Multi-housing asset in southeastern Florida secures $10.6M in financing
JLL Capital Markets arranged the refinancing for the 49-unit Azul Luxury Residences in Stuart, Florida
SAN DIEGO, Jan. 5, 2024 – JLL Capital Markets announced today that it has arranged the $10.6 million refinancing of Azul Luxury Residences, a 49-unit multi-housing community located in Stuart, Florida.
JLL worked on behalf of the borrower, Diversyfund, to secure a $9 million senior mortgage loan and a $1.6 million mezzanine loan through SteepRock Capital.
Built in 2019, the three-story Azul Luxury Residences features one-, two- and three- bedroom spacious units with 10-foot ceilings, balconies, walk-in closets, stainless steel appliances, air conditioning and in-unit washers and dryers. Common area amenities include a swimming pool, spa, clubhouse and a fitness center.
Located at 201 SW Joan Jefferson Way, Azul sits in the heart of Historic Downtown Stuart, on the Southeastern coast of Florida. The property boasts walkability to many of the area’s shops and restaurants, as well as well as Lyric Theater and the Creek Arts District. Nearby outdoor activities are also easily available with the proximate St Lucie River, Shepard Park and Memorial Park. Additionally, the property is situated directly between US Highway 1 and Interstate 95, offering residents convenient access to Miami, Orlando and Palm Beach.
The JLL Capital Markets Debt Advisory team was led by Managing Director Bryan Clark, Director Kenny Cutler, Associate Brad Vansant and Analyst Emily Pohlman.
"We were happy to have the opportunity to work with Bryan and his team on another transaction. JLL was able to identify the right lending partner in a difficult environment and move us to a quick close through the holiday season," said Isaac Dixon with DiversyFund.
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 DiversyFund
DiversyFund, Inc. is a leading fintech investment platform based in San Diego and offering the everyday investor access to private real estate markets focused on multifamily assets. DiversyFund's leadership has combined expertise in real estate investing, syndication, fund management, and technology to democratize real estate investing. The company's institutional-quality offerings are now available to everyone through an innovative use of technology and a unique business model. DiversyFund, Inc. boasts a community of over 300,000 users, including 30,000 investors. Visit https://diversyfund.com/ for more info.
About SteepRock Capital
SteepRock Capital (“SteepRock”) is a privately owned real estate investment firm with offices in Greenwich, CT and Rochester, NY. SteepRock invests in both real estate debt and equity investments favoring assets with durable cash flow or long term intrinsic value. Investments are made through SteepRock’s fund, various institutional separate accounts and joint ventures. SteepRock is a Registered Investment Advisor which as of December 2023 has approximately $1.4BB of real estate Assets Under Management. Visit https://www.steeprockcapital.com/ for more info.