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Florida & Gulf Coast  + Central Florida  + Finance  | 
A long-range exterior view of the Gainesville city skyline at twilight

JLL Secures $37M in Refinancing for Four-Property Apartment Portfolio near UF

JLL has arranged refinancing in the aggregate amount of $37 million for a four-property, 460-unit multi-housing portfolio located in Gainesville, FL. The University of Florida, Shands Medical Center and other employment hubs are within a five-minute drive from each of the properties in the portfolio.

The JLL team representing the borrower was led by Elliott Throne, Kenny Cutler and Karim Khaiboullin.

JLL worked on behalf of the borrower, American Commercial Realty, to secure the 10-year, fixed-rate Fannie Mae loans. The loans will be serviced by JLL Real Estate Capital, LLC, a Fannie Mae DUS lender. ACR acquired the portfolio in early 2020 and instituted a renovation program that encompassed all four communities:

  • Hammocks by Butler, 141 units
  • Hammocks off 6th, 98 units,
  • Hammocks on 20th, 152 units
  • Hammocks on 34th, 69 units

“ACR’s recent renovations, updated amenities and operational expertise added tremendous value to the properties,” said Cutler. “These long-term loans allow ACR to harvest some of the value they have created at a very attractive cost of capital.”


Inside The Story

JLL's Cutler

About Lisa McDuffie

Lisa McDuffie arrives at ConnectCRE via REALTOR® world, where she served for nearly two decades as communications director for one of the nation’s largest REALTOR® organizations. She supported two membership-elected presidents who were commercial real estate practitioners, and managed the communications initiatives of the organization’s commercial special interest group. When not following the latest commercial real estate news, Lisa is zeroed in on her charismatic off-the-track thoroughbred as she makes the transition from an utterly failed racehorse to a lovely show hunter.

Step 1: Select Education
  • ◦Financing