JLL Arranges $29M Refi for South Florida Apartments
- Sep 10, 2020
JLL Capital Markets has arranged $29.4 million in refinancing for Alvista Golden Gate, a 200-unit community in Naples, Fla. Senior Managing Director Elliott Throne and Director Jesse Wright secured the 12-year, fixed-rate Fannie Mae mortgage, on behalf of borrower Phoenix Realty Group. Last month, the duo arranged a $24 million loan to refinance a 188-unit community in Clearwater, Fla.
Phoenix Realty acquired the asset from RAIT Financial Trust for $34.6 million in 2018, according to Yardi Matrix. The sale was subject to a $26.4 million loan from CIT Bank.
Built in 1988, Alvista comprises one- and two-bedroom pet-friendly apartments. Unit interiors were upgraded in 2019 and have private patios, washer/dryer units and central air conditioning. Amenities include a swimming pool, a clubhouse, a car care center, a dog park and walking trails.
Located on 17.3 acres at 1600-1656 Wellesley Circle, the 25-building property is just off Interstate 75, 1 mile north of the Publix-anchored Berkshire Commons shopping center. Downtown Naples is within 8 miles of the property.