**Thorofare Capital Provides $73M Bridge Loan for Jacksonville Multifamily Property**
Thorofare Capital has provided a $73 million bridge loan to refinance The Residences at Enso, a 304-unit Class A multifamily community located along the Saint Johns River, just south of Downtown Jacksonville. Completed in 2023, the property is situated at 3650 Enso Way in the Beach Haven neighborhood and was over 90% occupied at closing.
The borrower, Trevato Development Group, will use the interim financing to retire the original construction loan. The loan, which carries a 2.5-year floating term with two one-year extension options, will also offer the sponsor flexibility to eliminate leasing concessions and optimize net operating income (NOI) prior to a potential sale or long-term refinancing as capital markets stabilize.
The Residences at Enso offers a mix of studio, one-, two-, and three-bedroom apartments, along with carriage houses. Residents enjoy a suite of upscale amenities, including a resort-style swimming pool with a sun shelf, a 24-hour fitness and training studio, a clubhouse with private event space, and a landscaped courtyard. Additional features include an open-air pavilion with cabanas, a summer kitchen with seating, outdoor firepits, a coffee bar, a conference room with workspace seating, a pet spa, and a walking/running nature trail.
CBRE’s Jeff Kinney and Phil Rachels, based in the firm’s Jacksonville office, arranged the financing on behalf of the sponsor.
