December 15, 2020
NorthMarq has arranged a $270.5 million cash-out refinance of a five-property, class A multifamily portfolio in Jacksonville.
The transaction consisted of a total of 1,604 units. The properties consist of Alaqua, a 218-unit property at 13490 Gran Bay Pkwy built in 2016; Cabana Club, a 252-unit property at 8680 Baymeadows Road East built in 2012; Galleria Club, a 254-unit property at 8680 Baymeadows Road East built in 2015; Palm Bay Club, a 416-unit community at 13050 Gran Bay Pkwy built in 2017 and Luxor Club, a 464-unit property at 13800 Egrets Next Drive built in 2019.
NorthMarq arranged financing on behalf of the borrower, Fort Family Investments, through its Optigo status as a Freddie Mac lender and was able to lock in an interest rate of 2.7% for all properties. Fort Family Investments has locally owned and managed multifamily communities in Jacksonville, Florida since 1972.
For comments, questions or concerns, please contact David Cohen