Northmarq’s Southeast Capital Markets team secured a $45 million construction loan for the property
MINNEAPOLIS, MINNESOTA (June 15, 2022) – Northmarq’s Chris Conklin, Managing Director, and Ryan Saunders, Senior Investment Analyst, of the Investment Sales team in Fort Lauderdale led a collaboration between Northmarq’s Southeast Capital Markets team and The Carolinas Investment Sales team of Andrea Howard, Allan Lynch, and Austin Jackson to supply $19.5 million in joint venture equity and $45 million in construction debt for Collins Preserve. The $65 million, 330-unit luxury ground-up multifamily development is located at 5204 Collins Road in Jacksonville, Florida. “Our equity partner provided the best terms, surety of execution, and a commitment to meet a demanding timeframe to close,” said Conklin.
Faron Thompson, Senior Vice President/Managing Director, and Drew Markley, Vice President of Northmarq’s Atlanta debt/equity office collaborated with Ryan Whitaker, Senior Vice President/Managing Director in Jacksonville to arrange a $45 million senior construction loan for the property.
The apartment complex is under construction with the clubhouse and the first of 11 three-story, 30-unit buildings expected to start delivering in approximately 12 months. The community will comprise 132 one-bedroom units from 756 to 816 sq. ft.; 165 two-bedrooms units from 1,164 to 1,176 sq. ft.; and 33 three-bedroom units of 1,248 sq. ft. Amenities include a clubhouse, a resort-style pool, grilling areas, a dog park and a fitness center.
The developer, Republic Properties Corporation based in Washington, DC, brought on Summit Contracting Group, the top ranked multifamily builder in the nation, to construct the property in the Summit Prototype Multifamily style, one of the most efficiently designed, cost effective multifamily products available in the market.
The construction loan was structured with a 5-year term including 4-years of interest only followed by a 30-year amortization schedule. Northmarq secured the new loan for the borrower through its relationship with a commercial bank.
“Our relationship with our lending partner was able to produce the best combination of proceeds, rate, ability to close by a tight deadline, and flexibility regarding the guarantee structure,” added Conklin.