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$65M Jacksonville Multifamily Wraps Up JV Equity, Construction Debt Deals
Northmarq has supplied $19.5 million in joint venture equity and $45 million in construction debt on behalf of Republic Properties Corporation for Collins Preserve, a $65 million, 330-unit multifamily development in Jacksonville, FL.
The construction loan was structured with a five-year term including four years of interest only followed by a 30-year amortization schedule. Northmarq secured the new loan for with a commercial bank.
The Northmarq team that worked on the deals included Chris Conklin, Errol Blumer, Ryan Saunders, Andrea Howard, Allan Lynch, and Austin Jackson, Faron Thompson, Drew Markley, and Ryan Whitaker.
Collins Preserve, located on Collins Road, will comprise 11 three-story, 30-unit buildings with 132 one-bedroom units, 165 two-bedrooms and 33 three-bedroom units. Amenities include a clubhouse, a resort-style pool, grilling areas, a dog park and a fitness center.
Washington, DC-based Republic Properties Corporation has selected Summit Contracting Group, to construct the property in the Summit Prototype Multifamily style.
- ◦Development
- ◦Financing
