$5.11M in supplemental financing arranged for South Florida multi-housing community

MIAMI, April 21, 2022 – JLL Capital Markets announced that it has arranged $5.11 million in supplemental financing, to go with the original $45.8 million original senior loan, for Parc 3400, a 260-unit, mid-rise multi-housing property in Davie, Florida.

JLL represented the borrower, Park Partners Residential, to secure the seven-year, fixed-rate loan through Freddie Mac Multifamily. The loans will be serviced by JLL Real Estate Capital, LLC, a Freddie Mac Optigo℠ lender.

Built in 2017, Parc 3400 consists of four five-story buildings with an average unit size of 1,055 square feet. Units feature 11-foot ceilings, full-size washers and dryers, walk-in closets, stainless steel appliances, wood plank-style floors and wrap-around balconies. Community amenities include a 24-hour fitness facility, a business center and flex office spaces, an outdoor kitchen with grilling stations, a resident recreation room and a community clubroom.

Located at 3400 Davie Rd., the property is situated immediately across the street from the South Florida Education Center, which provides educational access for over 60,000 current students at five universities (Nova Southeastern University, Broward College, Florida Atlantic University, University of Florida and McFatter Technical Institute). The community is proximate to the I-595 interchange, a major east-west thoroughfare in South Florida, providing convenient access to employment centers in Ft. Lauderdale, Plantation and Sunrise. Additionally, the property is within close distance to HCA’s Healthcare’s future hospital on University Boulevard.

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

“Since the closing of the senior loan on the property, Park Partners has done an excellent job managing Parc 3400, steadily raising rents as South Florida’s occupancy tightens,” Cutler said. “The ability to place supplemental financing and retire a meaningful amount of equity throughout the hold period is one of the many benefits of fixed-rate Freddie Mac financing.”

JLL delivers multi-housing investors a full range of solutions through one diverse, integrated platform. The division employs approximately 400 professionals who provide comprehensive investment sales and disposition services with access to thousands of domestic and foreign investors. JLL is also one of the nation’s largest affordable and conventional multi-housing and seniors housing lenders with comprehensive loan underwriting, asset management and loan servicing capabilities. Agency/GSE lending and loan servicing are performed by JLL Real Estate Capital, LLC, a wholly owned indirect subsidiary of Jones Lang LaSalle Incorporated. Loans made or arranged in California are pursuant to a California Financing Law license.

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 and sales 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 on JLL, please visit our newsroom.

Park Partners Residential (PPR) is a privately-owned developer, owner and operator of luxury multifamily apartment communities throughout the Southeast Region. Founded in 2013 with the intent of developing and acquiring residential real estate, our single source and vertically integrated firm includes asset and property management, construction and renovations.  Since its inception, this joint-venture partnership has acquired and developed over $600 million in multifamily real estate.  Based in Boca Raton, FL, our focus includes development and value-add opportunistic acquisitions.  The leadership team includes a team of executives with over 100 years of experience in managing, acquiring and developing commercial real estate in the Southeast Region.