Westside Capital Obtains $16M Refi for Jacksonville Asset

The owner will use the long-term loan to retire existing debt on the 176-unit Creekwood Apartments.
Creekwood Apartments

Westside Capital Group has received $16.1 million in Fannie Mae refinancing for Creekwood Apartments, a 176-unit property in Jacksonville, Fla. According to Yardi Matrix data, the 10-year, fixed-rate loan carries partial interest-only terms and will be used to retire an existing $8.3 million CMBS debt. The prior loan was taken out in early 2019 when the owner spent $13.2 million to acquire the property.

Located at 8343 Hogan Road just off U.S. Route 90, Creekwood Apartments is roughly 6 miles from downtown Jacksonville. Completed in 1975, the community features 22 two-story buildings and comprises studio and one- to three-bedroom apartments, with floorplans ranging from 422 to 1,337 square feet. Amenities include a clubhouse with a stone fireplace, lighted tennis court, dog park as well as a billiard and media room.

The asset was 95 percent occupied at the time of the financing, according to Berkadia information. Senior Managing Director Charles Foschini and Managing Director Christopher Apone of Berkadia’s Miami office brokered the transaction on behalf of the owner.