RISE Obtains $101M Bridge Loan for Jacksonville Apartments

BWE secured a $101 million bridge loan with HPS, a part of BlackRock, to refinance RISE at Glen Kernan Park, a newly delivered 308-unit luxury active adult (55+) community in Jacksonville, Florida.

BWE’s Andy Effler headed up a team made up of Sam Miller, Conor Lee, Paul Smith, Chad Kiner and AJ Mangan. The non-recourse, floating-rate loan, which has a three-year initial term with two additional one-year extension options, allows RISE to retire the senior construction loan (BSP) and the mezzanine loan (Pearlmark Real Estate), and to fund an interest and carry reserve while the property is leasing up.

RISE at Glen Kernan Park consists of 109 one-bedroom and 127 two-bedroom apartments, as well as 72 single-story cottage units with attached garages. As an institutional quality, lifestyle-driven product, the community has a wide range of amenities for residents, including a clubhouse, fitness facility, pool, pickleball courts, and a bar and lounge. The units feature screened-in balconies and patios.