Thorofare Capital (“Thorofare”) provided a $73,070,000 bridge loan to refinance The Residences at Enso.
Trevato Development Group will use this interim financing primarily to retire the original bank construction loan on the Class A property, which is located at 3650 Enso Way in the Beach Haven neighborhood and was more than 90% occupied at the time of closing.
Thorofare’s Director of Originations Jonathan Hart said, “Despite persistent interest rate and macroeconomic volatility, we closed in 35 days on the exact terms outlined in our original term sheet. This execution reinforces our commitment to certainty, speed and reliability for our clients – regardless of market conditions.”
The 2.5-year floating rate loan with two one-year extension options will allow the sponsor to burn off concessions and maximize NOI prior to a sale or refinance upon an eventual return to norm in the capital markets.
Trevato Development Group is a Jacksonville Beach-based firm that developed the larger mixed-use project along San Pablo Parkway near the Mayo Clinic. The multifamily component of the overall project is situated on 22 acres and features nine, four-story buildings. The site is located 3.5 miles from Jacksonville Beach and sits roughly 20 miles east of downtown Jacksonville between US Highway 90 and Florida State Road 202.
The Residences at Enso offers spacious and pet-friendly studio, one-, two-, and three-bedroom apartments and carriage houses. Units feature luxury finishes including stainless-steel appliances, quartz countertops, smart home technology, 10-foot ceilings and in-unit washers/dryers. Onsite amenities include a zero entry swimming pool with sun shelf, a 24-hour fitness and training studio, a resident clubhouse with private event space, a luxury courtyard with lush landscaping, an open-air pavilion & cabanas, a summer kitchen with seating, outdoor firepits, a coffee bar, a conference room & workspace seating, a pet spa and a walking/running nature trail.
Thorofare remains an active lender for alternative categories of major CRE property types as well, including industrial outdoor storage, commercial truck parking, medical facilities, parking garages, student housing, data centers and self-storage.
Jeff Kinney and Phil Rachels in the Jacksonville office of CBRE arranged the loan on behalf of the sponsor.
