BLD Group, JSB Capital secure $156m to refinance high-quality multifamily properties
A joint venture between BLD Group and JSB Capital Group has refinanced a portfolio of three class A multifamily properties in Florida.
Two of the properties — the 308-unit V2 Apartments in Fort Myers, and the 220-unit Sunnyside Apartments in Panama City Beach — are in lease-up, while the third — the 336-unit Sundance Trails Apartments in Wildwood — has nearly completed construction.
Each of the communities features contemporary layouts with luxurious finishes, including stainless steel appliances and granite countertops, as well as property amenities that include state-of-the-art clubhouses, business centers, fitness centers, resort-style pools with grilling and sun decks, common area Wi-Fi, and electric car outlets.
Eastdil Secured advised the joint venture on the financing, and a vehicle sub-advised by Rialto Capital Management originated the $156.5 million, five-year, floating-rate loan.