JLL Capital Markets secures $32M construction financing for build-to-rent development in the Tampa MSA

MIAMI, Sept. 25, 2024 – JLL Capital Markets announced today that it has secured a $32 million, non-recourse construction loan for Magnolia at Spring Hill, a 162-unit built-to-rent community in Spring Hill, Florida (Tampa MSA).

JLL represented the borrower, Agador Spartacus Development (“AS Development”), in arranging the financing through a partnership between North River Partners and Amzak Capital Partners. Additionally, JLL arranged the joint venture LP equity for the development in December 2023.

Magnolia at Spring Hill will be a Class A, townhome build-to-rent community located in Spring Hill (Pasco County) – one of Tampa’s fastest growing submarkets.

After nearly doubling its resident base since the start of the century, Pasco County has been focused on attracting employment to the area to shift from a commuter market to a destination where its residents can live, work and play. These efforts have been successful with a number of large-scale employers in healthcare, logistics and financial services expanding to Pasco County. The most notable recent announcement is that of Moffitt Cancer Center, one of the nation’s premier cancer research institutions, which recently broke ground on Speros FL, a $9.3B, 775-acre research campus that will employ 14,000 people at full build-out. The property will be just 12 minutes from the new medical campus.

Magnolia at Spring Hill will offer two-bedroom flats, and two- and three-bedroom townhome units with an average square footage of 1,144. Residents will enjoy luxurious interiors and best-in-class amenities such as a resort-style swimming pool, pickleball and basketball courts, playgrounds, an expansive fitness studio, and an outdoor summer kitchen. Magnolia at Spring Hill is scheduled for completion in late 2025.

JLL’s Capital Markets team representing AS Development was led by Managing Director Max La Cava and Associate Pier Barinci. North River Partners, is led by Jeff Rosenfeld and Sean Robertson in partnership with Amzak Capital Partners.

“We are thrilled to have secured LP equity and a non-recourse construction loan for Magnolia at Spring Hill,” said La Cava. “Our success is a testament to our client’s extensive track record in the build-to-rent sector, the projects’ superb financing metrics, and JLL’s global network of family office capital and private credit funds.”

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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AS Development is a Miami based, vertically integrated real estate company led by an executive team with 60 years of combined experience across all stages of the development process including site identification, acquisition, planning, design, entitlements, financial analysis, construction and disposition.

North River Partners is a New York City-based private credit manager. By maintaining a hyper-focused investment thesis, the company offer superior risk adjusted returns to their investors and a high certainty of execution to their borrowers.