JLL Capital Markets announced that it has arranged the $43 million construction takeout bridge financing for Solamar Apartment Homes, a 210-unit, build-to-rent townhome community located in Kissimmee, Florida.
JLL worked on behalf of the borrower, TRUSOT Developments, to secure the financing. JLL additionally secured the original $35 million construction loan in 2021.
Completed in 2023, Solamar Apartment Homes delivered in phases and leased at an accelerated above-market pace, demonstrating the outstanding value proposition that well-designed, build-to-rent communities offer tenants seeking a differentiated living experience to traditional apartments.
The JLL Capital Markets Debt Advisory team representing the borrower was led by Senior Director Max La Cava, Senior Managing Director Melissa Quinn, Director Kenny Cutler and Associates Josh Odessky and Pier Barinci.
“Bridge lenders are flushed with capital and aggressively pursuing construction loan takeout bridge financings, as evidenced by the multiple financing quotes secured for Solamar,” said La Cava. “Tactical bridge loans offer developers the triple-benefit of reducing cost of capital, generating a non-taxable cash-out and securing flexibility for an eventual permanent capital event.”
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 and sales 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.
