EJF Capital: $32.8M Refinancing Arranged for Eastborough at San Marco
Deal News | Nov 08, 2024 | EJF Capital LLC
CBRE Capital Markets has successfully secured a $32,840,000 refinancing loan for Eastborough at San Marco, a newly constructed multifamily community in Jacksonville, Florida. The deal, arranged on behalf of the borrower, an affiliate of Chance Partners and EJF OpZone Fund II, features a 10-year fixed-rate loan aimed at retiring the property's construction loan and paying off an existing ground lease. Located in an opportunity zone, Eastborough at San Marco was constructed in 2023 and is currently 95% occupied. The community hosts 226 units spread across two four-story buildings and features amenities such as keyless entry, a fitness center, a resort-style pool, and a co-working space. Chance Partners specializes in developing high-quality infill multifamily communities, while EJF Capital focuses on alternative asset management. EJF Capital, which manages approximately $6 billion as of mid-2024, partnered in this refinancing under its regulatory event-driven investing strategy.
Sectors
- Real Estate
- Finance
- Alternative Investments
Geography
- United States – The refinancing project and companies like CBRE, Chance Partners, and EJF Capital are based in the U.S., specifically highlighting Jacksonville, Florida.
- United Kingdom – EJF Capital has an office in London, indicating some level of geographic relevance.
Industry
- Real Estate – The article discusses refinancing in the context of a real estate development project, involving residential property.
- Finance – The article involves complex financial arrangements pertaining to asset management and structured finance.
- Alternative Investments – EJF Capital is an alternative asset management firm focusing on intricate financial strategies.
Financials
- $32,840,000 – The loan amount secured for refinancing Eastborough at San Marco.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| EJF Capital LLC | Borrower Affiliate | Company | A global alternative asset management firm involved in arranging the refinancing. |
| Chance Partners | Borrower Affiliate | Company | A real estate firm specializing in multifamily and mixed-use developments. |
| CBRE Capital Markets | Loan Arranger | Company | Involved in securing the loan for refinancing on behalf of the borrower. |
| Freddie Mac | Seller/Servicer | Company | CBRE acts as the seller/servicer on behalf of Freddie Mac for this deal. |
| Eastborough at San Marco | Target Property | Company | A newly constructed multifamily community in Jacksonville for which the refinancing was secured. |