MIAMI, FL – JLL Capital Markets announced that it has arranged additional financing of $5.11 million, to accompany the initial initial loan of $45.8 million, for Parc 3400, a mid-size multi-unit property average of 260 units in Davie, Florida.
JLL represented the borrower, Park Partners Residential, in securing 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 area per unit 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 facilities include a 24-hour fitness center, business center and flexible office spaces, outdoor kitchen with grilling stations, resident recreation room, and community club room.
Located at 3400 Davie Rd., the property is directly across from the South Florida Education Center, which provides educational access to 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 near the I-595 interchange, a major east-west thoroughfare in South Florida, providing convenient access to Ft. Lauderdale, Plantation, and Sunrise employment centers. In addition, the property is near the future hospital of HCA Healthcare on University Boulevard.
JLL’s debt team was led by Senior Managing Director Elliott Throne and Director Kenny Cutler.
“Since closing the senior loan on the property, Park Partners has done an excellent job of managing Parc3400, steadily increasing rents as South Florida’s occupancy tightens,” Cutler said. “The ability to place additional financing and withdraw a significant amount of equity throughout the holding period is one of the many benefits of Freddie Mac’s fixed rate financing.”