Rise: A Real Estate Company Secures $33M Mezzanine Loan for 308-Unit Age-Restricted Community in Jacksonville’s Southside
The developer of Rise Glen Kernan Park has obtained a $61.45 million mortgage for their latest project, which will feature a mix of residential and commercial spaces including retail, hotel, and assisted living facilities.
Pearlmark provided the mezzanine loan while Benefit Street Partners supplied the mortgage for this $95.9 million development situated on a 30-acre site near prominent establishments such as Mayo Clinic Florida and St. Johns Town Center.
Designed by Niles Bolton Associates, RISE Glen Kernan Park boasts 72 cottages and 236 apartment units with top-notch amenities like clubhouse, fitness center with yoga space, media lounge, pool area with pickleball courts nearby dog park plus an event venue to cater to its active-adult residents.
This recent transaction showcases Jax Developer’s ability to secure significant funding from reputable financial institutions without mentioning any specific names or brands associated within their industry.
