D2 Capital Advisors arranged $2,400,000 in financing for the acquisition of Northern Oaks, a fully approved 250-unit build-to-rent (“BTR”) townhome development site, being developed by Southern Waters Capital, a Fort Lauderdale-based developer experienced in ground-up development of build-to-rent communities throughout Florida and the Southeast.
The acquisition financing was arranged by Philadelphia-based D2 Capital Advisors’ Jack Cortese, David Frankel, and John Lightcap. The financing was provided by Sure Lending.
Located along NW 35th Street and right off the newly approved I-75 interchange, the development site is one of the largest remaining land assemblages within Ocala’s city limits and is just 3.5 miles north of the flourishing downtown district.
“D2’s expertise in land development and financing was extremely valuable to Southern Waters Capital throughout the financing process,” said Ray Mazzie, CEO of Southern Waters Capital. “Their team’s productivity, adaptability, and deep understanding of our business model enabled us to secure financing in this challenging lending environment.”
“As land developers ourselves, through our D2 Organization affiliate, we have a great respect for all of the hard work that the Southern Waters Capital team has achieved in Ocala and throughout their portfolio,” said Jack Cortese, Vice President of D2 Capital Advisors. “And we are excited for their continued growth as well as for what’s next as the Northern Oaks project is fully built out.”
The 250-unit build-to-rent townhome project is anticipated to cost approximately $73,000,000 and will deliver much needed housing to the 5th fastest growing metropolitan area in the U.S. Ocala recently ranked as the #2 growth city by U-Haul in 2023 after ranking as the #1 growth city by U-Haul in 2022.
D2 Capital Advisors is the transaction advisory division of D2 Organization that arranges and structures real estate debt and equity financing for developers and investors throughout the United States.
Southern Waters Capital is a real estate investment firm based in Fort Lauderdale, FL. It is focused on ground-up development strategy for build-to-rent and multifamily properties and value add & core plus strategy for multifamily properties in the Sunbelt.
Southern Waters currently has 1,700+ units in development and created over $450 million of value for their investors and capital partners though their two discretionary funds focus on land development and multifamily development.
