NorthMarq Provides $270.5M Refinancing Loan for Multifamily Portfolio in Jacksonville
JACKSONVILLE, FLA. — NorthMarq has provided a $270.5 million Freddie Mac refinancing loan package for a portfolio of five multifamily communities in Jacksonville. The 10-year loans feature fixed 2.72 percent interest rates, five years of interest-only payments and 30-year amortization schedules. The borrower, Jacksonville-based Fort Family Investments, has owned the 1,604-unit portfolio since 1972 and manages it under affiliate Perimeter Realty Inc.
Jeffrey Lethig of NorthMarq originated the loans on behalf of the borrower.
The largest loan was for Luxor Club, which comprises 464 units and was built in early 2019. The fully occupied asset received an $82.3 million loan. Communal amenities include a pool, outdoor cross-fit area, dog park and a pool for dogs.
Palm Bay Club, which has 416 units, received a $68.6 million loan. The asset was built in 2017 and features two pools, outdoor lounge spaces, grilling areas, a 24-hour fitness center, playground, tennis court and a business center.
Cabana Club, built in 2012 as Phase I of a two-phase development with Galleria Club, received $42 million in financing. Amenities at the 252-unit community include a pool, semi-private cabanas, 24-hour fitness center and a clubroom. The adjacent Galleria Club, which was delivered in 2015, received a $42.6 million loan. The 254-unit Galleria Club has the same amenities as Cabana Club, though the features are not shared.
Lastly, Fort Family refinanced the 218-unit Alaqua with a $35 million loan. The asset was built in 2016 and features a pool, fire pits and a fitness center.