Pearlmark Provides $33M Mezzanine Loan For RISE @ Glen Kernan Park, Jacksonville | 13190 Glen Kernan Parkway | Pearlmark | Taylor Williams | Development Site | Loan

Summary

Loan

FLORIDA

Development Site

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:

Property Type: Development Site
Transaction Amount: $33,000,000
Address: 13190 Glen Kernan Parkway
Market: Jacksonville
Landlord: Ryan Holmes - RISE
Broker: Taylor Williams - Walker & Dunlop

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

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3

Agents
1
Agencies
1
Lenders
1

Details

Deal Summary

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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Address13190 Glen Kernan Parkway

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