Advenir Azora Secures $24.35 Million Refinance Loan From Balbec Capital For Lymestone Ranch

The property asset involved in this transaction is the Lymestone Ranch apartment community, a 216-unit multifamily dwelling located at 10101 Lymestone Court in New Smyrna Beach. The property spans 18.6 acres and features a garden-style design, built in 2004. It is located 15 minutes from Daytona Beach, benefiting from coastal population growth and limited new multifamily supply.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $24,350,000
• Loan Type: Refinance
• Loan Terms: three-year, floating-rate
• Lender: Balbec Capital LP
• Landlord: David Vecchitto - Advenir Azora
• Broker Representatives: Jesse Wright, Josh Odessky, Duncan Miller & Luke Maganas - JLL

This refinancing arrangement was facilitated by JLL Capital Markets on behalf of the borrower, Advenir Azora, which allowed them to secure a substantial loan through lender Balbec Capital LP, catering to their financing needs for the multifamily property.