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Republic Properties Corporation Secures $65 Million Construction Loan For 330-Unit Multifamily In Jacksonville

Property Image
FINANCED
$65,000,000
Ryan Whitaker
Faron Thompson
Drew Markley
+ 6

Florida

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MultiFamily
the dealplayerscompscontact
Property Image
FINANCED

Republic Properties Corporation Secures $65 Million Construction Loan For 330-Unit Multifamily In Jacksonville

Jacksonville, Florida, United States

See Similar Deals
MultiFamily
Ryan Whitaker
Faron Thompson
Drew Markley
+ 6
the dealplayerscompscontact
Contact now

Summary

FLORIDA
Asset Type:MultiFamily
Transaction Type:Loan

A construction loan of $65,000,000 has been secured for a multifamily property in Jacksonville. The property consists of 330 units and is owned by Republic Properties Corporation.

Summary of transaction details:

  • Property Type: Multifamily
  • Transaction Amount: $65,000,000
  • Units: 330

The construction loan has a five-year term, with the first four years being interest-only. Afterward, there will be a 30-year amortization schedule.

The deal was facilitated by Northmarq, with brokers Chris Conklin, Errol Blumer, Ryan Saunders, Andrea Howard, Allan Lynch, Austin Jackson, Faron Thompson, Drew Markley, and Ryan Whitaker representing Republic Properties Corporation.

Players

Errol Blumer
Errol Blumer
4 deals$858M volume
BROKER
Chris Conklin
Chris Conklin
9 deals$1.1B volume
BROKER
Ryan Saunders
NorthMarq
Ryan Saunders
2 deals$815M volume
BROKER
Andrea Howard
NorthMarq
Andrea Howard
12 deals$1.5B volume
BROKER
Allan Lynch
NorthMarq
Allan Lynch
9 deals$1.4B volume
BROKER
Austin Jackson
NorthMarq
Austin Jackson
9 deals$1.2B volume
BROKER
Faron Thompson
NorthMarq
Faron Thompson
5 deals$951M volume
BROKER
Drew Markley
NorthMarq
Drew Markley
2 deals$815M volume
BROKER
Ryan Whitaker
NorthMarq
Ryan Whitaker
5 deals$955.8M volume
BROKER

Details

FINANCED
IMAGE: Ryan Whitaker, Austin Jackson & Faron Thompson DATE: 06/28/2022 MARKET: Jacksonville ASSET TYPE: Multifamily ~ UNITS: 330 LANDLORD: Republic Properties Corporation BROKERS: Chris Conklin, Errol Blumer, Ryan Saunders, Andrea Howard, Allan Lynch, Austin Jackson, Faron Thompson, Drew Markley & Ryan Whitaker - Northmarq LOAN AMOUNT: $65,000,000 LOAN TYPE: Construction Loan LOAN TERMS: five-year term including four years of interest only followed by a 30-year amortization schedule

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$65,000,000.00

Monthly NOI$433,333.33
Monthly Debt Service$410,844.22
Change in Cash Flow$0.00
Refinance Proceeds$0.00