JLL Capital Markets arranges $57M homebuilder construction revolver loan for single-family home community in Central Florida

MIAMI, Jan. 17, 2025 –  JLL Capital Markets announced today that it has secured a $57 million non-recourse construction revolver loan for Sabana Reserve, a 202-unit for-sale single-family home community in Ocala, Florida.

JLL represented the borrower, Estela Living and KRE Developers, in arranging the non-recourse construction loan via a private credit fund.

Sabana Reserve will benefit from superior highway connectivity, with easy access to I-75, SR-200, US-27 and the Florida Turnpike, positioning it strategically minutes from major employers and retail demand drivers including a Publix-anchored shopping center, Walgreens, UF Health Hospital and the World Equestrian Center – the largest equestrian complex in the United States.

Ocala's residential market has experienced explosive growth over the last 10 years driven by its strategic location in Central Florida that has emerged as a regional distribution hub for the Southeast.

Sabana Reserve will be a first-time homebuyer community of three- and four-bedroom homes with two-car garages, sitting on 40- to 50-foot-wide lots. The homes will boast an array of upscale features, including glass entry doors, backyard floor-to-ceiling sliding-glass doors, luxury glass shower doors, vinyl wood-like flooring and premium quartz countertops. These thoughtful design elements create an attractive and modern living environment for new homeowners seeking quality homes at an affordable price point.

The JLL Capital Markets team representing the borrower was led by Managing Director Max La Cava and Directors Pier Barinci and Tom Gilliland.

"We are thrilled to have partnered with Estela Living and KRE Developers to successfully arrange a tailored, non-recourse, construction loan for Sabana Reserve – a wonderful residential community that will bring upscale homes at attainable prices to Ocala," said La Cava. "This innovative loan program offers private homebuilders high-leverage funding along with maximum ‘work-in-progress’ flexibility, enabling them to scale their operations and compete with publicly traded homebuilders.”

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.

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Estela Living, a Florida-based homebuilder, is revolutionizing the industry with its focus on product differentiation and technology-driven approach. With a core commitment to customer experience, the company aims to build a disruptive brand that not only meets but exceeds current market needs in homebuilding.

KRE Developers, a Florida-based investment manager, invests in a diversified portfolio of institutional quality U.S. real estate assets, placing a particular emphasis on the residential space, specifically in the Sun Belt and Midwest regions.