JLL Capital Markets announced that it has arranged the financing for Preserve at Perdido, a 312-unit, Class AA multi-housing complex in Pensacola, Florida.
JLL worked on behalf of the borrower, Graycliff Capital, to secure the seven-year, fixed-rate loan through Freddie Mac. The loan will be serviced by JLL Real Estate Capital, LLC, a Freddie Mac Optigo Lender.
The loan was secured through the Freddie Mac’s Targeted Affordable Housing program and was one of the first Freddie Mac transactions completed with Florida’s Live Local Act initiative. Also referred to as SB 102, the Live Local Act is a tax incentive program that aims to promote the development of affordable housing in Florida.
Strategically positioned at 2600 S Blue Angel Parkway, Preserve at Perdido offers residents unparalleled access to the region’s top employers, including Navy Federal Credit Union, Corry Station, Ascend Performance Materials, Baptist Health Care Corporation and the Pensacola VA Clinic. Each of these esteemed companies employs over 1,000 individuals in the Pensacola area, further enhancing the desirability of the location.
With population growth at almost 10% over the last decade and three major universities located in close proximity, Pensacola boasts a healthy economy with unemployment rate as low as 3.2% in 2023. Situated on the Gulf Coast in the northwest region of Florida, the city benefits from excellent connectivity with multiple primary transportation routes, including I-10 that stretches all the way to California, as well as convenient proximity to the Port of Mobile, a prominent container shipping port located in Alabama.
Built in 2022, Preserve at Perdido currently boasts an impressive 93% occupancy rate. Featuring spacious one-, two- and three-bedroom apartments with an average of 1,201 square feet throughout 13 buildings, the units are tastefully designed with best-in-class finishes. The interior elements include stainless steel appliances, granite countertops, tiled backsplashes, balconies in all units, walk-in showers and wood-plank inspired floors.
JLL Capital Market’s Debt Advisory team representing the borrower was led by Managing Directors Trent Niederberger and Danté Thomas.
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.
Graycliff Capital is a dynamic, data-driven strategic real estate investment firm with over $4.1 billion in completed investments and $952 million in equity raised. The company has managed an impressive 15,704 units across 75 historic properties.
For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties. A Fortune 500 company with annual revenue of $20.8 billion and operations in over 80 countries around the world, our more than 110,000 employees bring the power of a global platform combined with local expertise. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAYSM. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated.
