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EJF, Chance to Develop $86M MF Community in Jacksonville
Global asset management firm EJF Capital and Chance Partners plan to develop a two-building, 486-unit multifamily housing community in Jacksonville’s San Marco neighborhood. The $86-million project, known as San Marco Crossing, is being developed on nearly nine acres in an area certified as an Opportunity Zone.
The project is slated to break ground in Q3 2019, with completion expected in the fourth quarter of 2020. Ameris Bank is providing $51 million of construction financing for the project.
“EJF continues to identify and execute on attractive Opportunity Zone investments across the U.S., and bring our financial resources and real estate operating expertise to communities that need it most,” said Neal Wilson, COO of EJF. “We are excited to partner with Chance Partners on San Marco Crossing, which will bring high-quality multifamily units to this growing area and create a significant number of construction jobs as well as permanent property management positions.”
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