Aspen Square Gets $44M Jacksonville Refi

The firm added the loan for the 336-unit Banyan Bay to a recent Fannie Mae portfolio financing package.
Banyan Bay

One month after securing a $268.4 million refinancing package for part of its nationwide multifamily portfolio, Aspen Square Management has taken an additional $43.7 million loan for Banyan Bay, a 336-unit community in Jacksonville, Fla. The new financing was added to the earlier deal, provided by Fannie Mae through Walker & Dunlop, according to Duval County records. The combined mortgages mature in June 2040.

Aspen Square acquired the property from Fairfield Residential for $37 million in mid-2016, according to Yardi Matrix. The buyer had self-financed the deal. Located 13 miles east of downtown Jacksonville at 1700 San Pablo Road S., Banyan Bay’s 26.4 acres are near the Intracoastal Waterway, less than 4 miles from the beach. The property abuts a Walmart Neighborhood Market store, and the Atlantic Boulevard retail corridor is a short distance away.

The property, opened in 1997, has one- to four-bedroom floorplans, ranging from 882 to 1,736 square feet. Apartments are equipped with washer and dryer units, 9-foot ceilings, walk-in closets and stainless steel appliances. Community amenities include a fitness center with a resort-style swimming pool, a dog park and reserved parking. Garages are available for an additional monthly fee.