JACKSONVILLE, FLORIDA (September 14, 2022) – Ryan Whitaker, senior vice president/managing director of Northmarq’s Jacksonville-based regional office arranged the $56,000,000 first mortgage loan secured by Fountainhead which is a 360-unit, class A, low-rise multifamily property located at 7237 Corklan Drive in Jacksonville, Florida. The pre-stabilized financing was structured as a 10-year, fixed-rate, full-term, interest-only loan. Northmarq arranged financing for the borrower through its relationship with a life company lender.
“The project was still under construction and in the early stages of lease-up when we began the process of refinancing the borrower’s construction loan,” said Whitaker. “In a period of rapidly rising interest rates and economic uncertainty we were able to lock the borrower’s interest rate at application and close the loan once the project received its final certificate of occupancy taking increased interest rate risk off the table for our client. We were closing the borrower’s loan at a point when most permanent lenders would only be considering it.”
Fountainhead residents benefit from its strategic location with close proximity to major thoroughfares and employment centers, as well as retail, shopping, dining and entertainment venues. The Subject is less than one (1) mile from US-1, SR 9B and I-95 with easy access to the I-295 beltway providing its residents an incredible level of geographic connectivity throughout the Jacksonville MSA. The property is also less than a mile from Baptist South Hospital (291-beds with approximately 1,700 employees), Citibank’s Jacksonville Corporate Office (628,000+/- sq. ft. campus with approximately 4,500 employees) and Flagler Center (750,000+ sq. ft. office park).
Community amenities include: Business center, clubhouse, lounge, 24-hour fitness center, resort-style swimming pool, playground, car care center, EV charging, fire pit, dog agility park, sundeck, grill, picnic area and on-site garages. Apartment amenities include: In-unit washer/dryer, air conditioning, heating, ceiling fans, cable hook-up, modern fixtures and appliances, walk-in closets, deluxe shower, sprinkler system, dishwasher, garbage disposal, pantry, island kitchen with two-tone cabinetry, microwave, oven, range and refrigerator with icemaker.