MIAMI, April 14, 2022 – JLL Capital Markets announced that it has arranged $5.9 million in supplemental financing for the 288-unit Club at Danforth in Jacksonville, Florida, and $5 million in supplemental financing for the 210-unit Verandahs at Hunt Club in Apopka, Florida. This is the second supplemental financing for Verandahs at Hunt Club.
JLL represented the borrower, Beachwold Residential, to secure the sub-seven-year, fixed-rate supplemental loans through Freddie Mac Multifamily. The loans will be serviced by Jones Lang LaSalle Multifamily, LLC, a Freddie Mac Optigo℠ lender.
Built in 1998 and updated in 2018, Club at Danforth is a garden-style apartment community consisting of 16 residential buildings and one leasing office. Community amenities include a playground, fitness center, swimming pool, dog park, racquetball and basketball courts, a clubhouse and business center. Completed in 1985, Verandahs at Hunt Club is a garden-style multi-housing community with 21 two-story residential buildings, one clubhouse and one maintenance building. Community amenities include a pool, fitness center, tennis court, dog park and car care center. Both properties offer one-, two-, and three-bedroom units to residents.
Club at Danforth is located at 3701 Danforth Dr., which is just three miles east of the Interstate 295 Beltway and two miles north of J. T. Butler Boulevard. The property is within a 10-minute drive of Deerwood Park, Jacksonville’s largest suburban white-collar employment hub, and under two miles from the Mayo Clinic Jacksonville. The location is also within 10 minutes of St. Johns Town Center, north Florida’s premier shopping and entertainment destination. Verandahs at Hunt Club is located at 3000 Foxhill Circle, set strategically off SR-436 and less than four miles west of I-4. The proximate corridor along SR-436 offers some of Orlando MSA’s largest retail destinations, such the Altamonte Mall, a 1.2-million-square-foot regional mall. The community is also adjacent to and walking distance from Hunt Club Corners, a recently renovated Publix-anchored shopping center. Additionally, there is approximately 10.7 million square feet of office within a five-mile radius.
The JLL debt team was led by Senior Managing Director Elliott Throne, Senior Managing Director Mona Carlton, Director Kenny Cutler and Analysts Joshua Odessky and Karim Khaiboullin.
“The ability to procure supplemental loans on top of existing senior financing is one of the primary benefits of agency loans like these,” Cutler said. “Beachwold has done a fantastic job managing these properties and taking advantage of increasing market rental rates, allowing them to pull out substantial equity in the process.”
