$255.25M refinancing secured across Florida and Arizona for multifamily portfolio

PHOENIX, Jun. 2, 2025 – JLL Capital Markets announced today that it has arranged a $255.25 million refinancing for a four-property multifamily portfolio with locations in Scottsdale, Arizona, as well as Tampa and Orlando, Florida.

JLL worked on behalf of the borrowers, funds managed by Oaktree Capital Management, L.P. (“Oaktree”) and TruAmerica Multifamily, in arranging the five-year, floating-rate loan through a national bank.

The portfolio covers 1,324 units across four properties with locations in Florida and Arizona. In Florida, the portfolio includes a fractured condo development, Arbors at Carrollwood in Tampa, plus two Class A assets in Orlando: Audubon Park and Alcove Orlando. In Arizona, the portfolio features Luxe Scottsdale, a Class A property in Scottsdale. These properties were built between 2001 and 2017.

The properties showcase premium features and lifestyle amenities tailored to their respective markets. Arbors at Carrollwood offers resort-style living with spacious one-, two- and three-bedroom layouts averaging 1,060 square feet. Audubon Park stands out with its distinctive townhomes featuring direct-access garages and spacious floor plans up to 1,558 square feet. Luxe Scottsdale provides modern living in Old Town with upscale finishes and community amenities and Alcove Orlando offers contemporary units, including studios to three-bedrooms with premium features.

All properties feature resort-style pools, fitness centers and modern community spaces designed to enhance resident satisfaction and retention.

JLL Capital Market’s Debt Advisory team representing the borrower was led by President Kevin Mackenzie and Managing Directors Annie Rice and Brandon Smith.

"The competitive process allowed us to secure optimal terms for our client with substantial flexibility to execute their business plan across these strategic markets," said Rice.

JLL conducted an extensive marketing process securing numerous quotes across various execution options. The final terms included a competitive spread, full term interest only, with flexible prepayment provisions that will allow the sponsors to continue their value-add initiatives across the portfolio.

“We appreciate the exceptional efforts of the JLL team in executing this refinancing and are grateful for our continued partnership with TruAmerica, whose operational excellence is key to driving improvements across this portfolio,” said Jared Lazarus, a managing director in Oaktree’s Real Estate group. “We remain highly confident in the multifamily sector, particularly in high-growth Sunbelt markets.”

“We greatly appreciate the opportunity to be a part of such a significant transaction while navigating through the current environment,” added Mackenzie. “The spectrum of options produced and the final result is a testament to the current liquidity in the debt markets and strength of the sponsorship.”

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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Oaktree is a leader among global investment managers specializing in alternative investments, with $203 billion in assets under management as of March 31, 2025. The firm emphasizes an opportunistic, value-oriented, and risk-controlled approach to investments in credit, equity, and real estate. The firm has more than 1,200 employees and offices in 25 cities worldwide. For additional information, please visit Oaktree’s website at http://www.oaktreecapital.com/.

TruAmerica Multifamily is a national, vertically integrated, institutionally focused multifamily investment firm based in Los Angeles. Founded in 2013, the firm is one of the most active value-add multifamily investors in the United States, with over $15 billion of assets under management. Active across the capital stack, TruAmerica’s investment strategies include value-add, affordable housing, build-for-rent, and structured finance. TruAmerica has regional headquarters in Seattle, Salt Lake City, Dallas, Chicago, Miami and Washington D.C. The firm is ranked as the 26th largest multifamily owner in the United States by the National Multifamily Housing Council, with a portfolio of 60,000 units, totaling nearly 280 properties in 17 states and more than 30 markets. For more information, visit https://www.truamerica.com.