Chance Partners, EJF Land $95M Refi

CBRE arranged the loan provided by MetLife for two communities in Jacksonville, Fla.

Florida apartments

The Exchange. Image courtesy of Chance Partners

A joint venture between Chance Partners and EJF Capital has secured $95 million in refinancing to replace the construction loan for The Exchange and Barlow multifamily properties in the San Marco neighborhood of Jacksonville, Fla. CBRE Capital Markets arranged the permanent loan provided by MetLife.

The 196-unit The Exchange, located at 1810 Bertha St., offers one-, two- and three-bedroom apartments, from 632 square feet to 1,450 square feet. The property was completed in June 2021 and includes two-story corner units with floor-to-ceiling glass and select units at the property have balconies overlooking the pool.

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The 290-unit Barlow, located at 1900 Olevia St., offers one-, two- and three-bedroom apartments, ranging from 632 square feet to 1,522 square feet. It was completed in December 2021 and features ground-floor residences with direct access to the street.

Amenities at both developments include controlled access, keyless entry, smart home technology and Wi-Fi thermostats. Residents have access to conveniences that include co-working space, a digital lounge, indoor and outdoor social areas, a resort-style pool, a 24/7 fitness center and a dog park and pet spa.

“Jacksonville has shown over past couple of years a strong immigration of population and success with job growth across multiple sectors. For the developments, we focused on walkability to historic San Marco and access to … the healthcare care jobs nearby in the Southbank,” Jeff Rosen, principal with Chance Partners, told Multi-Housing News.

He noted The Exchange and Barlow are a few blocks away from San Marco Square, the heart of the San Marco community, putting residents within walking distance of many dining and retail options.

Jacksonville Portfolio

The partners have three other multifamily assets in Jacksonville, with two under construction. The 284-unit San Marco Promenade, located at 1905 Promenade Way, opened in August 2020. The 226-unit Eastborough, located at 1906 Promenade Way, is slated for completion in the first quarter of 2023. The 295-unit Southgate, located at 3428 Beach Blvd., on the site of the former Southgate Plaza shopping center, is expected to be finished in the fourth quarter of 2023.

Chance Partners has three Florida multifamily properties of its own, including two in Jacksonville. The 234-unit The Sagefield, located at 13283 N. Main St., was recently completed and the 290-unit The Note will begin construction in the summer. The company is building the 330-unit The Juliette in Wildwood, with the project expected to be completed in the third quarter of 2023.

Chance Partners and EJF Capital were represented in the refinancing transaction by Philip Rachels, Jeff Kinney and Brett Bosworth with CBRE.

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