MIAMI, FL - Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has arranged $50 million in acquisition financing for Thornton Park, a 474-unit, Class A garden-style apartment community in Jacksonville’s Southside submarket.
HFF worked on behalf of Epoch Residential to secure the three-year, floating-rate loan through Colony Mortgage Capital. Epoch Residential originally developed the property and proceeds from this transaction were used to purchase it outright. The acquisition represents Epoch’s first in their 45-year history.
Completed in 2008, Thornton Park features 16 one-, two- and three-bedroom flat- and townhome-style floor plans ranging between 785 and 1,604 square feet. Community amenities include two resort-style swimming pools and spas, picnic area with barbecue grills, playground, indoor basketball/sport court, fitness center, clubhouse, library, billiards room, sports bar and detached garages. Thornton Park is located at 8450 Gate Parkway West in the core of Jacksonville’s largest suburban employment hub, Deerwood Park. The property is approximately nine miles southeast of downtown Jacksonville and is near St. John’s Town Center, an upscale outdoor lifestyle mall.
The HFF debt placement team representing the borrower was led by Elliott Throne and Brett Moss.
“Epoch Residential was able to obtain a favorable loan that allowed them the ability to acquire a property they knew intimately and the flexibility to make further enhancements to the asset,” stated Throne.
Moss continued, “The improvements Epoch plans to make as owner will allow the property to be even more competitive with the area’s newest product that has been able to achieve some of the highest rents in the Jacksonville metro area.”
About Epoch Residential: Epoch Residential is a fully integrated development company that currently manages over 6,000 multi-family units in the Southeast and Sunbelt; approximately 1,000 of those units are in the Jacksonville market. The company has developed and built over 34,000 units in more than 55 cities nationwide since 1970, and has corporate offices in Winter Park, Florida and Raleigh, North Carolina.
About HFF: HFF and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 22 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information please visit hfflp.com or follow HFF on Twitter @HFF.