JLL Capital Markets announced today that it has arranged $5.46 million in financing for The Place at Capper Landing, a garden-style multi-housing community located at 10535 Lem Turner Rd. in Jacksonville, Florida.
JLL worked on behalf of Beachwold Residential to secure the supplemental loan through Freddie Mac. The loan will be serviced by JLL Real Estate Capital, LLC, a Freddie Mac Optigo? lender.
With proceeds from this loan, Beachwold Residential can continue enhancing the property with extensive interior unit upgrades such as new fixtures, appliances and finishes.
Since Beachwold Residential acquired the property in 2015, it has spent $5.42 million on renovations, including interior and common area updates. The property was built in 1999, is about 98% occupied, and consists of 360 units, offering one-, two-, three- and four-bedroom apartments. The community is pet-friendly and has a health club, 24-hour laundry facility, playground, business center, picnic area with grills, pool with a sundeck and resident entertainment center.
The JLL Capital Markets team representing the borrower was led by Senior Managing Directors Elliott Throne and Mona Carlton and Director Jesse Wright.
“Beachwold has had an outstanding run with Freddie Mac this year and they have done their investors a great service by adding accretive supplemental loan proceeds to an asset that already benefits from an excellent Freddie Mac senior loan,” said Wright.
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 advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
About Beachwold Residential
Beachwold Residential and its principals have built, owned and managed multifamily properties for 40 years. The firm controls 57 properties and 15,000 multifamily units in Connecticut, Texas, Florida, Georgia, Virginia, Maryland, New Jersey and Tennessee.
About JLL
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $18.0 billion, operations in over 80 countries and a global workforce of nearly 93,000 as of June 30, 2020. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
