$114M bridge financing secured for two-property build-to-rent portfolio in Florida

MIAMI, Jun. 12, 2025 – JLL Capital Markets announced today that it has secured a $70 million refinancing for EDEN at Heritage Lakes in West Melbourne (Space Coast MSA) and a $44 million refinancing for EDEN at Kendall West in Jacksonville, Florida.

JLL worked on behalf of the borrower, a joint venture between EDEN Living and their institutional partner, to arrange the debt, which represents the largest build-to-rent financing in the history of Florida.

EDEN Heritage Lakes, located at 4850 Heritage Lakes Blvd. in West Melbourne, is a 373-unit BTR community completed in 2024. The property offers a mix of one-, two- and three-bedroom units averaging 976 square feet. Situated in Florida's booming Space Coast MSA, the community provides easy access to major employers in the space exploration, aerospace, advanced engineering and defence industries.

EDEN at Kendall West, located at 9105 Tredinick Pkwy. in Jacksonville, is a 265-unit BTR community completed in 2024. The property features a variety of one-, two- and three-bedroom floor plans with an average size of 988 square feet. Its location in Jacksonville's Arlingwood neighborhood offers residents proximity to major employment centers.

Both projects showcase EDEN Living's commitment to delivering market-rate low-density housing in two of Florida's fastest growing markets. The build-to-rent sector continues to provide residents a charming single-family living experience at a significantly lower monthly cost than homeownership.

JLL Capital Market’s Debt Advisory team representing the borrower was led by Managing Director Max La Cava, Senior Managing Director Melissa Quinn and supported by Vice President Rob Rothaug and Analyst Jade Starkey.

"We're seeing remarkable liquidity in the bridge lending market right now, with lenders aggressively competing to finance new-construction residential communities," said La Cava. "For developers, these bridge loans are a smart move - they lower borrowing costs, allow for tax-free cash out and eliminate personal guarantees that were required during construction. Plus, they offer maximum prepayment flexibility, giving developers a clear path to position their assets for an eventual sale or permanent refinancing once the properties stabilize."

“EDEN Living remains committed to the BTR development space, with high conviction in its strong long-term fundamentals. We are very pleased with the result of these executions, it is always a great pleasure working with the JLL Capital Markets team,” added Marc Chasin, EVP at EDEN Living. 

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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EDEN Living is a partnership between EDEN Multifamily principals Jay Jacobson and Jay Massirman and America’s Capital Partners (ACP) Principal Sergio Socolsky. The partnership was formed to develop for rent, single-story detached horizontal apartment homes and two-story townhomes around the State of Florida and the Southeast, with future plans to expand the platform nationally. For more information on EDEN Living, visit http://www.edenliving.com