$16.4M in financing secured for a Florida multi-housing community

MIAMI, May 2, 2022 – JLL Capital Markets announced that it has arranged a $16.4 million financing for The Venetian at Capri Isles, a 180-unit, garden-style apartment community located in Venice, Florida within the Sarasota MSA.

JLL worked on behalf of the borrower, The John Hicks Company, to secure the 10-year, fixed-rate Fannie Mae loan. The loan will be serviced by JLL Real Estate Capital, LLC, a Fannie Mae DUS lender.

Built in 1983 and renovated in 2016, The Venetian at Capri Isles consists of 19 two- and three-story residential buildings. The units feature fully equipped kitchens, upgraded cabinets and countertops, screened patios and balconies, generous closet space, and in-unit washers and dryers. Community amenities include a swimming pool with sundeck, a fitness room, a three-acre lake with picnic area, a playground and a car care facility.

Located at 1050 Capri Isles Blvd., the property is situated on the east side of Capri Isles Boulevard., along the 11th fairway of Capri Isles Golf Course. Bordered by Edmondson Road to the north and East Venice Avenue to the south, the community is just a 2.5-mile drive to the nearest I-75 interchange and a four-mile drive west to Venice Beach. Additionally, the property is within 20 minutes of downtown Venice and CoolToday Park, the spring training home of the Atlanta Braves.

The JLL Capital Markets Debt Advisory Team representing the borrower was led by Senior Managing Director Elliott Throne, Director Kenny Cutler and Analyst Joshua Odessky.

“The John Hicks Company took advantage of improving market conditions, and despite rising interest rates, still captured an attractive long-term fixed-rate financing solution,” Cutler said. “The John Hicks Company management did their investors a great service with this deal and will return years of stable cash flow.”

Agency/GSE lending and loan servicing are performed by JLL Real Estate Capital, LLC, a wholly owned indirect subsidiary of Jones Lang LaSalle Incorporated. Loans made or arranged in California are pursuant to a California Financing Law license.

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 and sales 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.

For more news, videos and research resources on JLL, please visit our newsroom.

The John Hicks Company and their partners have a collective track record of over 50 years in real estate investment and management and have developed over $1.9 billion worth of property. Along with this experience comes institutional level relationships, along with an invaluable insight into management decisions, value-added opportunities and years of commercial real estate knowledge.