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| The Retreat at Lakeland Apartments, 5115 North Socrum Loop Road, Lakeland, FL |
MIAMI, FL – JLL Capital Markets announced today that it has arranged a $45 million loan refinancing for The Retreat at Lakeland (The Retreat), a multi-housing property located at 5115 N. Socrum Loop Rd. in Lakeland, Florida.
JLL worked on behalf of the borrower, Covenant Capital
Group, to secure the 10-year, floating-rate loan through Freddie Mac. The loan
will be serviced by JLL Real Estate Capital, LLC, a Freddie
Mac Optigo℠ lender.
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| Elliott Throne |
In 2017, Covenant Capital extensively renovated the interior and exterior of The Retreat, including adding a new clubhouse and entry gate, roof replacements and in-unit upgrades such as new hard surface flooring, stainless steel appliances and granite countertops.
Built in 1988, the 464-unit garden-style property consists
of one-, two- and three-bedroom apartments with spacious living rooms and
closets, full-size washers and dryers, Whirlpool bathtubs, wood burning
fireplaces and private patios and balconies.
Community amenities include two pools, a
sundeck, grilling and picnic areas, outdoor recreational areas such as tennis
and pickleball courts, dog park, playground, fitness center and more.
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| Campbell Roche |
The Retreat is centrally located in the city of Lakeland,
home to the headquarters of Publix supermarkets and Joker Merchant Stadium,
where the Detroit Tigers practice for Spring Training, one of the world’s
largest LEGOLAND Theme Parks, several championship golf courses, including Big
Cypress Golf Club and Cleveland Heights Golf Course, and numerous parks, where
residents can enjoy various outdoor activities.
The JLL Capital Markets team representing the borrower was
led by Senior Managing Director Elliott Throne, Managing Director Campbell
Roche, Director Amit Kakar and Associate Drew Jennewein.
“The borrower was able to take advantage of a great refinance following the completion of their recent renovation at a time when rates were at historical lows,” stated Throne. “This is another example where Covenant Capital has added significant value to their properties, further providing their investors with even stronger returns.”
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| Amit Kakar |
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment advisory, debt placement, equity placement or a recapitalization.
The firm has more than 3,700 Capital Markets specialists
worldwide with offices in nearly 50 countries.
For more news, videos and research resources on JLL, please visit our newsroom.
About Covenant Capital Group
Covenant Capital Group is a real estate private equity firm specializing in value-added acquisition and redevelopment of apartment communities. Covenant Capital Group is one of the largest real estate fund managers with more than $1.4 billion of assets under management on behalf of over 250 institutional and high net worth investors.
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| Drew Jennewein |
The firm specializes in the acquisition, renovation, repositioning, re-branding and asset management of apartment communities.
For the past 13 years, Covenant has been an active
investor in the Southeastern and Mid-Atlantic regions and controls over 17,000
apartment units in 14 states.
CONTACT:
Natalie Passarelli
Public Relations
Jones
Lang LaSalle Americas, Inc.
200
E. Randolph St.
Chicago, IL 60601
M
+1 224 477 7307
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