April 29, 2020
Washington, D.C.-based EJF Capital LLC and Chance Partners LLC acquired San Marco Promenade, a 284-unit multifamily housing community under development in Jacksonville’s San Marco neighborhood. EJF OpZone Fund I LP and Chance Partners bought the project from a majority-owned JV of the Carlyle Group. Synovus Bank provided nearly $29 million of financing.
EJF’s Neal Wilson says, “This project will benefit the San Marco neighborhood in many ways, including adding much-needed housing inventory for roughly 400 new residents. We believe the connectivity to Southbank and its nearby healthcare complexes will continue to make San Marco a hub of activity.”
The Opportunity Zone project is expected to be complete in Q3 2020. This is the second project EJF and Chance Partners have embarked upon in the historic San Marco neighborhood. Last year, they moved forward on the development of San Marco Crossing, a two-building, 486-unit multifamily housing community.
For comments, questions or concerns, please contact Dennis Kaiser