MIAMI, FL – JLL Capital Markets today announced that it has closed $51.25 million in acquisition financing for a portfolio of three properties in Gainesville, Florida.
JLL represented the borrower, American Commercial Realty Corp., in securing the three-year loan through Trez Capital, one of Canada’s largest non-bank commercial real estate lenders that helps build better communities in America North.
The portfolio includes the 146-unit Cazabella Apartments, the 128-unit Camelot Apartments and the 56-unit Village 34 Apartments. The three garden-style communities feature a mix of one-, two-, and three-bedroom floor plans with an average unit size of 874 square feet.
The communities are located at 720 SW 34th St., 3425 SW 2nd Ave. and 328 SW 34th St, just south of the main intersection of West University Avenue and 34th Street. The properties are less than a mile from the University of Florida, which is academically ranked the fifth-largest public university in the United States with an enrollment of 58,596 as of spring 2022. Additionally, the portfolio is near Butler Plaza, Florida’s largest food center, and Celebration Pointe, a one million square foot mixed-use center.
The JLL Capital Markets Debt Advisory team representing the borrower was led by Senior Managing Director Elliott Throne and Director Kenny Cutler.
“American Commercial Realty has purchased a portfolio in a fantastic location in Gainesville, directly across 34th Street from the University of Florida-owned golf course,” Cutler said. “This funding will contribute to their tremendous success in improving properties and implementing their vision as they have done on a number of similar assets in the Gainesville market.”
“We are delighted to provide financing for the portfolio of three multi-residential properties in Gainesville, Florida,” said Gavin Elwes, Managing Director, Origination of Trez Capital. “The demand for units in Florida, particularly in the Gainesville area, continues to be very strong. The completely renovated project will provide much needed housing in a growing community.