Jacksonville Community Gets $30M Refi

HFF originated the 10-year Freddie Mac mortgage for Beachwold Residential, the owner of the 288-unit luxury community. The loan retires a prior CMBS loan.
The Club at Danforth

Beachwold Residential has taken a $29.6 million refinancing package for The Club at Danforth, a 288-unit luxury community in Jacksonville, Fla., according to public records. HFF originated the Freddie Mac loan, which matures after 10 years. The new debt retires a $42.6 million CMBS mortgage assumed by Beachwold in 2016, when the firm acquired the asset from the Carroll Org. for $34 million.

Located at 3701 Danforth Drive in the city’s San Pablo submarket, the community’s 18 two-story buildings are within 15 miles of downtown Jacksonville. The asset is less than a mile from the Beach Boulevard retail corridor and a short drive from the Simon-owned St. Johns Town Center. In December, The Praedium Group paid nearly $47 million for a luxury multifamily property in the area.

The community, constructed in 1998, contains a mix of one-, two- and three-bedroom apartments, with unit floorplans of 3629 to 1,365 square feet. The Club at Danforth’s amenities include a fitness center, business center, clubhouse, swimming pool, dog park, racquetball court and basketball court. As of November 2018, the property was 94.1 percent occupied, per data from Yardi Matrix.

Image courtesy of Yardi Matrix