Beachwold Residential refinances 79 West, taking advantage of low rates
JLL Capital Markets secured the loan through Freddie Mac
MIAMI, December 14, 2020 – JLL Capital Markets announced today that it has arranged financing for 79 West Apartments, a mid-rise multi-housing community located at 102 Cabana Cay Circle in Panama City Beach, Florida.
JLL worked on behalf of Beachwold Residential to secure the loan through Freddie Mac. The loan will be serviced by JLL Real Estate Capital, LLC, a Freddie Mac Optigo℠ lender.
Beachwold Residential spent a substantial sum to improve the property, including the construction of a brand-new clubhouse facility with a fitness center and tenant lounge. Built in 2007, the property has also received significant renovations to interior units, bringing them to top-of-market finishes.
79 West is a short walk to the beach and boasts one of the largest privately owned pools in Florida. The property is about 98% occupied and consists of 304 units, offering one- and two-bedroom apartments.
The JLL Capital Markets team representing the borrower was led by Senior Managing Directors Elliott Throne and Mona Carlton and Director Jesse Wright.
“Beachwold followed their acquisition of the asset with many property enhancements including unit upgrades and the building of a brand-new clubhouse,” Throne stated. “This refinance allows them to recapitalize with great new long-term debt that also offers true flexibility.”
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 sales 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 over 92,000 as of September 30, 2020. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Beachwold Residential
Beachwold Residential and its principals have built, owned and managed multifamily properties for 40 years. The firm controls 57 properties and 15,000 multifamily units in Connecticut, Texas, Florida, Georgia, Virginia, Maryland, New Jersey and Tennessee.