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Florida & Gulf Coast  + Finance  |  July 24, 2019
David Cohen
By: David Cohen

Faris Lee Secures $33M Acquisition Financing for Jacksonville MF Property

Capital markets and investment sales firm Faris Lee Investments has secured a $32.8 million acquisition loan for Mission Springs Apartments, a 444-unit multifamily community in Jacksonville. Faris Lee secured the financing on behalf of Texas-based firm LYND through an undisclosed lender.

Located in southwest Jacksonville, the area has only registered one development since 2013. Nearly 70% of the inventory in the submarket is two decades old or more. Proceeds of the financing will be used to acquire and renovate the property.

“We are excited to have executed this transaction on behalf of LYND,” said Jay Quinn, senior managing director with Faris Lee Investments. “This project is a great example of our ability to navigate complex transactions, and utilize our strong capital relationships to successfully meet our clients’ financing objectives.”

For comments, questions or concerns, please contact David Cohen

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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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