JLL Capital Markets announced that it has arranged $40.2 million in construction financing for Royal Palms Main Street, a 227-unit conventional multifamily and build-to-rent (BTR) community in Jacksonville, Florida.
JLL represented the borrower, an affiliate of Ceiba Groupe, led by Adam Bedzow and Jeremy Bedzow, to secure the loan through Crestline Investors.
The development has been designed to incorporate market leading amenities including a grand clubhouse, expansive pool with swim lane, best-in-class fitness center, clubroom, dog park, pet spa, children’s playground, climate-controlled storage units and a walking path surrounding a centralized lake. The property will offer a mix of one- and two-bedroom apartments alongside three- and four-bedroom townhomes, with all townhome and ground floor units having private balconies or enclosed patios.
“As a company, with a long-term cycle through development focus, we look to create resilient projects that stand the test of time,” said Adam Bedzow managing principal of Ceiba Groupe. “Royal Palms Main Street, with its completely differentiated unit and amenity offerings, is another incredible project embodying our development ethos – To Always Build Projects That Stand Out From The Crowd.”
Located at 15275 N Main Street in Jacksonville’s booming Northside submarket, the development sits directly off Interstate 95 with immediate access to N Main Street (US-17), providing residents convenient access to the River City Marketplace, Jacksonville International Airport and the UF Health North/VA Medical Corridor. Downtown Jacksonville is accessible within 17 minutes, and Naval Air Station Jacksonville, which employs 25,000 people, is 28 minutes away.
The JLL Capital Markets Debt Advisory team representing the borrower was led by Senior Managing Directors Chris Drew and Brian Gaswirth, Director Kenny Cutler and Associate Justin Ratcliffe.
“Royal Palms Main Street represents a highly differentiated offering in North Jacksonville, combining traditional multifamily units with townhomes in a fully amenitized community,” said Drew. “Jacksonville’s status as one of America’s fastest-growing cities, combined with this property’s strategic location near major employment centers, positions Royal Palms Main Street for strong performance in a market experiencing unprecedented in-migration and economic expansion.”
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.
