Sovereign Properties JV Lands $77M for Florida Luxury Project
Broadshore Capital Partners originated the three-year loan.
Sovereign Properties and Invest Capital Group have secured $77 million in construction financing for Atlantica at Daytona, a 341-unit luxury multifamily community in Daytona Beach, Fla. Broadshore Capital Partners originated the 75 percent LTV, three-year loan. The first units of the development are slated to open in October 2024.
A JLL Capital Markets Debt Advisory team including Senior Managing Director Gregory Nalbandian, Senior Director Jesse Wright and Associate Joshua Odessky worked on behalf of the borrowers.
The garden-style community will incorporate seven buildings with one-, two- and three-bedroom apartment averaging 981 square feet. Common-area amenities are slated to include a swimming pool, a fitness center, a clubhouse,coworking spaces, a dog park, barbeque stations and approximately 600 parking spaces, among others.
The property will be located at 1799 North Williamson Blvd. in the North Daytona Beach submarket. The site is close to Interstate 95, a major gateway corridor which provides direct access to Jacksonville, Orlando and Miami. The property will come online in an area with many dining options, retail centers and entertainment venues. Daytona Beach International Airport, Volusia Mall and AdventHealth Daytona Beach are within a five-mile radius.
Another garden-style luxury development broke ground this year in Daytona Beach. Integra Land Co. is the developer of the 311-unit property.