JLL announced today that it has arranged $127.5 million in financing for EON at Flagler Village developed by Alta Developers, a two-phase multihousing community in one of Fort Lauderdale’s most vibrant neighborhoods.
JLL worked on behalf of the borrower, Alta Developers, to secure the three-year, floating-rate loan through Mack Real Estate Credit Strategies, L.P. Loan proceeds will be used to retire the existing construction loan on Phase I and will fund the construction of Phase II.
The properties are located within the popular Flagler Village neighborhood of Fort Lauderdale, which is within one mile of the city’s downtown core. Residents benefit from proximity to seven million square feet of office space, one million square feet of retail along Las Olas Boulevard and public transportation options, including the new Virgin train station, which is within walking distance of the property. Phase I of EON at Flagler Village was completed in May 2019 and consists of 206 residential units along with 3,320 square feet of retail. Phase II, which is currently under construction, and expected to be completed by Spring 2021, will consist of 270 residential units and 2,400 square feet of retail space.
“Ahead of the curve with fresh concepts and design, our exclusive sky lounges have panoramic views of downtown Las Olas and the Atlantic Ocean delivering a creative new lifestyle in the heart of Flagler Village,” said Raimundo Onetto, Principal of Alta Developers.
The JLL Capital Markets team representing the borrower was led by Director Brian Gaswirth and Associate Reid Carleton.
“Alta Developers flawlessly executed on their business plan for Phase I, and are experiencing tremendous lease-up velocity,” Gaswirth said. “Identifying Mack as a strategic partner moving forward will help set the stage for the future success of the project. The new partnership gave Alta Developers the ability to realize the value it created in Phase I while providing funding to develop Phase II thereby creating a denser, more efficient project.”
JLL Capital Markets 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 advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
Deal secured by Holliday Fenoglio Fowler LP (“HFF”) prior to being acquired by JLL on July 1, 2019. Co-brokerage services provided by Jones Lang LaSalle Americas, Inc.