Northmarq arranges $13.25 million financing of Heritage Deerwood apartments in Jacksonville, Florida
JACKSONVILLE, Fla. (August 15, 2023) — Northmarq’s Jacksonville Debt/Equity team of Ryan Whitaker, senior vice president – managing director, and Andrew Meyers, vice president, arranged the $13.25 million refinancing of a 123-unit multifamily property. The Heritage Deerwood was built in 2001 and is located at 10901 Burnt Mill Road.
Northmarq secured the permanent fixed-rate loan on behalf of the borrower through its relationship with a credit union. The external refinance was structured on a 10-year term. “This was a great execution for our client given the rapid increase in rates over the past year,” Whitaker said. “The loan was structured with interest-only payments for the first couple years and included a rate-reset option which gives the borrower an initial cash flow cushion to absorb higher borrowing costs. Additionally, it provides a window of opportunity to pay the loan off without penalty about midway through the term should market conditions improve.”
The Heritage Deerwood consists of two stories, offering one-, two- and three-bedroom apartment homes just a short drive from downtown Jacksonville. The multifamily property boasts quality construction and interior design, spacious interiors and various amenities. Residents enjoy all that Jacksonville has to offer including beaches, dining and entertainment, with three shopping centers within a three-minute drive and four parks within a 15-minute drive. Heritage Deerwood offers plenty of leisure activities from bustling nightlife downtown to upscale shopping at Saint Johns Town Center.
Apartment amenities include: Walk-in closets, double vanities, stainless steel appliances, vinyl flooring, crown molding and a balcony/patio. Community amenities include: Swimming pool with jacuzzi spa, lakeside gazebo, clubhouse with entertainment room and kitchen, health and fitness club, billiards room, business center, boat storage, car detailing center and valet garbage pick-up.
