$60M construction financing secured for Sovereign at Town Center apartments
JLL Capital Markets secured financing for the luxury apartments near Orlando
MORRISTOWN, N.J., January 11, 2021 – JLL Capital Markets announced today that it has secured $60 million in non-recourse construction financing for Sovereign at Town Center, a luxury, garden-style multi-housing community in Davenport, Florida.
JLL worked exclusively on behalf of Sovereign Properties to secure the three-year, floating-rate loan through an affiliate of Mosaic Real Estate Investors (“Mosaic”), a greater Los Angeles- and New York City-based real estate investment firm. The financing will be used for Phase 1 of a three-phase project sitting on 22.9 acres. Phase 1 will contain 360 apartments anticipated for completion by summer of 2022. Phases 2 and 3 will consist of an additional 350 units and commercial space, also to be developed by Sovereign.
The apartments will consist of one-, two- and three-bedroom units, averaging 1,092 square feet and throughout 14 buildings. Units will boast stainless steel appliances, quartz countertops, 9’ ceilings, hardwood cabinets and flooring and brushed nickel fixtures. Community amenities will include private garages, a pool, media center and movie theater, game and billiards rooms, fitness center, dog park, golf simulator and tennis court.
Located at the intersection of Osceola Polk Line Rd. and Old Lake Wilson Rd., the property is positioned near Interstate 4 and just 15 minutes from Disney World, Universal Studios, Orlando International Airport and Downtown Orlando. In addition to being located near major attractions, Davenport is near key economic drivers such as leading technology, trade, transportation and logistics employment hubs.
The JLL Capital Markets team representing the borrower was led by Senior Managing Director Gregory Nalbandian and Director Jesse Wright.
“Despite ongoing market headwinds in the construction loan market created by COVID-19, we were able to deliver an 80% LTC non-recourse construction loan for this Class-A project,” stated Nalbandian. “Mosaic did an outstanding job from the outset, recognizing this project’s superior attributes compared to many other projects coming online and delivered flawlessly.”
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 Sovereign Properties
Since 2004, principal Russ Krivor has been engaged in the concept, development, construction, and project management of income-generating real estate in the strongest job-growth markets across the United States. As a result of his conservative approach to real estate, Sovereign Properties and its affiliate brands, have been able to assemble over $300 million in equity under management, resulting in over 4,000 completed and leased apartments.
About Mosaic Real Estate Investors
Mosaic Real Estate Investors was founded by industry veterans Ethan Penner and Vicky Schiff. Mosaic is focused on addressing unmet needs by providing creative bridge and construction debt capital to borrowers aiming to add value to their assets through development, redevelopment and repositioning. Mosaic’s investments include first mortgage loans, as well as mezzanine or preferred equity structures. Mosaic has originated over $2.6B in transaction volume to date. For more information on Mosaic, please visit www.mosaicrei.com.