JACKSONVILLE, FLORIDA (December 14, 2020) – Jeffrey Lethig, vice president – debt & equity in NorthMarq’s Jacksonville office arranged the $270,514,000 cash-out refinance of a five-property class-A multifamily portfolio in Jacksonville, Florida. The transaction consisted of a total of 1,604 units. The non-recourse Freddie Mac loans were structured with 10-year terms and 5-years of interest-only with 30-year amortization schedules. NorthMarq arranged financing for the borrower, Fort Family Investments, through its Optigo status as a Freddie Mac lender and was able to lock in a low interest rate of 2.72 percent for all properties.
“NorthMarq exceeded our expectations by delivering not only exceptional service but was able to refinance five properties quicker and more efficiently than our past experience with refinancing just one property with another lender,” said Connie Menor, vice president, Fort Family Investments.
Fort Family Investments has locally owned and managed multifamily communities in Jacksonville, Florida since 1972. Their properties offer resort-style amenities and lush tropical landscapes, making each property feel like more of a resort than an apartment complex. According to Menor, the premium quality of the properties coupled with their award-winning management team, Perimeter Realty, has resulted in the properties maintaining full occupancies year-over-year. Each of the properties also have unique qualities that provide a wide range of unit types and amenities that can meet almost any tenant’s needs or budget.
“Fort Family Investments was able to accomplish a number of business goals with these transactions, making them well-prepared for the future. In addition, Freddie Mac was ecstatic to complete the transactions given their history with the borrower and the strong occupancies and collections at the properties. This was a win-win transaction for all parties,” said Lethig.
Alaqua: The 218-unit multifamily property, located at 13490 Gran Bay Pkwy in Jacksonville, Florida received financing of $34,974,000. Built in 2016, Alaqua has indoor and outdoor amenities that include a beach entry pool, a fireside lounge, a 24 hour health club and every unit has stainless steel appliances, full size washers and dryers, 10’ ceilings, and wood style plank flooring.
Cabana Club: The 252-unit multifamily property, located at 8680 Baymeadows Road East in Jacksonville, Florida, received financing of $42,046,000. Cabana Club was built in 2012 and is phase 1 of a 2-phase build that includes Galleria Club. The property is located near St. Johns Town Center and amenities include, but are not limited to, a lagoon style pool, semi private cabanas, 24 hour gym with on demand fitness classes, a clubroom with billiards, shuffleboard, 80” TV, kitchen and hangout space. Every unit has a full-size washer and dryer, 9-10’ ceilings, stainless steel appliances with large floorplans and open concept designs.
Galleria Club: The 254-unit multifamily property, located at 8680 Baymeadows Road East in Jacksonville, Florida, received financing of $42,613,000. Built in 2015, Galleria Club is adjacent to Cabana Club and is the 2nd phase of the total project. Both properties have separate amenities, but they share a large clubroom that is located in between the two properties. Amenities include what was listed under Cabana Club, but some additional amenities are across the street at the Fort Family Regional Park and this area has basketball, open fields for football, soccer, etc., a fishing pond, and a playground. The abundance of amenities make Cabana Club and Galleria Club unique.
Palm Bay Club: The 416-unit multifamily property, located at 13050 Gran Bay Pkwy in Jacksonville, Florida, received financing of $68,595,000. Built in 2017, Palm Bay Club has two beach entry pools with complimentary towel service, outdoor entertainment pavilions with grills, flat screen TV’s and outdoor lounge spaces. The 24-hour health club has a boxing training zone, a rock-climbing wall, and full cardo and strength circuits. The gym also has an adjacent kid’s playroom. Other amenities include an arcade room, movie theatre with stadium seating, tennis court, playground, picnic areas, and a business center with WIFI. This property will allow you to work and play without leaving the premises.
Luxor Club: The 464-unit multifamily property, located at 13800 Egrets Nest Drive in Jacksonville, Florida, received financing of $82,286,000. Luxor Club is the largest and newest property of the portfolio. Construction completed Jan 2019 and the property was fully leased by Jan 2020. The property sits on over 39 acres and has an impressive low-density ratio of 11.65 units per acre. The property has an outdoor cross-fit area, a huge beach entry pool, outdoor shuffleboard, Jenga, connect four, and billiards area. It is also very pet friendly and has a pet park and dog pool. Unit amenities consist of stainless-steel appliances, granite countertops, full size washers and dryers, and plank wood style flooring, just to name a few. This resort type community is top of its class.