BLD Group, JSB Capital Refinance Florida Portfolio With $156M Loan

The garden-style properties are located in Fort Myers, Panama City and Wildwood.

Sunnyside Apartments in Panama City Beach offers 220 units. Image courtesy of BLD Group

BLD Group and JSB Capital Group refinanced a portfolio of three Class A multifamily properties in Florida with a $156 million, five-year, floating rate loan. It was the second time this month that the joint venture partners refinanced a three-property Florida multifamily portfolio.

Eastdil Secured advised the joint venture on the financing and a vehicle sub-advised by Rialto Capital Management originated the newest loan.

Two of the properties—the 308-unit V2 Apartments in Fort Myers, Fla., and the 220-unit Sunnyside Apartments in Panama City Beach, Fla.—are in lease-up. The third asset, the 336-unit Sundance Trails Apartments in Wildwood, Fla., has nearly completed construction.

The properties all feature contemporary layouts and amenities, including state-of-the-art clubhouses, business centers, private work booths, fitness centers, resort-style pools with grilling stations and sundecks, common area Wi-Fi and electric vehicle charging outlets.

The partners began construction of the Wildwood property, then known as Wildwood Apartments, in March 2022. The garden-style property is located within the Beaumont master-planned community adjacent to The Villages, a 55-plus community located 45 miles northwest of Orlando that has been the nation’s fastest growing metropolitan area over the past decade.

Sundance Trails Apartments in Wildwood will offer one-, two- and three-bedroom layouts and full-size washers and dryers, tile backsplashes, tile shower surrounds, walk-in closets and linen closets. Nearby retail centers include Publix, Winn Dixie and Lowe’s. Move-ins are expected later this year.

BLD Group, a Fort Lauderdale, Fla.,-based market-rate multifamily developer and owner, broke ground on Sunnyside Apartments and V2 Apartments, both garden-style communities, in May 2021. They both have one-, two- and three-bedroom residences and have similar apartment features as Sundance Trails Apartments.

V2 Apartments in Fort Myers and Sunnyside Apartments in Panama City Beach have additional amenities including a game room, resident market, dog park and fitness center with a yoga and Pilates studio.

The residents of Sunnyside Apartments have easy access to Pier Park, downtown Panama City and are about a 5-minute walk to the beach.

V2 Apartments is located on Winkler Avenue in Fort Myers, giving residents easy access to downtown Fort Myers and Interstate 75.

Recent refinancing

Last week, the joint venture recapitalized three properties in the Orlando and Fort Myers markets with a nearly $185.4 million fixed-rate, 10-year loan from Freddie Mac and $31.8 million in preferred equity from Related Fund Management. A Berkadia team comprising Mitch Sinberg, Brad Williamson, Scott Wadler and Matthew Robbins arranged the financing.

The properties, with a total of 1,139 units, were 400 North in Maitland, Fla.; M2 at Millenia in Orlando and Venetian in Fort Myers.

BLD Group is focused on acquiring and developing sites in Florida, Colorado and the southern United States. The firm’s current development pipeline totals more than 2,000 residential units and several commercial properties.

JSB Capital Group is a privately-held real estate investment management firm with primary offices in Miami, New York City and Baltimore, Md. The firm has invested more than $3 billion of equity and has acquired or built nearly 50,000 apartment units across the U.S.

You May Also Like