$51.25M financing secured for three multi-housing properties in Florida

MIAMI, June 21, 2022 – JLL Capital Markets announced today that it has closed $51.25 million in acquisition financing for a three-property multi-housing portfolio in Gainesville, Florida.

JLL represented the borrower, American Commercial Realty Corp., to secure the three-year loan through Trez Capital, one of Canada’s largest non-bank commercial real estate lenders that is helping to build better communities across North America.

The portfolio consists of the 146-unit Cazabella Apartments, the 128-unit Camelot Apartments and the 56-unit Village 34 Apartments. The three garden-style communities feature a mix of one-, two- and three-bedroom floorplans with an average unit size of 874 square feet.

The communities are located at 720 SW 34th St., 3425 SW 2nd Ave. and 328 SW 34th St, just south of the major intersection of West University Avenue and 34th Street. The properties are less than one mile from The University of Florida, which is academically ranked the fifth public university in the U.S. with an enrollment of 58,596 as of Spring 2022. Additionally, the portfolio is near Butler Plaza, the largest power center in Florida, and Celebration Pointe, a one-million-square-foot, mixed-use center.

The JLL Capital Markets Debt Advisory team representing the borrower was led by Senior Managing Director Elliott Throne and Director Kenny Cutler.

“American Commercial Realty purchased a portfolio in a fantastic location in Gainesville, just across 34th street from the University of Florida-owned golf course” stated Cutler. “This financing will contribute to their tremendous success improving the properties and implementing their vision as they have done on a number of similar assets in the Gainesville market.”

“We are pleased to provide financing for the three-property multi-housing portfolio in Gainesville, Florida,” said Gavin Elwes, Managing Director, Origination of Trez Capital. “The demand for units in Florida, especially in the Gainesville area, continues to be very strong. The fully renovated project will provide much needed housing in a growing community.”

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.

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American Commercial Realty (ACR) provides real estate advisory, management and related services to private investors in many states. ACR’s principals boasts a 42+year track record as investors and operators of income-producing real estate properties throughout much of the US, with an emphasis on multifamily properties in Florida as well as retail properties across Florida, the Southeast and the Midwest.

Founded in 1997, Trez Capital is a diversified real estate investment firm and preeminent provider of commercial real estate debt and equity financing solutions in Canada and the United States. Trez Capital offers private and institutional investors strategies to invest in a variety of opportunistic, fully secured mortgage investment funds, syndications, and joint ventures; and provides property developers with quick approvals on flexible short- to mid-term financing. 

With offices across North America, Trez Corporate Group has over $4* billion CAD in assets under management and has funded over 1,600 transactions totaling more than $15 billion CAD since inception. For more information, visit www.trezcapital.com. (*Trez Corporate Group AUM includes assets held by all Trez-related entities as well as $2.8 billion Manager AUM (Trez Capital Fund Management Limited Partnership)).