury Residences, a 49-unit multi-housing community located in Stuart, Florida.
JLL worked on behalf of the borrower, Diversyfund, to secure a $9 million senior mortgage loan and a $1.6 million mezzanine loan through SteepRock Capital.
Built in 2019, the three-story Azul Luxury Residences features one-, two- and three- bedroom spacious units with 10-foot ceilings, balconies, walk-in closets, stainless steel appliances, air conditioning and in-unit washers and dryers. Common area amenities include a swimming pool, spa, clubhouse and a fitness center.
Azul sits in the heart of Historic Downtown Stuart, on the Southeastern coast of Florida. The property boasts walkability to many of the area’s shops and restaurants, as well as well as Lyric Theater and the Creek Arts District. Nearby outdoor activities are also easily available with the proximate St Lucie River, Shepard Park and Memorial Park. Additionally, the property is situated directly between US Highway 1 and Interstate 95, offering residents convenient access to Miami, Orlando and Palm Beach.
The JLL Capital Markets Debt Advisory team was led by Managing Director Bryan Clark, Director Kenny Cutler, Associate Brad Vansant and Analyst Emily Pohlman.
“We were happy to have the opportunity to work with Bryan and his team on another transaction. JLL was able to identify the right lending partner in a difficult environment and move us to a quick close through the holiday season,” said Isaac Dixon with DiversyFund.
