Rise, a real estate company, has secured a $33 million mezzanine loan for their latest project in Jacksonville’s Southside. The development, known as Rise Glen Kernan Park, will be an age-restricted community with 308 units. In addition to the mezzanine loan, the developer has also obtained a $61.45 million mortgage for the project.
The financing was provided by Pearlmark and Benefit Street Partners respectively.
Located on a 30-acre site near Mayo Clinic Florida and St. Johns Town Center, Rise Glen Kernan Park will feature 24,000 square feet of retail space along with an Embassy Suites hotel and four-story memory care and assisted living center. Designed by Niles Bolton Associates,the community will offer various housing options including 72 cottages and 236 apartment units.
Residents at RISE Glen Kernan Park can look forward to top-notch amenities such as a clubhouse,fitness center,yoga studio,pool,pickleball courts,dog park,and event space.The prime location near popular attractions makes this development highly desirable for active-adults looking to downsize or retire in style.
