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Developer Combining Apartments/BTR Homes in Jax Project
A hybrid multifamily, build-to-rent development is moving forward in Jacksonville. Commercial Edge reports Ceiba Groupe secured a $40.2 million construction loan for Royal Palms Main Street, a 227-unit project located at 15275 N. Main St. Crestline Investors provided the debt in a deal arranged by JLL Capital Markets. Completion is slated for early 2027.
The community will consist of 168 one— and two-bedroom multifamily apartments and 59 townhome BTR units with three— and four-bedroom layouts. Amenities will include a clubhouse, a swimming pool, a gym, a clubroom, a dog park, a pet spa, a children’s playground and climate-controlled storage units.
Ceiba Groupe was represented by JLL’s Chris Drew, Brian Gaswirth, Kenny Cutler and Justin Ratcliffe in the debt acquisition.
The mixed-configuration project is not totally unique. Greystar started construction on Old Ivy Residences in Albemarle County, Va. It will deliver 336 garden-style multifamily apartments and 189 three-bedroom townhomes and detached houses.
- ◦Development
