MIAMI, Nov. 2, 2023 -JLL announced today that it has arranged joint venture LP equity and non-recourse construction financing for the development of Townhomes at Powell, a 132-unit, townhome-style build-to-rent community in Wildwood, Florida within The Villages MSA.
JLL worked on behalf of the borrower, Agador Spartacus Development, led by principals Samy Cohen, Alberto Dichi and Alan Benenson, to secure $32.7 million in LP equity and non-recourse construction financing. JLL and Agador Spartacus Development have closed several transactions prior to this capitalization.
The property will feature 92 two-story flats and 36 townhomes, ranging from one- to three-bedrooms and averaging 1,167 square feet.
Townhomes at Powell will be situated in Wildwood, Florida, just west of The Villages, the largest and #1 selling master-planned community in the United States.
The JLL Capital Markets Capital Advisory team was led by Senior Director Max La Cava, Analyst Shane Ciacci and Analyst Justin Sosa.
"The borrower's robust track record within the build-to-rent sector, coupled with the projects' excellent deal-level metrics, made this capitalization a success," said La Cava. "JLL Capital Markets' international network of family offices and the firm's longstanding lender relationships drove an ultra-competitive process that provided the borrower with outstanding results."
JLL's Capital Markets group is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients - whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
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Jones Lang LaSalle Inc. published this content on 02 November 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 02 November 2023 18:43:07 UTC.
