Bethesda, Md.-based Walker & Dunlop Inc. has structured $54 million in bridge financing for the acquisition of a Jacksonville, Fla., portfolio. The portfolio is comprised of five multifamily properties encompassing 1,104 apartments, all in Jacksonville.
The portfolio’s properties are Eagle Pointe I & II, Arlington Eagle, Eagle Court, Jacksonville Village and Eagle Ridge, each of which is a garden-style community constructed during the 1960s. The properties feature such amenities as pools, outdoor space, fitness centers, laundry facilities and leasing centers. Walker & Dunlop reported the properties represent value-add opportunities that will benefit from the Jacksonville market’s robust job fundamentals and strong demand for multifamily housing.
Compressed time frame
“We were on a tight closing timeline, but our team was able to push the lender to be in a position to close in less than 30 days,” Alex Inman, managing director, told MHN.
Additionally, each community in the portfolio is situated near major thoroughfares that offer convenient access to Jacksonville’s central business district, job centers, retail centers and area supermarkets.
“Walker & Dunlop was instrumental in providing an optimal bridge loan to meet S2’s goal for this project,” said Scott Everett, principal at S2 Capital. “Having closed nearly $400 million in transactions with Alex and his team, it was no surprise the five-property Jacksonville portfolio was executed perfectly. Due to the depth of their knowledge, the team arranged financing that will allow us to maximize value and deliver outstanding returns. Value-add properties continue to provide a prudent investment across the country. The multifamily housing industry is enjoying a strong period of growth and activity, thanks to favorable economic conditions, job growth and the rising population.”
Eagle Points I and II feature 458 units; Arlington Eagle 228 units; Eagle Court 174 units; Jacksonville Village 151 units; and Eagle Ridge 93 units.