Fort Family Investments Lands $271M Refi for Jacksonville Portfolio

3 min read

NorthMarq arranged the non-recourse Freddie Mac loans for five properties totaling 1,604 units.

Alaqua. Image courtesy of NorthMarq

Fort Family Investments has refinanced a five-property multifamily portfolio totaling 1,604 units in Jacksonville, Fla., with a $271 million financing arranged through Freddie Mac by NorthMarq.

Jeffrey Lethig, vice president – Debt & Equity, in NorthMarq’s Jacksonville office, arranged the cash-out refinance through NorthMarq’s Optigo status as a Freddie Mac lender. The non-recourse loans were structured with 10-year terms and five years of interest only with 30-year amortization schedules. Fort Family Investments, a family-owned firm that has owned and managed multifamily properties in Jacksonville since 1972, locked in a low interest rate of 2.7 percent for all five properties.

Lethig called the transaction a win-win for all parties. He said in a prepared statement Fort Family Investments was able to accomplish a number of business goals with the transactions making the firm well-prepared for the future. Lethig said properties have strong occupancies and collections.

Connie Menor, vice president at Fort Family Investments, said in prepared remarks the high quality of the properties, which feature resort-style amenities, combined with management from Perimeter Realty, has resulted in the properties maintaining full occupancies.

The properties 


A 218-unit property built in 2016 at 13490 Gran Bay Parkway that was refinanced with a $35 million loan. Amenities include a beach-entry pool, fireside lounge and 24-hour health club. Unit features include stainless steel appliances, full-size washers and dryers, 10-foot ceilings and wood-style plank flooring.

Cabana Club

A 252-unit property built in 2012 at 8680 Baymeadows Road East that was refinanced with a $42 million loan. Amenities include lagoon-style pool, private cabanas, 24-hour gym with on-demand classes, clubroom with billiards, shuffleboard, 80-inch TV and kitchen. Units have open-concept designs and feature full-size washers and dryers, 9- to 10-foot ceilings and stainless steel appliances.

 Galleria Club

A 254-unit property built in 2015 at 8680 Baymeadows Road East that was refinanced with a $42.6 million loan. It is the second phase of a two-phase project including the Cabana Club and shares the clubroom located between the adjacent properties. They have similar amenities and unit features and are both located across the street from Fort Family Regional Park with a playground, fishing pond, basketball courts and open fields for football and soccer.

Palm Bay Club

A 416-unit property built in 2017 at 13050 Gran Bay Parkway that was refinanced with a loan of approximately $69 million. The asset has two beach-entry pools, outdoor entertainment pavilions with grills, flat-screen TVs and outdoor lounge spaces. The 24-hour health club features a boxing training zone, rock-climbing wall, full cardio, strength circuits and adjacent children’s playroom. Other amenities include an arcade room, movie theater with stadium seating, tennis court, playground, picnic areas and business center with WiFi.

Luxor Club

A 464-unit property built in 2019 at 13800 Egrets Nest Drive that was refinanced with an $82.3 million loan. Amenities include an outdoor cross-fit area, beach-entry pool, outdoor shuffleboard, Jenga, Connect Four and billiards area, pet park and dog pool. Unit features include stainless steel appliances, granite countertops, full-size washers and dryers and plank wood-style flooring.

More Refinance Deals

Earlier this month, NorthMarq refinanced five properties—two in Kansas City, Mo., and three in Davenport, Iowa totaling 1,072 units—for Monitor Finance with more than $89 million in debt financing through HUD’s 223a7 program. The loans ranged from $8.8 million to $21.7 million.

In September, NorthMarq arranged a $240.4 million loan package for Advanced Real Estate Services Inc., to refinance a six-property, 1,223-unit multifamily portfolio in Southern California. Five of the loans were financed through Freddie Mac and one through Fannie Mae. Three of the properties are in Orange County, two in Riverside County and one in Los Angeles County.

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