$51.25M financing secured for three multi-housing properties in Florida

23 June 2022

MIAMI, FL – JLL Capital Markets announced today that it has closed $51.25 million in acquisition financing for a three-property multi-housing portfolio in Gainesville, Florida.

JLL represented the borrower, American Commercial Realty Corp., to secure the three-year loan through Trez Capital, one of Canada’s largest non-bank commercial real estate lenders that is helping to build better communities across North America.

The portfolio consists of the 146-unit Cazabella Apartments, the 128-unit Camelot Apartments and the 56-unit Village 34 Apartments. The three garden-style communities feature a mix of one-, two- and three-bedroom floorplans with an average unit size of 874 square feet.

The communities are located at 720 SW 34th St., 3425 SW 2nd Ave. and 328 SW 34th St, just south of the major intersection of West University Avenue and 34th Street. The properties are less than one mile from The University of Florida, which is academically ranked the fifth public university in the U.S. with an enrollment of 58,596 as of Spring 2022. Additionally, the portfolio is near Butler Plaza, the largest power center in Florida, and Celebration Pointe, a one-million-square-foot, mixed-use center.

The JLL Capital Markets Debt Advisory team representing the borrower was led by Senior Managing Director Elliott Throne and Director Kenny Cutler.

“American Commercial Realty purchased a portfolio in a fantastic location in Gainesville, just across 34th street from the University of Florida-owned golf course” stated Cutler. “This financing will contribute to their tremendous success improving the properties and implementing their vision as they have done on a number of similar assets in the Gainesville market.”

“We are pleased to provide financing for the three-property multi-housing portfolio in Gainesville, Florida,” said Gavin Elwes, Managing Director, Origination of Trez Capital. “The demand for units in Florida, especially in the Gainesville area, continues to be very strong. The fully renovated project will provide much needed housing in a growing community.”