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Northmarq Structures $79M Build/Perm Loan for Jacksonville Class A+ Community
Northmarq has secured a $78.5-million construction-to-permanent financing for the development of Pinnacle Apartments, a 376-unit, Class A+, low-rise multifamily property in Jacksonville, FL.
Ryan Whitaker of Northmarq structured the transaction as a 10-year term with five years of interest-only payments followed by a 30-year amortization schedule. Northmarq arranged financing for the borrower through its relationship with a life company lender.
“In a period of rapidly rising interest rates and economic uncertainty we were able to deliver a single-close, construction-to-permanent loan structure which took increased interest rate risk off the table for our client,” said Whitaker.
The property will sit at 8760 Pinnacle Park Boulevard in the Southside submarket as two four-story apartment buildings with elevators that wrap around the parking garage, pools and outdoor recreational areas.
Amenities include business center, clubhouse, lounge, game room, fitness center, grill and picnic areas, movie room, car care center, bike storage, dog agility park and pet spa.
- ◦Development
- ◦Financing
