Developer obtains construction financing for 288-unit EDEN Crystal Lake project in rapidly growing city
MIAMI and PORT ORANGE, FL – March 11, 2021 – Leading developer EDEN Multifamily, founded by industry veterans Jay Massirman and Jay Jacobson, started construction on EDEN Crystal Lake in Port Orange – a growing city near Daytona Beach. EDEN is building 288 Class A, garden-style apartments in the burgeoning suburban area.
EDEN secured $45.33 million in construction financing from private real estate lender Trez Capital for the project. The transaction closed on March 5, 2021.
Located on 19.5 acres at 1270 Reed Canal Road, EDEN Crystal Lake will have a mix of one, two and three-bedroom apartments with 9-foot ceiling heights, granite countertops, high-end appliances, walk-in closets and balconies/patios in three-story buildings. Planned amenities include a clubhouse, resort-style pool, state-of-the-art fitness center, lakefront boardwalk, dog park with a grooming station, expansive lawn areas and detached garages.
The EDEN Crystal Lake site is located within four miles of the pristine beaches of Daytona Beach, the Daytona International Speedway, Daytona Beach International Airport and LPGA headquarters. It is also near the I-95 and I-4 highways, major retail and dining, three post-secondary educational institutions and more than 72,000 healthcare industry employees. The nearby Embry-Riddle Aeronautical University is the No. 1 aeronautical engineering school in the world and the nation’s top aviation school.
Construction of EDEN Crystal Lake is scheduled for completion in mid-2022.
“Port Orange and the Daytona MSA fit perfectly with our broader strategy to target fast-growing employment centers that are underserved when it comes to Class A apartment options,” Jacobson said. “It is emerging as a convenient alternative to more dense and overpopulated Florida markets with an unparalleled quality of life.”
The Daytona MSA is projected to experience $3.96 billion in economic growth between 2020 and 2025, with a forecast of more than 39,400 new residents and 25,130 new jobs created.
IP Investment Management is an equity partner in EDEN Crystal Lake. The privately held real estate investment company is based in Singapore, with an expanding portfolio of U.S. multifamily assets.
MSA Architects is EDEN Crystal Lake’s architect. Summit Contracting Group is the general contractor for the project.
Cushman & Wakefield arranged the construction financing on behalf of EDEN.
About EDEN Multifamily: A joint venture formed by real estate industry veterans Jay Massirman and Jay Jacobson, EDEN Multifamily brings more than 70 years of experience and a rich history of identifying and developing successful residential projects. EDEN seeks out multifamily development opportunities in neighborhoods that are underserved and overlooked, specializing in boutique infill projects. Eden Multifamily is currently developing over 750 units throughout central and South Florida. For more information, visit www.edenmultifamily.com.
About IP Investment Management: IP Investment Management ('IPIM') is a real estate investment manager focused on delivering returns for investors through its value-add and opportunistic private equity real estate funds. The Company sources investments in developed markets (UK, Europe, US, Australia) with a strong focus in student accommodation, PRS/multifamily, and hospitality. IP Investment Management (HK) Ltd is licensed by the Hong Kong Securities and Futures Commission for Type 4 (Advising on Securities) and 9 regulated activity (Asset Management) and its investments are only available to Professional Investors.IP Investment Management Pte. Ltd. is a Licensed Fund Management Company, holding a Capital Markets Service licence in fund management issued by the Monetary Authority of Singapore, and its investments are only available to Accredited Investors. For more information, visit www.ip-im.com/.
About Trez Capital: Founded in 1997, Trez Capital is a diversified real estate investment firm and preeminent provider of commercial real estate debt financing solutions in Canada and the United States. Trez Capital offers private and institutional investors strategies to invest in a variety of opportunistic, fully secured, high-yield mortgage investment funds, and provides property developers and owners with quick approvals on flexible short- to mid-term financing.
With offices in Vancouver, Toronto, Dallas, Palm Beach, New York and Montreal, Trez Capital has over $4.1 billion in assets under management and has funded over 1,500 transactions totaling more than $12 billion since inception. For more information, visit www.trezcapital.com.
About Summit Contracting Group: Since its founding, Summit has built over 100,000 multifamily units across the nation. Its vast experience and success is about more than just production. It’s about a commitment to excellence, unparalleled customer service and no-nonsense approach to its work. Marc Padgett leads Summit as President, and his years of experience at each level of construction management have shaped his expertise. Summit’s project teams are also led by Division Managers that represent the best multifamily professionals the industry has to offer. For more information, visit www.summit-contracting.com.