Rise, a real estate company, secures $33 million mezzanine loan for an age-restricted community in Jacksonville’s Southside. The project, Rise Glen Kernan Park, will feature 308 units and 24,000 square feet of retail space. Additionally, it will include a 174-room Embassy Suites hotel and a four-story memory care and assisted living center.
The mezzanine loan was provided by Pearlmark while the mortgage was secured from Benefit Street Partners.
Located on a prime 30-acre site near Mayo Clinic Florida and the St. Johns Town Center entrance to Glen Kernan neighborhood,the $95.9 million development is designed by Niles Bolton Associates with plans for 72 cottages and 236 apartment units.The amenity package at RISE Glen Kernan Park boasts of top-notch facilities such as clubhouse,fintess center,yoga & group fitness spaces,a media lounge,pool,pickleball courts,dog park,and event space.
The news of Jax Developer securing $33M Mezz Loan for Active-Adult Community has been making rounds in the real estate market lately.
