Jax Apartment Investor Inks $50.5M Refi
Beachwold Residential inked a $50.5 million first mortgage loan to refinance a 308-unit garden-style apartment community in Jacksonville, FL. The financing was led by Mesa West Capital’s Russell Frahm and Brad McCarthy. The loan was arranged by Taylor Williams of Walker and Dunlop.
The five-year, non-recourse loan is secured by Gran Bay Apartments, a 308-unit, 2015-vintage garden-style community comprising 14 buildings on 15.5 acres. The property offers a mix of one, two, and three-bedroom units featuring stainless steel appliances, walk-in closets, private balconies, and in-unit washers and dryers. Amenities include a swimming pool, fitness center, business center, grilling areas, fire pits, dog park, and children’s play area.
Gran Bay Apartments is located at 13444 Gran Bay Parkway in Duval County’s Southside submarket, providing immediate access to Interstate 95 and proximity to Flagler Center, a major employment corridor anchored by Baptist Medical Center and Citigroup’s regional operations campus.
Other News
RK Investors Lands $81M Construction Loan for 299-Unit Charlotte Rental Community
An RK Investors-led team obtained an $81 million construction loan for Sutherland at Piper Glen, a 299-unit multifamily development underway in Charlotte’s Piper Glen neighborhood. The financing was provided by Western-Southern Life Insurance Company. The financing was arranged by Nate Sittema, Kristen Reilley and Elliott Voreis with CBRE’s Debt & Structured Finance team. Currently under...
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Pasadena Offices Sell for Residential Conversion
NAI Capital Commercial EVPs John S. Archibald and Guillermo Olaiz, alongside senior associate Stephen Lam of the Investment Services Group in the Pasadena office, represented the seller, Star Horizon, LLC, in the sale of ZK Plaza, a 41,586-square-foot office building in Pasadena. The property sold for $13,400,000, representing a 3.5% premium over asking. Located at...
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Berkadia Negotiates Student Housing Property Sale in Kansas
Berkadia announced the sale of Orchard Corners & Suites, a 139-unit, 264-bed, garden-style student housing property serving The University of Kansas in Lawrence, Kansas. Berkadia’s Student Housing and Kansas City investment sales teams collaborated to facilitate the transaction on behalf of the seller, Utah-based Redstone Residential. The Berkadia team included Senior Managing Directors Travis Prince...
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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