JLL Capital Markets has arranged a $100 million bridge financing package for a two-asset Florida multifamily portfolio owned by Waypoint Residential, providing recapitalization for recently completed projects. The financing recapitalizes a pair of newly delivered rental communities and replaces their construction financing with a floating-rate, construction take-out structure.
Acting on behalf of the borrower, Waypoint Residential, JLL Capital Markets secured the loan from TPG Real Estate Credit. The debt is structured as floating-rate bridge capital intended to follow the completion of construction, giving the sponsor additional runway as the properties stabilize.
The portfolio includes The Pointe at Davis Creek, a 288-unit garden-style apartment community located at 12175 Philips Highway in Jacksonville, Florida. The second property in the portfolio is The Bradley St. Augustine, a 250-unit garden-style community at 350 Bay Laurel Drive in St. Augustine, Florida. Both assets are conventional multifamily properties and form a single financing portfolio under the new bridge loan.
The Pointe at Davis Creek and The Bradley St. Augustine were both delivered in the first quarter of 2025, positioning them as newly built additions to their respective rental markets. As recently delivered properties, the communities are transitioning from construction to stabilization, and the recapitalization via bridge financing is designed to support that phase of the business plan.
Amenities at the two communities include swimming pools with tanning ledges and cabanas, along with 24-hour fitness centers equipped with yoga and spin studios. Both properties also offer pet spas and outdoor gathering spaces featuring fire pits and grilling stations. Interior community spaces include resident lounges with coffee bars and designated co-working areas, reflecting demand for on-site work and social amenities in newer multifamily developments.
JLL’s Capital Markets Debt Advisory team represented Waypoint Residential in arranging the financing. The advisory team was led by Matthew Lawton, Travis Anderson, Melissa Quinn, Gregg Shapiro and Dan Kearns. Additional support on the assignment was provided by Kelsey Bawcombe, Streeter Simmons and Rob Rothaug, who contributed to the execution of the bridge loan on behalf of the borrower.
The transaction highlights continuing lender interest in recently constructed, amenity-rich multifamily properties in Florida, particularly where construction has been completed and projects are moving through early lease-up and stabilization phases. By converting short-term construction financing into a larger, floating-rate bridge structure, Waypoint Residential gains additional flexibility to operate and lease the communities while positioning the portfolio for its next phase of capital or ownership.
