Southeast Jacksonville Community Gets $75M Loan
- May 14, 2020
Starwood Capital Group has received a $74.8 million Freddie Mac loan for the 820-unit Bentley Green in Jacksonville, Fla., according to Yardi Matrix information. Newmark Knight Frank originated the 10-year financing, which will retire existing debt. The owner purchased the asset in 2017 as part of a $2.8 billion, 11-property portfolio from The Milestone Group.
Located at 8214 Princeton Square Blvd. E. within walking distance of dining and retail options, the community is less than a mile from Interstate 95, some 11 miles southeast of downtown Jacksonville. Completed in 1984, the community comprises one-, two- and three-bedroom apartments in 63 two-story buildings spread across a roughly 48-acre site. Units range in size from 500 to 1,100 square feet, and common-area amenities include four pools, two fitness centers, a tennis court, a dog park and a playground.
Starwood has been active this year, with several high-profile acquisitions in the South. The investor’s $140 million purchase of the 994-unit Nashboro Village was Nashville, Tenn.’s largest transaction of the first quarter.