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1406 Gator Bowl Boulevard

Updated Dec 4, 2024

First Horizon Bank Provides $39M Construction Loan For Jacksonville Jaguars' New Headquarters
FINANCEDDevelopment Site

First Horizon Bank Provides $39M Construction Loan For Jacksonville Jaguars' New Headquarters

1406 Gator Bowl Boulevard

$39,000,007

Building Size

—

Asset Type

Development Site

Closing

Feb 14, 2024

About this deal

AI

The Jacksonville Jaguars' new headquarters at 1406 Gator Bowl Boulevard in Jacksonville, has secured a $39,000,007 construction loan from First Horizon Bank. The loan, arranged by Philip Rachels and Jeff Kinney of CBRE's Jacksonville office, has a term of 10 years. The development site spans a total of 143,000 square feet and is a Class A office building. The Jaguars will occupy three floors of the building, with the remaining space available for lease.

Summary of transaction details

  • Property Type: Development Site
  • Transaction Amount: $39,000,007
  • Address: 1406 Gator Bowl Boulevard
  • Market: Jacksonville
  • Lender: First Horizon Bank

The loan was secured by CBRE's Philip Rachels and Jeff Kinney. It demonstrates optimism in the Jacksonville office market, despite the challenging office fundamentals. The building will serve as a headquarters for the Jacksonville Jaguars, with the team occupying three floors of the Class A office space. The remaining space will be available for lease to other tenants.

On the Map

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$39,000,007

Development Site

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Players

Jeffery Kinney

CBRE

Broker

$377.9M

vol

6 deals

Broker
First Horizon Bank
First Horizon BankLender
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Jacksonville Development Site Market Snapshot

Boundary boundary · Development Site · Loan transactions

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Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

0.41%

Cash-on-Cash

-0.12%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93

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