Sovereign Properties And Invest Capital Group Secure $69.57M Bridge Loan For Multifamily Project In Davenport

The transaction involves a 360-unit multifamily apartment community located at 1121 Loblolly Lane, situated in the Davenport market. The property was refinanced for a total loan amount of $69,570,000, categorized as a bridge loan. This financing was facilitated for the Atlantica at Town Center, a nearly two-year-old development in Polk County.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $69,570,000
• Lender: Timberlake Capital
• Landlord: Sovereign Properties; Invest Capital Group
• Brokerage: Gregory Nalbandian, Joshua Odessky & Kenny Cutler - JLL

The financing was arranged by JLL Capital Markets, highlighting the brokerage's role in securing the bridge loan for the property owned by Sovereign Properties and Invest Capital Group. The transaction reflects the increasing demand for multifamily assets in the region.