JLL arranges $127.5M financing for EON at Flagler Village
A two-phase multi-housing community in one of Fort Lauderdale’s most vibrant neighborhoods
MIAMI, December 23, 2019 – JLL announced today that it has arranged $127.5 million in financing for EON at Flagler Village developed by Alta Developers, a two-phase multi-housing community in one of Fort Lauderdale’s most vibrant neighborhoods.
JLL worked on behalf of the borrower, Alta Developers, to secure the three-year, floating-rate loan through Mack Real Estate Credit Strategies, L.P. Loan proceeds will be used to retire the existing construction loan on Phase I and will fund the construction of Phase II.
The properties are located within the popular Flagler Village neighborhood of Fort Lauderdale, which is within one mile of the city’s downtown core. Residents benefit from proximity to seven million square feet of office space, one million square feet of retail along Las Olas Boulevard and public transportation options, including the new Virgin train station, which is within walking distance of the property. Phase I of EON at Flagler Village was completed in May 2019 and consists of 206 residential units along with 3,320 square feet of retail. Phase II, which is currently under construction, and expected to be completed by Spring 2021, will consist of 270 residential units and 2,400 square feet of retail space.
"Ahead of the curve with fresh concepts and design, our exclusive sky lounges have panoramic views of downtown Las Olas and the Atlantic Ocean delivering a creative new lifestyle in the heart of Flagler Village," said Raimundo Onetto, Principal of Alta Developers.
“Alta Developers flawlessly executed on their business plan for Phase I, and are experiencing tremendous lease-up velocity,” Gaswirth said. “Identifying Mack as a strategic partner moving forward will help set the stage for the future success of the project. The new partnership gave Alta Developers the ability to realize the value it created in Phase I while providing funding to develop Phase II thereby creating a denser, more efficient project.”
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 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. Our vision is to reimagine the world of real estate, creating rewarding opportunities and amazing spaces where people can achieve their ambitions. In doing so, we will build a better tomorrow for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.3 billion, operations in over 80 countries and a global workforce of more than 93,000 as of September 30, 2019. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
Alta Developers is a South Florida-based real estate development firm involved in noteworthy additions to the South Florida real estate landscape, with current projects such as Pacifica Boynton Beach, Quadro at the Design District, Neovita in Doral, 250 Bird Road - Coral Gables, Pinecrest Views Phase I , 6075 Sunset and recent past projects include ONE Paraiso, LE PARC at Brickell, The Mile, 2500 Biscayne, and Doral Cay among others. Through advanced aesthetics and technology, Alta Developers develops with a commitment to environmental sustainability and cultural integrity. To date, this smart, thorough approach to development has allowed them to bring +/- 2,700 units online.
Mack Real Estate Credit Strategies, L.P., the Mack real estate credit business, was established to be a one-stop shop for borrowers with transitional assets, in particular to provide capital for deals that traditional banks are less likely to finance due to increased regulation, or complexity and execution risk that are better suited to an integrated real estate firm. MRECS focuses on properties in need of flexible capital and sponsors seeking an experienced, sophisticated real estate lending partner.