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Florida & Gulf Coast  + North Florida  + Finance  | 

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.”

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About David Cohen

David Cohen is Southeast Editorial Director at Connect Commercial Real Estate. David is a media veteran with more than 10 years of experience in journalism, copywriting and communications across a variety of roles. He is responsible for covering commercial real estate news and trends in the Southeast, Florida, Washington D.C. and Boston at Connect CRE as well as specializing in the Student Housing sector. Prior to joining Connect, David was the editor of Northeast Real Estate Business magazine and Student Housing Business magazine at France Media as well as spending time freelancing for ESPN and the Associated Press in the fast-paced field of live sports event production. He is also an owner and investor in multifamily real estate in Atlanta, GA. David currently resides in Atlanta and graduated from the College of Communication & Information at the University of Tennessee Knoxville.

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