CBRE has arranged $95 million in refinancing for The Exchange and Barlow, two multifamily properties totaling 486 units in the San Marco neighborhood of Jacksonville, FL.

Philip Rachels, Jeff Kinney and Brett Bosworth with CBRE worked on behalf of the borrowers, a joint venture between Chance Partners and EJF Capital, to secure the 10-year, full-term, interest-only financing provided by Metropolitan Life Insurance Company.

The properties represent two of five investments that EJF has made with Chance Partners in the Jacksonville marketplace.

“We are pleased to have represented long-term client Chance Partners and their capital partner, EJF, who refinanced the construction loan with long-term, non-recourse debt,” said Rachels. “Jacksonville is experiencing unprecedented growth, and these assets sit in a very desirable location with tremendous visibility and accessibility, which enabled us to source multiple life company quotes in a very competitive bid process.”