EJF Capital, Chance Partners Acquire North Florida OZ Project

The partnership purchased the 284-unit multifamily development in Jacksonville from a Carlyle Group joint venture.
San Marco Promenade. Image courtesy of EJF Capital and Chance Partners.
San Marco Promenade. Image courtesy of EJF Capital and Chance Partners

EJF Capital and Chance Partners have acquired a 284-unit multifamily project in Jacksonville, Fla. The partnership purchased the development from a Carlyle Group joint venture. Synovus Bank provided approximately $29 million in financing for the buyers. 

Known as San Marco Promenade, the property is slated for completion in the third quarter of this year. Oak Contracting is acting as general contractor for the upcoming community.

Located at 2600 Philips Highway within an opportunity zone, San Marco Promenade is just off Interstate 95. The community is in the San Marco neighborhood, an area with various dining options. The Baptist Medical Center and Baptist Health Southbank Plaza are within 2 miles of the development. Downtown Jacksonville is also 2 miles away.

This is the second San Marco neighborhood project for EJF and Chance. In July 2019, the partnership acquired a 486-unit, two-building development, for $86 million. San Marco Crossing is scheduled for completion in the fourth quarter of this year.