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 6^th, 98 units,
• Hammocks on 20^th, 152 units
• Hammocks on 34^th, 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.”