Daytona Beach multi-housing development secures $77M in financing
JLL Capital Markets arranged the construction financing for the 341-unit Atlantica at Daytona in Daytona Beach, Florida
MORRISTOWN, June 6, 2023 – JLL Capital Markets announced today that it has closed the $77 million construction financing for Atlantica at Daytona, a 341-unit, luxury, garden-style multi-housing development in Daytona Beach, Florida.
With first units set to open in October 2024, Atlantica at Daytona will feature one-, two- and three-bedroom units, averaging 981 square feet. Units will offer modern kitchens, stainless steel appliances, quartz countertops, white shaker cabinets with matte black finishes, wood-style vinyl plank flooring, and expansive screened patios and balconies. Community amenities will include a resort-style pool, a BBQ grill station, a screened lanai with a fireplace, bar and TVs, an outdoor summer kitchen, a dog park, a co-working space, a game room, a high-tech fitness center and more.
Located at 1799 North Williamson Blvd., the project sits just five minutes from the beach and only eight miles from the intersection of Interstate-95 (I-95) and Interstate-4 (I-4), two of the most trafficked roadways in Florida, providing residents connectivity to Tampa, Orlando and Jacksonville. Just four miles south of the property are the internationally recognized Daytona International Speedway and Daytona International Airport.
The JLL Capital Markets Debt Advisory team was led by Senior Managing Director Gregory Nalbandian, Senior Director Jesse Wright and Associate Joshua Odessky.
“While our clients, Sovereign Properties and Invest Capital Group, are very experienced multi-housing developers in Central Florida, this project marks their first development in Daytona Beach. Broadshore did a terrific job understanding the strengths of the development in a very underserved market and delivered a very attractive 75% LTC, non-recourse, stretch senior construction loan at a time when lenders are significantly pulling back on construction financing,” stated Nalbandian.
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 and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
For more news, videos and research resources on JLL, please visit our newsroom.
For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties. A Fortune 500® company with annual revenue of $20.9 billion and operations in over 80 countries around the world, our more than 105,000 employees bring the power of a global platform combined with local expertise. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAYSM. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Sovereign Properties
Sovereign Properties is a real estate development firm focused on the multifamily asset class. Led by Founder and CEO Russ Krivor, the firm seeks to provide access to passive multifamily real estate investment, with a focus on building quality, affordable living spaces that produce stable cash flows, long-term asset appreciation, and generational tax benefits for our investment partners.
By utilizing a conservative approach to real estate investing, Sovereign has assembled approximately $250 million in equity under management and has sponsored the development of approximately 6,000 Class A apartments across the United States, with a particular focus on the Sun Belt Region of the country.
About Invest Capital Group
Invest Capital Group (ICG) is a private real estate company based in Florida that capitalizes on residential and commercial real estate. The company focuses on capital preservation, risk management and value creation by sourcing, evaluating, and investing in income-generating properties, ground-up developments, and repositioning of distressed properties. During the past 19 years, Gabriel Amiel CEO of Invest Capital Group has invested more than $2 billion in multiple asset classes in Florida and Texas.