American Commercial Realty refinances Gainesville multifamily portfolio with $43.9M loan

MIAMI, Oct. 13, 2025 –  JLL Capital Markets announced today $43.9 million in permanent financing for the G3 Portfolio, a three-property, 330-unit multifamily development in Gainesville, Florida.

JLL worked on behalf of the borrower, American Commercial Realty Corp. (ACR), to secure a five-year, fixed-rate Fannie Mae loan. The loan will be serviced by Jones Lang LaSalle Multifamily, LLC, a Fannie Mae DUS lender.

The G3 Portfolio comprises three distinctive garden-style apartment communities:

• Mirabella, a 146-unit property at 720 SW 34th St. featuring two-story buildings with an average unit size of 994 square feet;
• Camelot Apartments, a 128-unit development at 3425 SW 2nd Ave. with two-story construction and 888 square feet per unit on average; and
• Hammocks at Camelot, a 56-unit single-story community at 328 SW 34th St. with an average unit size of 550 square feet located adjacent to Camelot.

Current portfolio occupancy stands at 97.9 percent with average monthly rents of $1,518 across all unit types.

The properties benefit from premium positioning just over one mile from the University of Florida campus, which enrolls approximately 69,000 students and ranks as the fourth-best public university according to Forbes 2024 rankings. The portfolio sits on the west side of 34th St., a major thoroughfare carrying 45,000 vehicles daily, and provides residents with walking distance access to a newly constructed Publix supermarket and proximity to major retail destinations, including Butler Plaza and Celebration Pointe.

American Commercial Realty's extensive capital improvement program modernized every unit across the portfolio, installing new cabinetry, quartz countertops and luxury vinyl flooring. Most units now feature in-unit washers and dryers. Common area enhancements included complete clubhouse renovations with new co-working spaces, updated fitness centers, pool area improvements with resort-style cabanas, outdoor dining and recreation areas and the addition of pet runs.

The JLL Debt Advisory team was led by Senior Managing Director Elliott Throne and Director Kenny Cutler.

"The G3 Portfolio offers irreplaceable real estate adjacent to the University of Florida campus," said Cutler. "ACR's multi-million-dollar renovation has made the portfolio some of the highest quality attainable conventional apartments in Gainesville – a market where investors have been converting conventional apartments into student housing, reducing the attainable housing stock. We are very pleased to execute on behalf of ACR, which has done a tremendous job renovating these properties, as well as the other five they own in the Gainesville market. They are one of the best conventional apartment operators in Gainesville, and their strength as a borrower allowed JLL to lock an exceptionally strong interest rate."

"We are grateful to JLL for their exceptional expertise and dedication throughout the refinancing process,” commented Rick Baer, ACR’s Chief Executive Officer. “Their deep market knowledge and strategic approach were instrumental in securing the best loan terms for our portfolio.”

Property management for ACR’s nearly one-thousand-unit portfolio in Gainesville is handled by Atrium Management Company, recently ranked #1 in the Orlando Business Journal's "Best Places to Work" for 2025 list.

“This transaction would not have been successful without the outstanding collaboration from our entire teams at ACR and Atrium, whose operational excellence has been the driving force behind the strong performance of these assets. Looking ahead, we are very optimistic about the future of these properties given their positioning as high quality, attainable renovated apartments in a stellar location within Gainesville,” Baer concluded.

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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For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties. A Fortune 500 company with annual revenue of $23.4 billion and operations in over 80 countries around the world, our more than 112,000 employees bring the power of a global platform combined with local expertise. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAY^SM. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.

American Commercial Realty Corporation (ACR) provides acquisition, redevelopment, leasing, property management and construction management services to affiliate-owned properties as well as third parties. ACR currently oversees more than 3,000,000 square feet of income-producing retail and multifamily property in the eastern half of the United States. ACR combines national expertise and local knowledge to deliver favourable results for merchants, tenants, residents and property owners.