CBRE Capital Markets Arranges $42 Million in Construction Financing for Jacksonville’s First ‘Horizontal Multifamily’ Community

CBRE Capital Markets has arranged $42 million in construction financing for Cottage Street at eTown, the first ‘horizontal multifamily’ community on the southside of Jacksonville, Fla., at the intersection of eTown Parkway and Interstate 295.

Horizontal Multifamily is comprised of dense single family detached units as well as attached townhouses and duplexes. The community shares many similarities with multifamily properties in terms of unit sizes, unit types, and amenities, but do not have stacked units.

Philip Rachels, Jeff Kinney and Brett Bosworth of CBRE’s Jacksonville office worked on behalf of the borrower, Alluvium Partners LLC, to secure the four-year loan provided by Trustmark Bank.

“Current renters are looking for alternatives to traditional apartments. This new category in rental living offers residents a more desirable, lower density, single-family living experience with the same amenities and professional services offered in a traditional multifamily property,” said CBRE Senior Vice President Philip Rachels.

Located within eTown, the latest master planned community developed by The PARC Group, Cottage Street at eTownwill feature 229 for rent attached and detached cottages and townhomes. The community will feature a mix of one-, two-, and three-bedroom floorplans ranging from 685 to 1,407 square feet. Each apartment home will feature direct entry, private backyards, built in pet doors, and smart home technology. The gated community will include an expansive clubhouse, resort-style pool, fitness center, dog park, playground, event lawn, pocket park, and electric vehicle charging stations.

Units should be available for occupancy in late 2023.

Mr. Rachels added, “The South Jacksonville/Northern St. Johns County submarket is experiencing explosive growth, which has led to new road construction, schools, emergency services, and parks. Residents will benefit from the central location, offering easy access to the region’s most desirable retail destinations, popular natural amenities, and largest employment centers.”