Terraces at Town Center Sell for $39M

CBRE arranged financing for the acquisition of Terraces at Town Center, a class A 240-unit luxury apartment community in Jacksonville.
Terraces at Town Center

Terraces at Town Center

Jacksonville, Fla.— Terraces at Town Center, a recently built Class A, 240-unit luxury apartment community has received acquisition financing. CBRE arranged the permanent financing on behalf of the buyer of the property, Momentum Real Estate Partners. According to Jacksonville’s The Daily Record, Momentum Real Estate took out a $27 million mortgage and bought the property from Prudential Real Estate Investors of Madison, N.J.

CBRE Capital Markets’ Debt & Structured Finance team in charge of the transaction was led by Senior Vice President Christopher Apone and Vice Chairman of South Florida Markets Charles Foschini. AIG provided the fixed-rate, seven-year loan with an aggressive interest rate and partial interest-only period.

Built in 2013, Terraces at Town Center is located less than one mile from Jacksonville’s St. Johns Town Center. The one- and two-bedroom floor plans come with screened-in patios and balconies, wood-style flooring, Energy Star appliances, washers and dryers and ceiling fans. Community amenities include garages, a social lounge with cyber café and complimentary Wi-Fi, a business center, shuffleboard, pool with in-water lounge seating, outdoor patio with fireplace, fitness center, and dog park.

Photo courtesy of CBRE