Suburban Jacksonville Community Gets $15M Refi

Walker & Dunlop provided the new mortgage for the 423-unit property, retiring two CMBS loans of more than $21 million.
The Club at Town Center

GoldOller Real Estate Investments has received a $15.4 million refinancing package for The Club at Town Center, a 432-unit Class B community in Jacksonville, Fla. Walker & Dunlop provided the loan, according to Duval County records. The new origination retires two CMBS notes totaling $21.2 million, Yardi Matrix shows.

Located on 25 acres at 3737 St. Johns Bluff Road S., the 29-building property opened its doors in 1985. The unit mix has one- and two-bedroom apartments and townhomes, ranging from 600 to 1,100 square feet. The amenity package includes two laundry facilities, a pool, a spa, a fitness center and volleyball and tennis courts.

The community is some 10 miles southeast of downtown Jacksonville, just north of Simon’s 1.4 million-square-foot St. Johns Town Center mall. The University of North Florida is located a short distance to the east, opposite Interstate 295.

Last summer, GoldOller Real Estate Investments finalized the $322 million disposition of a 1,520-unit community north of Miami. NexPoint Residential Trust acquired the asset along with Arbors of Brentwood, a 346-unit community in Nashville, Tenn., which Investcorp sold for $62.3 million.