January 13, 2021
JLL has arranged a $60 million construction loan for Sovereign at Town Center, a luxury, garden-style community in Davenport, FLA.
Gregory Nalbandian and Jesse Wright of JLL arranged the three-year, floating-rate financing on behalf of the borrower, Sovereign Properties through an affiliate of Mosaic Real Estate Investors, a Los Angeles- and New York City-based real estate investment firm. The financing will be used for Phase 1 of a three-phase project sitting on more than 22 acres. Phase 1 will include 360 apartments anticipated for completion by summer of 2022. Phases 2 and 3 will consist of an additional 350 units and commercial space, also to be developed by Sovereign.
The apartments will consist of one-, two- and three-bedroom units, averaging 1,092 square feet. Units will feature stainless steel appliances, quartz countertops, 9-foot ceilings, hardwood cabinets and flooring and brushed nickel fixtures. Amenities are slated to include private garages, a pool, media center and movie theater, game and billiards rooms, fitness center, dog park, golf simulator and tennis court.
For comments, questions or concerns, please contact David Cohen