FL Multifamily Property Lands $50M Loan

Walker & Dunlop Inc. has structured a loan for Matthews Crossing, 1,103-unit, Class B multifamily community in Jacksonville, Fla., near The University of North Florida and Jacksonville University.

Matthews Crossing
Matthews Crossing

Walker & Dunlop Inc. has arranged a $50.3 million loan for Matthews Crossing, a Class B multifamily property in Jacksonville, Fla. Managing Director Alex Inman, who joined Walker & Dunlop in 2009 and is responsible for new loan originations out of the Company’s Dallas office, led the originations team. The sponsor, S2 Capital LLC, has significant experience in repositioning undervalued multifamily assets.

The property is a short drive from The University of North Florida and Jacksonville University. Matthews Crossing comprises 1,103 units and includes five swimming pools, a playground, fitness center and business center.

Active market

“Our team was thrilled to win the financing assignment on the Matthews Crossing ‘value-add’ acquisition. This was the sponsor’s first acquisition in this market, so we knew it would be a challenge to identify a lender that would be the right fit for the deal. However, given our robust relationships in the capital markets space, we were able to identify a lender that exceeded all expectations,” said Inman, in a prepared statement.

The recent opening of Amazon’s second fulfillment center in Jacksonville is expected to generate 2,500 new jobs for the city by the end of 2019.

In November, Walker & Dunlop arranged an $8.1 million construction loan for a 101,533-square-foot self-storage facility in Plantation, Fla.

Image courtesy of Walker & Dunlop Inc.