JLL secures $40.2M construction financing for Ceiba Groupe’s Royal Palms Main Street project

MIAMI, Aug. 4, 2025 – JLL Capital Markets announced today that it has arranged $40.2 million in construction financing for Royal Palms Main Street, a 227-unit conventional multifamily and build-to-rent (BTR) community in Jacksonville, Florida.

JLL represented the borrower, an affiliate of Ceiba Groupe, led by Adam Bedzow and Jeremy Bedzow, to secure the loan through Crestline Investors.

Scheduled for completion in the first quarter of 2027, Royal Palms Main Street will feature a unique residential offering that combines 168 elevator-serviced garden-style apartments with 59 townhomes in a secure, highly amentized gated community. The property will offer a mix of one- and two-bedroom apartments alongside three- and four-bedroom townhomes, with all townhome and ground floor units having private balconies or enclosed patios.

The development has been designed to incorporate market leading amenities including a grand clubhouse, expansive pool with swim lane, best-in-class fitness center, clubroom, dog park, pet spa, children's playground, climate-controlled storage units and a walking path surrounding a centralized lake.

“As a company, with a long-termcycle through development focus, we look to create resilient projects that stand the test of time,” said Adam Bedzow managing principal of Ceiba Groupe. “Royal Palms Main Street, with its completely differentiated unit and amenity offerings, is another incredible project embodying our development ethos – To Always Build Projects That Stand Out From The Crowd.”

Located at 15275 N Main St. in Jacksonville's booming Northside submarket, the development sits directly off Interstate 95 with immediate access to N Main Street (US-17), providing residents convenient access to the River City Marketplace, Jacksonville International Airport and the UF Health North/VA Medical Corridor. Downtown Jacksonville is accessible within 17 minutes, and Naval Air Station Jacksonville, which employs 25,000 people, is 28 minutes away.

The JLL Capital Markets Debt Advisory team representing the borrower was led by Senior Managing Directors Chris Drew and Brian Gaswirth, Director Kenny Cutler and Associate Justin Ratcliffe.

"Royal Palms Main Street represents a highly differentiated offering in North Jacksonville, combining traditional multifamily units with townhomes in a fully amenitized community," said Drew. "Jacksonville's status as one of America's fastest-growing cities, combined with this property's strategic location near major employment centers, positions Royal Palms Main Street for strong performance in a market experiencing unprecedented in-migration and economic expansion."

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.

For more news, videos and research resources, please visit JLL’s newsroom.

Ceiba Groupe is a family owned and operated real estate company with preeminent expertise building legacy developments designed to serve communities for generations to come. Ceiba’s visionary executive team identifies voids in cities and builds projects that meet the needs of end-users and area’s residents. The company’s portfolio includes cutting-edge luxury developments, creative mixed-use spaces, as well as strategically located office and industrial properties throughout South Florida. Ceiba is known for incorporating the unique character and fabric of a neighborhood into its developments to protect and preserve the identity of long-established communities.

Crestline Investors, Inc. is an alternative investment management firm founded in 1997 and based in Fort Worth, Texas, with affiliate offices in London, New York, Tokyo, and Toronto. The firm has approximately $17 billion of credit assets under management (as of March 31, 2025) including its direct lending, opportunistic, and portfolio finance platforms. For more information, visit www.crestlineinvestors.com.