Acquisition financing secured for the Hampton Forest apartments in FL

MIAMI, May 25, 2021 – JLL Capital Markets announced today it has arranged a $14.02 million acquisition financing for Hampton Forest, a value-add, multi-housing property located in Gainesville, Florida.

JLL represented the borrower, American Commercial Realty, to secure the acquisition financing through the lender, Ready Capital.

American Commercial Realty has updated four of its acquired properties in Gainesville since 2020 and will also implement an extensive capital enhancement plan for Hampton Forest. Unit upgrades include modernizing kitchens, installing new major appliances and new flooring. The borrower will also update the exterior of the building, including new landscaping, painting and lighting, and add new community amenities including the installation of a dog park and grilling areas.

Built in 1977, Hampton Forest consists of 152 one- and two-bedroom units and currently features a community swimming pool.

Located at 7301 W University Ave., the Hampton Forest apartments are less than one mile away from an I-75 on-ramp, providing excellent access to both Orlando and Tampa, which are roughly 100 miles away. The property is 4.5 miles from Butler Plaza, a 2-million-square-foot, mixed-use retail center; Celebration Pointe, a 1-million-square-foot, mixed-use entertainment district; Tioga Town Center; and downtown Gainesville. Hampton Forest is also just 1.3 miles from North Florida Regional Medical Center, a major 510-bed acute care hospital. Additionally, Gainesville is best known as home to The University of Florida, academically the #6 ranked public university in the nation with a 2020 student enrollment of nearly 58,000.

The Ready Capital team was represented by David Cohen and Harris Teiger.

“Our objective as a structured bridge lender was to provide the sponsor with an optimal loan structure for this multi-housing asset,” stated Cohen. “In this market, we were able to align well with their business plan to meet their closing timeline with certainty of execution through our upfront approval process.”

The JLL Capital Markets team representing the borrower was led by Senior Managing Director Elliott Throne and Director Jesse Wright.

“American Commercial Realty is in a great position to leverage the very successful renovation strategy they just completed on their local Hammocks portfolio with the purchase and repositioning of this deal,” stated Throne. “Ready Capital’s attractive bridge loan terms will fully support this endeavor.”

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 deliver 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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