Jacksonville Development Gets $39M Construction Financing

Crest Residential’s 256-unit project is estimated to break ground in the spring, financed by a five-year loan from Protective Life Insurance Co.
Brisa Residences project site

Crest Residential has taken a $38.8 million construction loan to build Brisa Residences, a 256-unit project outside of Jacksonville, Fla. Protective Life Insurance Co. originated the five-year Fannie Mae loan. The developer expects to break ground this spring, according to Yardi Matrix.

Located at the southwest corner of Florida Route 207 at Lightsey Road in St. Augustine, the 37-acre development site is 2 miles east of Interstate 95, roughly 40 miles southeast of Jacksonville. The parcel is approximately 2 miles from the Dixie Highway retail corridor, home to multiple grocery stores, big-box retailers, restaurants and shops.

Crest purchased the parcel from a private investor for $2.7 million, per St. Johns County records. According to The St. Augustine Record, the previous landowner filed plans for a development at the location more than a decade ago, but the county board only gave the green light in 2010 following a rocky approval process. While those plans had included 25,000 square feet of retail in addition to the apartments, Crest’s latest filings with St. Johns County make no reference to a commercial component.

Slightly more than 5,000 units are currently underway in the Jacksonville metro area, per Yardi Matrix data. Another development in the area, Waypoint Residential’s 301-unit Volaris West Kernan, landed $35 million in construction financing in November.

Image via Google Earth