Franklin Street arranges funding for construction of 270-unit Duval Crossing multi-family development in Jacksonville, Florida
JACKSONVILLE, FL – Franklin Street arranged the construction finance and equity investment for Duval Crossing, a garden-style apartment community of 270 Class A units in Jacksonville.
Laura Gonzales of Franklin Street, director of capital markets, debt and equity issuance, secured financing and equity on behalf of developer Corner Lot Living. Jacksonville-based Corner Lot Living is a recently formed division of Corner Lot Development Group. Led by Andy Allen, George Leone and Scott Hobby, the division focuses on multi-family development in Northeast Florida.
The construction loan was secured by a regional banking relationship which offers extremely competitive prices, interest only payments throughout the development process, and sufficient time for completion and rental. In addition to securing the debt financing, Franklin Street leveraged its extensive network of investors to set up a joint venture equity partnership for the developers. The partnership was entered into with a leading investment firm with considerable experience in the field of multi-family development.
“We are fortunate to have bonded and partnered with the incredible developer, financial partner and lender with the common goal of developing a project that meets the needs of the growing Jacksonville community,” said Gonzales. “All parties were aligned with the vision for this project and share a mutual belief in its potential for value. “
Duval Crossing, located at 14200 Duval Road, is just west of Interstate 95 and three miles from Jacksonville International Airport. The community, located on 13.5 acres, will consist of 11 three-story buildings and the units will consist of one to three bedrooms.
The sturdy community amenities will include a resort-style swimming pool, an outdoor summer kitchen with grilling areas, a clubhouse with a fully-equipped gym, as well as a dog walking trail and park. dogs.
About Franklin Street: Founded in 2006 in one of the most challenging real estate climates, Franklin Street has focused on providing value-added solutions to meet changing customer needs. Through a collaborative philosophy of leveraging the resources, expertise and experience of each of its business lines, Franklin Street has grown to include seven business divisions – Investment Sales, Tenant Representation and Owners, Capital Advice, Insurance, Property Management and Project Management. With over $ 5 billion in transaction value across all major product types, Franklin Street delivers unmatched value and optimal solutions to customers across the country. Headquartered in Tampa, Florida, the company has offices in Fort Lauderdale, Jacksonville, Miami, Orlando and Atlanta. Learn more about Franklin Street at FranklinSt.com