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| Mona Carlton |
MIAMI, FL, Dec.14, 2020 – JLL Capital Markets announced today that it has arranged financing for 79 West Apartments, a mid-rise multi-housing community located at 102 Cabana Cay Circle in Panama City Beach, Florida.
JLL worked on behalf of Beachwold Residential to
secure the 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 |
Beachwold Residential spent a substantial sum to improve the property, including the construction of a brand-new clubhouse facility with a fitness center and tenant lounge.
Built
in 2007, the property has also received significant renovations to interior
units, bringing them to top-of-market finishes.
79 West is a short walk to the beach and
boasts one of the largest privately owned pools in Florida. The property is
about 98% occupied and consists of 304 units, offering one- and two-bedroom
apartments.
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| Jesse Wright |
The JLL Capital Markets team representing
the borrower was led by Senior Managing Directors Elliott Throne and Mona
Carlton and Director Jesse Wright.
“Beachwold followed their acquisition of
the asset with many property enhancements including unit upgrades and the
building of a brand-new clubhouse,” Throne stated. “This refinance allows them
to recapitalize with great new long-term debt that also offers true
flexibility.”
About Beachwold Residential
Beachwold Residential and its principals have
built, owned and managed multifamily properties for 40 years. The firm controls
57 properties and 15,000 multifamily units in Connecticut, Texas, Florida,
Georgia, Virginia, Maryland, New Jersey and Tennessee.
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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