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Florida & Gulf Coast  + Finance  |  December 15, 2020
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By: David Cohen

NorthMarq Arranges $271M Refinancing for Jacksonville MF Portfolio

NorthMarq has arranged a $270.5 million cash-out refinance of a five-property, class A multifamily portfolio in Jacksonville.

The transaction consisted of a total of 1,604 units. The properties consist of Alaqua, a 218-unit property at 13490 Gran Bay Pkwy built in 2016; Cabana Club, a 252-unit property at 8680 Baymeadows Road East built in 2012; Galleria Club, a 254-unit property at 8680 Baymeadows Road East built in 2015; Palm Bay Club, a 416-unit community at 13050 Gran Bay Pkwy built in 2017 and Luxor Club, a 464-unit property at 13800 Egrets Next Drive built in 2019.

NorthMarq arranged financing on behalf of the borrower, Fort Family Investments, through its Optigo status as a Freddie Mac lender and was able to lock in an interest rate of 2.7% for all properties. Fort Family Investments has locally owned and managed multifamily communities in Jacksonville, Florida since 1972.

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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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