$69.57M refinancing secured for Atlantica at Town Center

MIAMI, Aug. 14, 2024 – JLL Capital Markets announced today that it secured a $69.57 million refinancing for Atlantica at Town Center – Phase I, a Class A, 360-unit apartment community in Davenport, Florida.

JLL worked on behalf of the borrower, Sovereign Properties and Invest Capital Group, to secure the two-year, floating-rate bridge loan through Timbercreek Capital.

Completed in December 2022, the property features 14 three- and four-story residential buildings, comprising of one-, two- and three-bedroom units ranging from 683 square feet to 1,435 square feet, which are some of the largest units in the area. Additionally, this garden-style community offers residents numerous sought-after amenities, such as a large resort-style pool, gaming lawn, dog park, pet spa, fitness center, yoga and spin room, demonstration kitchen and coworking space.

Located at 1121 Loblolly Lane, Atlantica at Town Center offers residents effortless access to a diverse array of cultural and entertainment destinations, including regional shopping centers, Posner Park, Orlando International Airport and Downtown Orlando. Furthermore, the property is less than 15 miles away from Walt Disney World and Universal Studios as well as major employers such as Advent Health, Orlando Health, Amazon, FedEx, Darden, Wyndham and Walmart.

The JLL Debt Advisory team was led by Senior Managing Director Gregory Nalbandian, Director Kenny Cutler and Director Josh Odessky.

“Timbercreek Capital did an exceptional job meeting all of the client’s objectives and understanding this property’s competitive position within the Orlando MSA which is currently experiencing a number of new projects coming online,” stated Nalbandian.

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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Sovereign Properties is a real estate development firm focusing on building quality, affordable multifamily properties that produce stable cash flows, long-term asset appreciation and generational tax benefits for investment partners. Led by founder and CEO Russ Krivor, the company has generated $250 million in equity and sponsored the development of more than 6,000 Class A units in across the country. Experience in construction, lease-up, and ongoing management of apartment communities makes Sovereign Properties qualified to identify, underwrite, and execute quality multifamily investment opportunities.

ICG is an investment management firm that capitalizes on residential and commercial real estate. The company focuses on capital preservation, risk management and value creation by sourcing, evaluating, and investing in income-generating properties, ground-up developments and repositioning of distressed properties. During the past 25 years, Gabriel Amiel CEO of Invest Capital Group has invested more than $2 billion in multiple asset classes.

Timbercreek is a leading non-bank, commercial real estate lender providing shorter-duration, structured financing solutions to commercial real estate investors. Our sophisticated, service-oriented approach allows us to meet the needs of borrowers, including faster execution and flexible terms. By employing thorough underwriting, active management and strong governance, we are able to meet these needs while targeting strong risk-adjusted returns for investors.