Done Deals: JLL Capital Markets handles the $33 million acquisition financing for the 141-unit Crossroads at Town Center in Jacksonville, FL

Sunday, March 17, 2024

JLL Capital Markets handles the $33 million acquisition financing for the 141-unit Crossroads at Town Center in Jacksonville, FL

Crossroads at Town Center, a 141-unit, build-for-rent
townhome community in Jacksonville, FL

MIAMI, FL – JLL Capital Markets has closed the $32.75 million “CofO” acquisition financing of Crossroads at Town Center, a 141-unit, build-for-rent townhome community in Jacksonville, Florida.

JLL represented the borrower, 360 Communities (Freehold Capital Management) and PCCP, to secure the loan through Greystar.

Shane Ciacci

The JLL Capital Markets Debt Advisory team was led by Senior Managing Director Chris Drew, Managing Director Matthew Putterman, Director Kenny Cutler and Analyst Shane Ciacci.

“Certificate of Occupancy financing facilities like this one are becoming increasingly necessary as top-tier sponsors like 360 Communities are purchasing single-family communities directly from homebuilders,” said Drew.

“360 Communities is assembling a tremendous portfolio of single-family rental communities in the Southeast and across the country and has been able to partner with experienced institutional groups like PCCP.

"We’re excited to see what these two great sponsors are able to accomplish with Crossroads at Town Center.”

Chris Drew

360 Communities and PCCP will acquire groups of townhomes as they are completed by a third-party builder.

At completion, Crossroads at Town Center will feature 141 three-bedroom townhomes, averaging 1,728 square feet.

The homes feature attached garages, covered lanai porches, private fenced-in backyards, quartz countertops, wood-style plank flooring, nine-foot ceiling heights, stainless-steel appliances, built-in washers and dryers and multiple smart home design offerings.

Community amenities include a pool, cabana, dog park and playground.

The property is ideally situated within proximity to the St. John Town Center complex, a super-regional lifestyle center in Jacksonville, Florida with over 175 upscale shopping and dining options, offering residents incredible access to the area’s top amenities.

Matthew Putterman

Residents will also be next to Deerwood Office Park and within two miles of 7.2 million square feet of office space.

In addition, the property is strategically positioned as the only for-rent townhome community in the St Johns Town Center micromarket.

JLL’s Capital Markets group 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 sales and advisory, debt advisory, equity advisory or a recapitalization.

Kenny Cutler

The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

About Greystar

Greystar is a leading, fully integrated global real estate company offering expertise in property management, .

Greystar was founded by Bob Faith in 1993 to become a provider of world-class service in the rental residential real estate business.

Bob Faith

Headquartered in Charleston, South Carolina, Greystar manages and operates more than $290 billion of real estate in 247 markets globally with offices throughout North America, Europe, South America, and the Asia-Pacific region.

Greystar is the largest operator of apartments in the United States, manages more than 857,400 units/beds globally, and has a robust institutional investment management platform comprised of more than $76 billion of assets under management, including over $34 billion of development assets