JLL Arranges $24M Refi for Tampa-Area Community
- Aug 12, 2020
JLL Capital Markets has arranged $24 million in refinancing for Enclave at Northwood, a 188-unit community in Clearwater, Fla., just west of Tampa. Senior Managing Director Elliott Throne, Directors Amit Kakar and Jesse Wright and Associate Drew Jennewein secured the Freddie Mac loan on behalf of the borrower, a private equity partnership managed by Preston Giuliano Capital Partners.
Built in 1984, Enclave at Northwood comprises one-, two- and three-bedroom units. Common-area amenities include a fitness center, clubhouse and two swimming pools. The private equity partnership acquired the property in 2015 by assuming a Freddie Mac loan. The owner also placed a supplemental loan after completing internal and external renovations in 2018. The current refinancing repays both loans and provides funds for additional improvements.
Located at 2690 Enterprise Road E., on 10 acres, the 22-building asset is just off State Route 19. The surrounding area has several retail and dining options, including Village At Countryside shopping center, which is 1 mile from the property. St. Pete–Clearwater International Airport is 10 miles away.
In June, Throne, Kakar and Wright arranged a $32 million loan for a 240-unit, garden-style community in Davenport, Fla.