MIAMI, FL – 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 Jones Lang LaSalle Multifamily, 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 Parc3400, 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.”