Advenir Azora Secures $24M Refi for Florida Community

Advenir Azora has secured $24.4 million in refinancing for Lymestone Ranch, a 216-unit, garden-style community in New Smyrna Beach, Fla. Balbec Capital LP originated the three-year, floating-rate loan.

JLL Capital Markets arranged the deal on behalf of the borrower.

Back in 2021, CBRE Capital Markets originated an $8.4 million, fixed-interest CMBS loan for the property, which matured earlier this year, according to Yardi Matrix information.

As refinancing will keep carrying significant risks in the following years, interest rates will remain elevated, a recent report by The Kaplan Group shows. Much of the $957 billion in loans—including $310 billion in multifamily debt—that matured in 2025 received extensions.

The JLL Capital Markets team representing Advenir Azora included Managing Director Jesse Wright, Director Joshua Odessky and Analysts Luke Maganas and Duncan Miller.

A community near Daytona Beach

Located at 10101 Lymestone Court, the community has access to Interstate 95 and U.S. Route 44. New Smyrna Beach is less than 4 miles northeast, while Daytona Beach is less than 20 miles north of the property. Downtown Orlando is some 53 miles away.

Completed in 2004, Lymestone Ranch encompasses 12 three-story buildings on some 19 acres. The unit mix includes one- to three- bedroom floorplans averaging 972 square feet. All apartments have washers and dryers, as well as private balconies or patios.

Common-area amenities at the pet-friendly community comprise a fitness center, swimming pool, clubhouse and business center. Moreover, 320 parking spaces are available at ground level, with an on-site car care center. Advenir Living is in charge of the property’s management.