**Ceiba Groupe Advances Hybrid Multifamily and Build-to-Rent Project in Jacksonville**
A hybrid multifamily and build-to-rent (BTR) development is moving forward in Jacksonville, Florida. Ceiba Groupe has secured a $40.2 million construction loan for the project, named Royal Palms Main Street. The 227-unit development will be located at 15275 N. Main Street, with Crestline Investors providing the debt financing through a deal arranged by JLL Capital Markets. Project completion is expected by early 2027.
Royal Palms Main Street will feature a mix of 168 traditional one- and two-bedroom multifamily apartments, along with 59 townhome-style BTR units offering three- and four-bedroom layouts. Planned amenities include a clubhouse, swimming pool, fitness center, clubroom, dog park, pet spa, children’s playground, and climate-controlled storage units.
JLL’s Chris Drew, Brian Gaswirth, Kenny Cutler, and Justin Ratcliffe represented Ceiba Groupe in securing the financing.
This mixed-configuration approach is part of a growing trend in residential development. Greystar, for example, recently began construction on Old Ivy Residences in Albemarle County, Virginia, which will include 336 garden-style multifamily apartments and 189 three-bedroom townhomes and detached houses.
