New multi-housing community financed for $35.42M in Florida’s Treasure Coast
JLL Capital Markets arranged acquisition financing for The Parc at Gatlin Commons
MIAMI, Sept. 15, 2021 – JLL Capital Markets announced today that it has arranged a $35.42 million in acquisition financing for The Parc at Gatlin Commons, a brand new, 200-unit, garden-style multi-housing community in Port St. Lucie, Florida.
JLL worked on behalf of the borrower, GMF Capital, to secure the loan through Freddie Mac. The loan will be serviced by JLL Real Estate Capital, LLC, a Freddie Mac Optigo℠ lender.
Completed in 2020, The Parc at Gatlin Commons comprises one-, two- and three-bedroom units averaging 1,005 square feet. Units feature stainless-steel appliances, kitchen islands, vinyl flooring, outdoor balconies and walk-in closets. The community offers residents a full suite of amenities including fitness facilities, a clubhouse, theater room, resort-style swimming pool and pet amenities.
Situated at 1900 Aledo Lane, The Parc at Gatlin Commons is 1.5 miles to an Interstate 95 on-ramp, which provides access to West Palm Beach and the whole of the nation’s east coast. An on-ramp for Florida’s Turnpike, which provides access to Orlando and Interstate 4, is 3.5 miles from the property. Additionally, the community is adjacent to a Sam’s Club-anchored shopping center and 3 miles from the massive 1.2-million-square-foot Tradition mixed-use development, which has office, retail, single-family, multifamily, hospitality and medical uses.
The JLL Capital Markets debt team that represented the developer was led by Senior Managing Director Elliott Throne, Managing Director Brian Gaswirth, Director Jesse Wright and Associate Kenny Cutler. The GMF Capital acquisitions team was led by Jared Frydman and Alejandro Ramirez.
“Freddie Mac provided extremely accretive loan terms with great flexibility for an experienced, repeat borrower,” Gaswirth said.
“GMF has done an exceptional job adding a brand-new, high-quality asset to their rapidly expanding portfolio in Florida,” Wright added.
JLL delivers multi-housing investors a full range of solutions through one diverse, integrated platform. The division employs approximately 400 professionals who provide comprehensive investment sales and disposition services with access to thousands of domestic and foreign investors. JLL is also one of the nation’s largest affordable and conventional multi-housing and seniors housing lenders with comprehensive loan underwriting, asset management and loan servicing capabilities. Agency/GSE lending and loan servicing are performed by JLL Real Estate Capital, LLC, a wholly owned indirect subsidiary of Jones Lang LaSalle Incorporated. Loans made or arranged in California are pursuant to a California Financing Law license.
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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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 $16.6 billion in 2020, operations in over 80 countries and a global workforce of more than 92,000 as of June 30, 2021. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About GMF Capital
GMF Capital is a privately held investment firm headquartered in New York, New York. Founded in 2015 by Gary Fegel and Jay Lobell, GMF sources and executes investments across various multifamily, healthcare and credit opportunities. They execute their investment strategy by leveraging the team’s collective decades of institutional experience and diverse expertise. Their multifamily investments consist of more than 80 properties, 30,000+ units and a portfolio value in excess of $3.3 billion.