EJF Capital and Chance Partners Break ground on 295-unit multifamily community in Jacksonville, Fla.

EJF Capital LLC (EJF) and Chance Partners are jointly developing The Jack on Beach, a 295-unit multifamily housing community consisting of three, four-story buildings located in the St. Nicholas neighborhood of Jacksonville, Fla. The project is in an area certified as a qualified opportunity zone under the Tax Cuts and Jobs Act of 2017 (TCJA).

“The Jack is another transformative project in an Opportunity Zone that will meet strong demand for housing in the rapidly growing Jacksonville market,” said Asheel Shah, EJF senior managing director and head of real estate development. “EJF and Chance Partners see in Jacksonville a market that continues to attract talent from a variety of industries as they grow, ranging from healthcare and aerospace to leisure and hospitality.”

The Jack, which spans nearly 10 acres, will include more than 400 parking spaces, and is expected to be completed in 2024. Synovus Bank is providing $43 million in construction financing for the