Jax Apartment Investor Inks $73M Refi
Thorofare Capital provided a $73 million bridge loan to refinance The Residences at Enso, a 2023-built, 304-unit multifamily community along the Saint Johns River just south of Downtown Jacksonville.
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.
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.
The Residences at Enso offers studio, one-, two-, and three-bedroom apartments and carriage houses. Onsite amenities include a 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.
Jeff Kinney and Phil Rachels in the Jacksonville office of CBRE arranged the loan on behalf of the sponsor.
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Brokers
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Remax Real Estate Professionals
Re/Max Real Estate Professionals
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Greg Corbin
Northgate Real Estate Group
Lenders
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout