Chance Partners & EJF OpZone Fund II Secure $32.8M Refinance Loan For Jacksonville Multifamily Property

The property asset involved in this transaction is a 226-unit multifamily community located at 1906 Promenade Way in Jacksonville. The asset was refinanced with a loan amount of $32,800,000 secured through CBRE Capital Markets, on behalf of Freddie Mac. This property offers energy-efficient units along with amenities such as a resort-style pool and a fitness center, and it is currently 95% occupied.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $32,800,000
• Address: 1906 Promenade Way
• Market: Jacksonville
• Lender: Freddie Mac
• Landlord: Chance Partners & EJF OpZone Fund II
• Brokers: Connor O’Sullivan, Jeffery Kinney & Philip Rachels - CBRE
• Loan Type: Refinance
• Loan Terms: 10-year, fixed rate
• Units: 226

Key individuals involved in the deal include Connor O’Sullivan, Philip Rachels, and Jeffery Kinney, all representing CBRE in the transaction. The refinancing will retire the construction loan and pay off an existing ground lease for the property.