 |
| Mona Carlton |
MIAMI, FL – JLL Capital Markets announced the arrangement of $10.368 million in acquisition financing for the Candleglow Apartments located at 1071 Candlelight Blvd. in Brooksville, Florida.
JLL
worked on behalf of the borrower, Beachwold Residential, to secure the 10-year,
floating-rate loan through Freddie Mac.
The
loan will be serviced by Holliday Fenoglio Fowler LP, a JLL company and a
Freddie Mac Optigo℠ lender. Beachwold is under agreement to purchase the
property and will then launch a renovation program following its acquisition.
The
interior renovation will include new stainless-steel appliances, resurfaced
counters, cabinetry, backsplashes, flooring, hardware and fixtures and
appliances in all units.
 |
| Elliott Throne |
The
exterior renovations will include upgraded signage, landscaping, community
clubhouse and pool deck. Current community amenities include a Bark Park,
tennis and racquetball court, resort-style swimming pool and picnic area.
The
Candleglow Apartments are 100% occupied and consist of 152 garden-style
apartments.
 |
| Candleglow Apartments, Brooksville, FL |
The property has three floorplans: The Azalea, which are one-bedroom/one-bathroom units averaging 552 square feet; The Willow, which are one-bedroom/one-bathroom units averaging 680 square feet; and The Oak, which are two-bedroom/two-bathroom units averaging 820 square feet.
The
JLL Capital Markets team representing the borrower was led by Senior Managing
Directors Mona Carlton and Elliott Throne as well as Directors Jesse
Wright and Amit Kakar.
 |
| Jesse Wright |
“This
acquisition is another great example of Beachwold’s ability to find solid
assets in non-primary Florida markets to add to their existing portfolio,”
Throne stated.
“The
financing provides an aggressive interest rate and 10-year term, but also a
floating rate structure that offers true flexibility to execute their future
business plan.”
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.
 |
| Amit Kakar |
For more news, videos and research resources on JLL, please visit our newsroom.
CONTACT:
Natalie Passarelli
JLL Senior Associate
Public Relations
Phone: +1
224 477 7307
Email: Natalie.Passarelli@am.jll.com
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