JLL secures $38M construction financing for GroveParc Townhomes, a Class A build-to-rent development in Tampa MSA
JLL Capital Markets secured the construction financing for the 190-unit GroveParc Townhomes in Wesley Chapel, Florida
MIAMI, June 20, 2023 – JLL Capital Markets announced today that it arranged $38 million in construction financing for GroveParc Townhomes, a 190-unit, Class A build-to-rent development located in Wesley Chapel, Florida (Tampa MSA).
JLL worked on behalf of the borrower, ResiBuilt, to secure the loan through a regional bank.
The project is expected to be completed in January of 2025 and will feature three- and four-bedroom townhomes with garages and private backyards. The community will be gated and will include a clubhouse, resort-style pool, fitness center, playground, dog park, pickleball courts, lakeside trail and pedestrian access to the adjacent The Grove at Wesley Chapel & KRATE, an open-air shopping center with a plethora of retail and dining options.
Situated at 6568 Halo Bend Ct, Wesley Chapel, FL, GroveParc Townhomes is located off of I-75, providing residents immediate access to Downtown Tampa, the Westshore Business and Entertainment district and Tampa International Airport.
The JLL Capital Markets Debt Advisory team representing the borrower was led by Senior Director Max La Cava, Managing Director Matthew Putterman and Director Drew Jennewein.
“We are thrilled to have secured construction financing for GroveParc Townhomes during a time when many local and regional banks are on the sidelines. This execution is a testament to ResiBuilt's blue-chip status within the build-to-rent sector and GroveParc Townhomes' position as a best-in-class project in Tampa," said La Cava.
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.
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About JLL
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 $20.8 billion and operations in over 80 countries around the world, our more than 106,000 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 ResiBuilt
ResiBuilt is an Atlanta-based leader in the build-to-rent space that was founded by the principals of RESICAP, a vertically integrated institutional owner of single-family residential assets in the United States. RESICAP has grown steadily to offer acquisitions, renovations, leasing and property management services to institutional owners in 10 states and 17 markets. In 2018, RESICAP launched ResiBuilt to construct new homes and communities throughout the United States. Having developed more than 1,400 homes and acquired in excess of 4,000 lots, the firm is deeply rooted in the successful development of the build-to-rent product type.