JACKSONVILLE, FLA. — CBRE has arranged financing for a new 133-unit multifamily project in Jacksonville called The Hendricks at San Marco. The $30 million apartment development in the city’s San Marco neighborhood will be located near the corner of Atlantic Boulevard and Hendricks Avenue.
Jeff Kinney and Phil Rachels of CBRE arranged the funding on behalf of the development team, Harbert Realty Services and Corner Lot Development. The financing included a three-year construction loan through First Horizon Bank and joint venture equity from GMC Properties, which will also manage the property upon completion.
The Hendricks at San Marco will be located next to the Publix-anchored East San Marco shopping center. Construction on the apartment community is expected to start this month.