CBRE Secures Financing for 133-Unit Jacksonville MF Project
CBRE has arranged debt and equity capital for The Hendricks at San Marco, a new 133-unit multifamily project in Jacksonville’s San Marco neighborhood. The project is located near the corner of Atlantic Boulevard and Hendricks Avenue.
Jeff Kinney and Phil Rachels of CBRE represented the development team of Harbert Realty Services of Birmingham and Corner Lot Development of Jacksonville. The three-year construction financing through First Horizon Bank was paired with private JV Equity to capitalize the $30 million in total project costs. GMC Properties of Jacksonville, Florida provided the equity and will also manage the property.
“The project’s exceptional location next to the Publix-anchored East San Marco shopping center along with strong market fundamentals allowed CBRE to develop an extensive list of potential partners and lenders,” said Kinney. “Ultimately though, GMC proved to be the most compatible in many ways. We are pleased we were able to bring these great companies together.”
- ◦Development