CBRE Capital Markets Arranges $95 Million in Refinancing for Two Multifamily Properties in Jacksonville
April 28, 2022
Philip Rachels, Jeff Kinney, and Brett Bosworth with CBRE worked on behalf of the borrowers, a joint venture between Chance Partners and EJF Capital, to secure the 10-year, full-term, interest-only financing provided by Metropolitan Life Insurance Company.
“We are pleased to have represented long-term client Chance Partners and their capital partner, EJF, who refinanced the construction loan with long-term, non-recourse debt,” said CBRE Senior Vice President Philip Rachels. “Jacksonville is experiencing unprecedented growth, and these assets sit in a very desirable location with tremendous visibility and accessibility, which enabled us to source multiple life company quotes in a very competitive bid process.”
The Exchange is a 196-unit property located at 1810 Bertha Street. Barlow is a 290-unit property located at 1900 Olevia Street. Both properties are at the gateway to historic San Marco and proximate to Interstate 95.
The properties represent two of five investments that EJF has made with Chance Partners in the Jacksonville marketplace.
About Chance Partners
Chance Partners, LLC is a fully integrated real estate firm specializing in the development and management of high-quality residential and mixed-use communities catering to those that seek the ultimate amenities -- location, quality and value. With a focus on walkable neighborhoods across the southeast and backed by a deep understanding of the markets, a commitment to excellence and an unmatched track record of success, Chance Partners, LLC is redefining the in-town living experience... one building at a time.
Chance Partners, LLC provides the full suite of investment management, asset management, and development services to minimize risk in each investment opportunity. The Company has a successful track record working alongside multiple communities, institutional equity partners and national and community lenders.
About EJF Capital
EJF Capital LLC (“EJF”) is a global institutional alternative asset management firm focused on regulatory event-driven investing in financials and real estate. EJF’s approach combines investment expertise across the capital structure with a corporate finance focus to unearth what we believe are creative solutions for investing in complex, mispriced securities.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2023 revenue). The company has more than 130,000 employees (including Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.