**Thorofare Capital Provides $73M Bridge Loan for Jacksonville Multifamily Community**
Thorofare Capital has delivered a $73 million bridge loan to refinance The Residences at Enso, a newly constructed 304-unit multifamily property located along the Saint Johns River, just south of Downtown Jacksonville. Completed in 2023, the Class A community is situated at 3650 Enso Way in the Beach Haven neighborhood and was more than 90% occupied at the time the financing closed.
The borrower, Trevato Development Group, will use the interim financing to retire the original construction loan on the property. The 2.5-year floating-rate loan includes two one-year extension options, providing the sponsor with flexibility to optimize net operating income (NOI) by phasing out concessions ahead of a future sale or refinance when market conditions improve.
The Residences at Enso offers a variety of floor plans including studios, one-, two-, and three-bedroom apartments, as well as carriage houses. Residents have access to numerous high-end amenities such as a resort-style swimming pool with sun shelf, a 24-hour fitness and training studio, a resident clubhouse with private event space, a luxury landscaped courtyard, open-air pavilions with cabanas, a summer kitchen with seating, outdoor firepits, a coffee bar, a conference room with co-working spaces, a pet spa, and a scenic walking and running trail.
Jeff Kinney and Phil Rachels of CBRE’s Jacksonville office arranged the loan on behalf of the sponsor.
