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EDEN Living Obtains $22M Construction Loan for BTR Project near The Villages
EDEN Living has secured a $22 million from City National Bank to construct a 130-unit build-to-rent development on 15 acres in Wildwood, FL. The project is part of a venture between EDEN Living and an investment fund managed by Morgan Stanley Real Estate Investing, the two of which currently have several horizontal-apartment projects under construction in Florida.
Max La Cava and Kenny Cutler of JLL worked on behalf of EDEN Living to secure the non-recourse construction loan.
“In a time when traditional multifamily construction financing is difficult to come by, our horizontal apartment model – and the track record of our principals – resonates in the capital markets,” said Jay Jacobson, CEO of EDEN Living.
The Wildwood project site is located five miles from the downtown hub of The Villages, one of the state’s largest master-planned communities, and surrounded by large-scale developments, many golf courses and an abundance of commercial and retail space. Amenities include pickleball courts.
- ◦Development
