Holliday Fenoglio Fowler, L.P. (HFF) announced today that it worked alongside the developer, Integra Land Company, to assist in arranging $26.2 million in construction financing for the development of Integra River Run, a 300-unit, Class A multi-housing project in Jacksonville, Florida. The construction loan was placed with Miami-based Capital Bank.
Integra River Run will be situated at Maxx Leggett Parkway and Owens Road on a 23-acre site within the 65-acre Shands Crossing master planned community. The property will be across the street from the newly-built, 200,000-square-foot UF Health North medical complex, which will function as a full-service hospital once the second phase of the project is completed. In addition, an Amazon fulfillment center that will employ 1,500 people is currently under development approximately three miles southwest of the property. Located within a mile of Interstate 95, the property is accessible to nearby River City Marketplace, Jacksonville International Airport and the Port of Jacksonville. Due for completion in 2017, Integra River Run will have one-, two- and three-bedroom units averaging 979 square feet each. Community amenities will include a swimming pool with sun deck, outdoor lanai and barbecue area, state-of-the-art fitness center, cyber café, game room with billiards and attached/detached garages.
The HFF debt placement team representing the borrower was led by managing director Elliott Throne.
“Integra River Run is perfectly positioned to capture the increasing residential demand coming to the immediate area with UF Health North’s opening,” said Throne. “Capital Bank provided great loan terms on a luxury multi-housing property that is also poised to benefit from Amazon’s arrival to the expanding Northside Jacksonville submarket.”
About Integra Land Company
Integra Land Company (Integra) is a development company headquartered in Lake Mary, Florida. Integra specializes in identifying new sites for development, as well as shaping bold and innovative designs into sound income-producing resources. The company takes overlooked multifamily housing opportunities and integrates traditional multifamily principals to create innovative results. For more information on Integra, please visit www.integralandcompany.com.
About HFF
HFF and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 23 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information please visit hfflp.com or follow HFF on Twitter @HFF.
