Jacksonville-Area Communities to Receive $58M in Construction Financing
- Sep 13, 2018
Two companies owned by Art Falcone have received $58 million in construction financing to develop the 348-unit Beachwalk Apartments and the 285-unit Atlantica Isles, both located in the Beachwalk master-planned community in St. John, Fla.
Walker & Dunlop arranged a $51.6 million loan for the Beachwalk Apartments and $6.5 million loan for Atlantica Isles.
“These projects received a lot of attention from the lending and equity community. and they were bid on heavily,” Kevin O’Grady, Walker & Dunlop’s managing director, told MHN. “We’ve already seen that sales at Atlantica Isles are ahead of schedule, and we are happy to finance yet another project for Art Falcone.”
Situated on 21.5 acres, the garden-style Beachwalk Apartments is being developed by Falcone Associates LLC and will consist of 11 three-story buildings, including a fitness center, clubroom, athletic courts and a playground.
Walker & Dunlop furnished the developer with $34.75 million in senior financing from BB&T and $16.85 million in joint venture equity from Equity Resources LLC.
Americrest Luxury Homes is developing Atlantica Isles, thanks to financing from the Bank of the Ozarks. When finished, the community will feature 166 twin villa units and 119 single-family homes.
The Master Plan
Art Falcone is not only the developer of these two communities but is also behind the entire Beachwalk master plan.
“The Beachwalk master-planned community will be anchored by a 14-acre Crystal Lagoon and several are state of the art amenities,” O’Grady said.
Currently under development, the completed master-planned community will be situated on 1,000 feet of pristine beachfront, offer a private beach club and boast a 175,000 square-foot retail village along the shore.
The development will also feature 750 for-sale residential units, 825,000 square feet of retail and commercial space, 360,000 square feet of office space, 1.5 million square feet of industrial space and a high school.
Joining O’Grady on the transaction were fellow managing directors Daniel Sheehan and Eric McGlynn, based in Miami. This team has closed more than $16 billion of debt and equity transactions.
Earlier this month, Walker & Dunlop arranged a Freddie Mac fixed-rate loan for TruAmerica Multifamily for the acquisition of Solis at Winter Park, a Class B multifamily community in Orlando, Fla., for $79 million.
Image courtesy of Walker & Dunlop