$40.65M in financing secured for a multi-housing community in Florida
JLL Capital Markets arranged the acquisition financing for the 195-unit Drift at the Forum located in Fort Myers
MIAMI, Feb. 8, 2022 – JLL Capital Markets announced that it has arranged $40.65 million in acquisition financing for Drift at the Forum, a 195-unit, mid-rise, Class A multi-housing community located in Fort Myers, Florida.
JLL worked on behalf of Momentum Real Estate Partners to secure the seven-year, fixed-rate loan through a U.S.-based life insurance company.
Completed in 2021, Drift at The Forum consists of one-, two- and three-bedroom units featuring open-concept floorplans, smart home thermostats, stainless steel appliances, quartz countertops, dual vanity sinks, walk-in closets, full-size washers and dryers, luxury plank flooring and balconies. Community amenities include a resort-style pool, poolside shaded cabanas, grilling stations, a fire pit with lounge seating, fully equipped fitness center, yoga studio, game room, theater room, dog park and putting green.
Located adjacent to the property, The Forum is a Target-anchored power center providing ample retail amenities for residents of Drift at the Forum. Situated at 3419 Forum Blvd., Drift is located directly off of Interstate 75 and State Road 884 with proximate access to State Road 82 and U.S. Highway 41. The location provides convenient connectivity to major employment centers, such as Metro Parkway, Sumerlin Commons Office Park and the College Parkway Office Corridor. Additionally, the community is near numerous recreational sites, including Fort Myers Beach, Jet Blue Park at Fenway South and Pelican Reserve Golf Club.
The JLL Capital Markets Debt Advisory Team representing the borrower was led by Senior Managing Director Elliott Throne and Director Kenny Cutler.
“Momentum purchased a beautiful, brand-new apartment community at a time when doing so in a growth market like Ft. Myers has been exceptionally competitive,” said Cutler. “Despite the property exiting its initial lease up period, the lender stepped up to provide an excellent, full-leverage, permanent financing solution.”
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 and sales 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.
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About JLL
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 in 2020, operations in over 80 countries and a global workforce of more than 95,000 as of September 30, 2021. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Momentum Real Estate Partners
Momentum is a private equity firm based in Miami, Florida, that seeks to generate superior risk adjusted returns for investors through the acquisition and proactive asset management of multifamily real estate assets in growing markets throughout the United States. Momentum was founded in 2009 by Mauricio and Eduardo Gruener, who act as co-CEO’s. Under Mauricio and Eduardo’s leadership, Momentum Real Estate Partners, LLC has successfully secured the financing and acquired over 4,800 multi-family apartment units in Texas, Florida, North Carolina and Georgia with a total acquisition value of $750 million.