JLL arranges $59.73M financing for Jacksonville office tower
841 Prudential Drive serves Jacksonville’s thriving healthcare industry
ORLANDO, March 5, 2020 – JLL Capital Markets announced today that it has arranged $59.73 million in financing for 841 Prudential Drive, a 20-story office tower totaling 498,317 square feet in Jacksonville, Florida.
JLL worked on behalf of the borrower, ShareMD, to secure the two-year, floating-rate loan through Prime Finance. Loan proceeds were used to acquire the property and fund future capital improvements and leasing costs.
841 Prudential Drive is positioned on 7.9 acres along the St. John’s River in downtown Jacksonville’s regional healthcare hub. The tower is adjacent to Baptist Health Medical Center, the largest and most recognizable medical center in the Jacksonville MSA, which is one of four major, adjacent hospital facilities and is within three miles of two other major hospital system primary campuses. The property is 77.4% leased to major healthcare tenants, including One Call Care Management, University of Florida Physicians and Baptist Health. Renovated in 2018, 841 Prudential Drive features an updated lobby and fitness center as well as an above average parking ratio with two parking garages and a surface lot.
“With an aging baby boomer population, a burgeoning demand for healthcare services and insurance companies favoring outpatient care, we think the timing is perfect to execute our business plan in Florida,” said George Scopetta, president and managing partner of ShareMD. “The opportunity is endless.”
The JLL Capital Markets team representing the borrower was led by Managing Director John Chun, Senior Director Zack Holderman and Senior Director Tarik Bateh.
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 best-in-class solutions for clients — whether investment advisory, debt placement, equity placement or 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, operations in over 80 countries and a global workforce of more than 93,000 as of December 31, 2019. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
ShareMD develops technology-enabled healthcare environments that enhance the patient experience and empower physicians to deliver care more efficiently. ShareMD is a real estate company that owns and manages medical office buildings as a healthcare operator. ShareMD aims to create a unique ecosystem and offer an all-inclusive tenant experience through the provision of value-add, ancillary services. ShareMD has invested $100 million in real estate assets in Florida over the past four months and is investing in value-add medical office opportunities nationally. For more information, please visit: sharemds.com.
About Prime Finance
Prime Finance was founded in 2008 and has grown to be a leading private commercial real estate lender. Prime Finance has originated more than 450 loans totaling over $13 billion on commercial properties in the US. Prime lends on a broad range of property types including office, apartment, hospitality, industrial, retail and student housing. Prime’s originations teams are located in New York, Chicago, and San Francisco. For further information, please visit primefinance.com.