Construction financing secured for new Publix development at award-winning Babcock Ranch
JLL Capital Markets secured construction financing for Crescent B Commons, new retail project
ORLANDO, Mar. 1, 2021 – JLL Capital Markets announced today that it has arranged construction financing for the development of Crescent B Commons, a 82,640-square-foot, Publix-anchored neighborhood shopping center in the Babcock Ranch community, northeast of Fort Myers, Florida.
JLL represented the developer, Kitson & Partners, to arrange the loan through Ameris Bank.
Construction on Crescent B Commons began in August 2020, and the Publix-anchored shopping center already boasts significant pre-leasing momentum and drawing power for best-in-class, daily needs-based retailers. Construction is slated to be completed in Summer 2021, with the Publix opening shortly thereafter to serve the burgeoning Babcock Ranch community.
Crescent B Commons is located at the front door of Babcock Ranch, Kitson & Partners’ award-winning master-planned community. America’s first solar-powered town topped RCLCO’s 50 Top-Selling Master-Planned Communities’ (MPC) rankings in 2020 with the highest year-over-year growth of 121 percent. Babcock Ranch was also named Master-Planned Community of 2020 by Lee Building Industry Association.
Babcock Ranch’s wide array of homes are being built to Florida Green Building Coalition standards, which emphasize energy and water conservation and offer residents a full gig of fiber-optic connectivity. Builders include Lennar, Pulte Homes, DR Horton and Meritage Homes, among others. Babcock Ranch was created with respect for the natural environment and the philosophy that smart growth and sustainability work hand in hand.
The JLL Capital Markets team representing the borrower was led by Senior Director Tarik Bateh and Associate Jennifer Swanson.
“Babcock Ranch is among the most exciting, fastest growing communities in Florida; thanks to the vision and commitment of Kitson & Partners,” said Bateh. “These traits, combined with Publix’s status as Florida’s dominant grocer, enabled us to attract robust interest in the construction loan request for Crescent B Commons.”
“As Babcock Ranch continues to grow, we are excited to offer our residents and neighbors in the area the convenience of a nearby Publix and additional services, shops and multiple dining options,” said Kitson & Partners’ President and Chief Investment Officer, Tom Hoban.
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.
For more news, videos and research resources on JLL, please visit our newsroom.
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 $16.6 billion, operations in over 80 countries and a global workforce of more than 91,000 as of December 31, 2020. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.