A group of developers recently secured a $32.8 million loan to refinance Eastborough at San Marco, a newly established multifamily community in Jacksonville with 226 units that has reached stability.
The loan was obtained by Philip Rachels, Jeff Kinney and Connor O’Sullivan from CBRE Capital Markets’ Debt & Structured Finance division in Jacksonville on behalf of the borrower – an affiliate of Chance Partners and EJF OpZone Fund II. The purpose of the refinancing is to pay off the property’s construction loan and existing ground lease. Freddie Mac will be handling the selling/servicing through CBRE.
Built in 2023, this opportunity zone located at 1906 Promenade Way is currently occupied by 95%. It consists of two four-story buildings with one-, two- and three-bedroom units equipped with energy efficient appliances, keyless entry systems, in-unit washers/dryers, wood plank vinyl flooring , walk-in closets and private balconies/patios for each unit. Residents can also enjoy various amenities such as a clubhouse , co-working space , around-the-clock fitness center , resort-style pool complete with yoga lawn area . pet spa/bark park area . bicycle storage facility as well as package rooms.
