Loan secured for Class AA multi-housing in Florida

CHICAGO, Sept. 4, 2024 -  JLL Capital Markets announced today that it has arranged the financing for Preserve at Perdido, a 312-unit, Class AA multi-housing complex in Pensacola, Florida.

JLL worked on behalf of the borrower, Graycliff Capital, to secure the seven-year, fixed-rate loan through Freddie Mac. The loan will be serviced by JLL Real Estate Capital, LLC, a Freddie Mac Optigo Lender.

The loan was secured through the Freddie Mac's Targeted Affordable Housing program and was one of the first Freddie Mac transactions completed with Florida's Live Local Act initiative. Also referred to as SB 102, the Live Local Act is a tax incentive program that aims to promote the development of affordable housing in Florida.

Strategically positioned at 2600 S Blue Angel Parkway, Preserve at Perdido offers residents unparalleled access to the region's top employers, including Navy Federal Credit Union, Corry Station, Ascend Performance Materials, Baptist Health Care Corporation and the Pensacola VA Clinic. Each of these esteemed companies employs over 1,000 individuals in the Pensacola area, further enhancing the desirability of the location.

With population growth at almost 10% over the last decade and three major universities located in close proximity, Pensacola boasts a healthy economy with unemployment rate as low as 3.2% in 2023. Situated on the Gulf Coast in the northwest region of Florida, the city benefits from excellent connectivity with multiple primary transportation routes, including I-10 that stretches all the way to California, as well as convenient proximity to the Port of Mobile, a prominent container shipping port located in Alabama.

Built in 2022, Preserve at Perdido currently boasts an impressive 93% occupancy rate. Featuring spacious one-, two- and three-bedroom apartments with an average of 1,201 square feet throughout 13 buildings, the units are tastefully designed with best-in-class finishes. The interior elements include stainless steel appliances, granite countertops, tiled backsplashes, balconies in all units, walk-in showers and wood-plank inspired floors. The community offers its residents a luxurious swimming pool with a sun deck, a 24-hour fitness center, outdoor lounge areas, a dog park and grooming spa, a business center and private parking garages. The buildings are three-stories high across 358,000 square feet.

JLL Capital Market's Debt Advisory team representing the borrower was led by Managing Directors Trent Niederberger and Danté Thomas.

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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