Lymestone Ranch: $24.35M bridge financing secured for Florida multifamily community

MIAMI, March 3, 2026 –  JLL Capital Markets announced today that it has arranged a $24.35 million refinancing for Lymestone Ranch, a 216-unit garden-style apartment community in New Smyrna Beach, Florida.

JLL represented the borrower, Advenir Azora, in securing a three-year, floating-rate loan through Balbec Capital LP.

Lymestone Ranch, located at 10101 Lymestone Crt., spans 18.6 acres across 12 three-story buildings. Built in 2004, the community features a mix of one-, two- and three-bedroom units with an average size of 972 square feet. The property offers residents amenities including a fitness center, swimming pool, clubhouse and business center, with washer and dryer connections in all units.

The property's strategic location provides residents with access to major employment centers, including AdventHealth New Smyrna Beach with more than 800 team members, and proximity to Epic Flight Academy, America's largest FAA Part 141 flight school. The community sits 15 minutes from Daytona Beach, home to NASCAR headquarters and its 8,700 employees and Halifax Health's regional medical system.

New Smyrna Beach continues to experience strong population growth, with a 17% increase from 2010 to 2025 and projected 9% growth through 2030. The coastal submarket benefits from limited new construction, with only one property currently under development within three miles and just 402 units delivered in the past five years.

JLL Capital Market’s Debt Advisory team representing the borrower was led by Managing Director Jesse Wright, Director Joshua Odessky and Analysts Luke Maganas and Duncan Miller.

"This financing demonstrates the continued investor confidence in Florida's coastal multifamily markets," said Wright. "Lymestone Ranch's value oriented rents and strategic location near growing employment centers make it an attractive opportunity in today's environment."

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The group’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients, including investment sales and advisory, debt advisory, M&A and corporate finance, loan sales, equity & fund placement, net lease, derivative advisory and energy & infrastructure advisory. JLL Capital Markets has more than 3,000 specialists worldwide with offices in nearly 50 countries.

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JLL (NYSE:JLL) is a leading global commercial real estate services and investment management company with annual revenue of $26.1 billion, operations in over 80 countries and a global workforce of more than 113,000 as of December 31, 2025. For over 200 years, clients have trusted JLL, a Fortune 500® company, to help them confidently buy, build, occupy, manage and invest across a variety of industries and property types, including office, industrial, hotel, multi-family, retail and data center properties. 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. Powered by rich global datasets and leading technology capabilities, we provide coordinated, end-to-end delivery of real estate services for a broad range of global clients who represent a wide variety of industries. Through LaSalle Investment Management, we invest for clients on a global basis in both private assets and publicly traded real estate securities. For further information, visit jll.com.

Advenir Azora, founded in 1996 and based in Miami, is a vertically integrated real estate investment company specializing in multifamily communities across the United States. The firm has owned and operated more than 30,000 units representing over $5 billion in asset value since inception, with a current portfolio comprising over 12,000 multifamily units valued at more than $2.9 billion.