$45 million in financing secured for The Retreat at Lakeland in Florida
JLL represented Covenant Capital Group to land the debt placement with Freddie
MIAMI, September 15, 2020 – JLL Capital Markets announced today that it has arranged a $45 million loan refinancing for The Retreat at Lakeland (The Retreat), a multi-housing property located at 5115 N. Socrum Loop Rd. in Lakeland, Florida.
JLL worked on behalf of the borrower, Covenant Capital Group, to secure the 10-year, floating-rate loan through Freddie Mac. The loan will be serviced by JLL Real Estate Capital, LLC, a Freddie Mac Optigo℠ lender.
In 2017, Covenant Capital extensively renovated the interior and exterior of The Retreat, including adding a new clubhouse and entry gate, roof replacements and in-unit upgrades such as new hard surface flooring, stainless steel appliances and granite countertops.
Built in 1988, the 464-unit garden-style property consists of one-, two- and three-bedroom apartments with spacious living rooms and closets, full-size washers and dryers, Whirlpool bathtubs, wood burning fireplaces and private patios and balconies. Community amenities include two pools, a sundeck, grilling and picnic areas, outdoor recreational areas such as tennis and pickleball courts, dog park, playground, fitness center and more.
The Retreat is centrally located in the city of Lakeland, home to the headquarters of Publix supermarkets and Joker Merchant Stadium, where the Detroit Tigers practice for Spring Training, one of the world’s largest LEGOLAND Theme Parks, several championship golf courses, including Big Cypress Golf Club and Cleveland Heights Golf Course, and numerous parks, where residents can enjoy various outdoor activities.
The JLL Capital Markets team representing the borrower was led by Senior Managing Director Elliott Throne, Managing Director Campbell Roche, Director Amit Kakar and Associate Drew Jennewein.
“The borrower was able to take advantage of a great refinance following the completion of their recent renovation at a time when rates were at historical lows,” stated Throne. “This is another example where Covenant Capital has added significant value to their properties, further providing their investors with even stronger returns.”
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
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JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $18.0 billion in 2019, operations in over 80 countries and a global workforce of nearly 93,000 as of June 30, 2020. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Covenant Capital Group
Covenant Capital Group is a real estate private equity firm specializing in value-added acquisition and redevelopment of apartment communities. Covenant Capital Group is one of the largest real estate fund managers with more than $1.4 billion of assets under management on behalf of over 250 institutional and high net worth investors. The firm specializes in the acquisition, renovation, repositioning, re-branding and asset management of apartment communities. For the past 13 years, Covenant has been an active investor in the Southeastern and Mid-Atlantic regions and controls over 17,000 apartment units in 14 states. For more information, visit covenantcapgroup.com.