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Pearlmark Provides $33M Mezzanine Loan For RISE @ Glen Kernan Park, Jacksonville

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FINANCED
$33,000,000

Florida

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Development Site
Financed 02/27/2024
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Property Image
FINANCED

Pearlmark Provides $33M Mezzanine Loan For RISE @ Glen Kernan Park, Jacksonville

13190 Glen Kernan Parkway

See Similar Deals
Development Site
Financed 02/27/2024
the dealplayerscompscontact
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Summary

FLORIDA
Asset Type:Development Site
Transaction Type:Loan

Ryan Holmes and RISE secured a $33 million mezzanine loan from Pearlmark for RISE @ Glen Kernan Park, a 30-acre development site in Jacksonville's Southside neighborhood. The project consists of a 308-unit active adult residential community with amenities such as a clubhouse, fitness center, and resort-style pool, among others.

Summary of transaction details:

Taylor Williams of Walker & Dunlop played a key role in arranging project capitalization for RISE, in addition to the mezzanine loan provided by Pearlmark. Benefit Street Partners also contributed undisclosed senior debt to the financing of RISE @ Glen Kernan Park.

Players

Taylor Williams
Walker & Dunlop
Taylor Williams
3 deals$385.7M volume(904) 312-0279
BROKER
Pearlmark
Pearlmark
LENDER

Details

FINANCED
IMAGE: Ryan Holmes & Taylor Williams DATE: 02/27/2024 ADDRESS: 13190 Glen Kernan Parkway MARKET: Jacksonville ASSET TYPE: Development Site ~ ACRES: 30 LENDER: Pearlmark LANDLORD: Ryan Holmes - RISE BROKER: Taylor Williams - Walker & Dunlop (@WalkerDunlop) LOAN AMOUNT: $33,000,000 LOAN TYPE: Mezzanine NOTE: Pearlmark provided a $33 million mezzanine loan for RISE @ Glen Kernan Park, a 308-unit active adult residential development in Jacksonville's Southside neighborhood. Benefit Street Partners provided undisclosed senior debt, and Taylor Williams of Walker & Dunlop arranged project capitalization for RISE, with amenities including a clubhouse, fitness center, resort-style pool, and more.

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$33,000,000.00

Monthly NOI$220,000.00
Monthly Debt Service$208,582.45
Change in Cash Flow$0.00
Refinance Proceeds$0.00