$160M in financing secured for Caretta oceanside condominium development in Juno Beach, Florida

MIAMI, March 11, 2024 – JLL Capital Markets announced today that it closed the $160 million construction financing for Caretta, a 95-unit, luxury, boutique condominium development located in Juno Beach, Florida.

JLL worked on behalf of the borrower, JDL Development and Wanxiang America Real Estate Group, to secure the loan through Bsafal Inc.

With an anticipated completion of 2025, Caretta will offer 95 expansive two-, three- and four-bedroom units, averaging 3,137 square feet. Designed by Hartshorne Plunkard Architecture, Caretta will feature elegant finishes, 10-foot ceilings, European oak wood floors, quartzite countertops and large terraces, and select ground-floor units will offer private lawns and pools. Additionally, eastern facing, upper floor units will have expansive ocean views given the low-rise nature of the properties to the east. Community amenities will include a rooftop deck with an infinity edge pool, a fitness center, a sauna, a catering kitchen, a card room, a wine storage room and lounges, in addition to a dog park, bike storage, a 24/7 concierge, dedicated beach service and more. The property will also feature ground-floor retailers and a restaurant, offering residents exceptional amenities to enjoy while creating an urban atmosphere.

The JLL Capital Markets Debt Advisory team was led by Executive Managing Director Matthew Lawton, Managing Director Brian Gaswirth, Associate Paul Adams and Analyst Shane Ciacci.

"We are thrilled to collaborate with JDL, a highly regarded developer with an impressive portfolio of projects that have left an incredible mark on Chicago's skyline," said Gaswirth. "Their entry into the Juno Beach condo market presents a tremendous opportunity for them to create a similar legacy in South Florida."

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 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.

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

Founded in 1993 by Jim Letchinger, JDL has become Chicago’s premier residential developer. For over three decades, JDL has earned a reputation for developing dynamic residential developments that exceed expectations in the discerning luxury market, resulting in some of the most significant real estate sales in Chicago. By focusing on residential, mixed-use development, JDL creates living environments of the highest quality that complement the existing urban landscape. The company’s legacy properties stand tall among the crowded skyline.

Wanxiang America Real Estate Group, LLC (“WAREG”), a Chicago-based commercial real estate investment firm, has been successfully sourcing, underwriting, and executing commercial real estate investments since its first deal in 2010. WAREG provides a highly-efficient and straightforward investment process for all stakeholders by fully utilizing its flat organizational structure and extensive pool of discretionary capital. This uniquely efficient process, combined with the team’s real estate expertise and longstanding industry connections, has allowed WAREG to carve out a niche in the market. WAREG’s ability to study and analyze asset-level dynamics and intrinsic value has paved the way to countless successful investments that encompass all commercial real estate product-types throughout the US. Since its inception, WAREG has successfully invested over $1.0 billion of equity into over 100 investment deals.