Dealmaker: JLL Arranges $48M in Construction Financing for Build-to-Rent Community
JLL Capital Markets, Chicago, arranged $48 million in construction financing for the development of Solamar Wildwood, a 243-unit build-to-rent townhome and villa community in Wildwood, Fla.
JLL represented borrower TRUSOT Developments and Agador Spartacus Development and secured the two-year, non-recourse loan through Churchill Real Estate. TRUSOT and AS are developing Solamar Wildwood as part of a joint venture that includes several projects across Florida, including Solamar Kissimmee, also financed by Churchill Real Estate.
When completed, Solamar Wildwood will have one, two- and three-bedroom homes with semi-private backyards. Amenities will include a resort-style swimming pool, a sun deck with cabanas and a summer kitchen.
Located adjacent to the master-planned community The Villages–the fastest-growing metro area in the U.S. since 2010–Solamar Wildwood will accommodate multiple renter demographics including a portion of the 65,400 employees working in and around The Villages who are under 55 (and therefore restricted from living in The Villages), new-to-market residents migrating to The Villages who want to rent before buying and existing homeowners within The Villages who seek a maintenance-free build-to-rent lifestyle.
The JLL Capital Markets Advisory team was led by Senior Director Max La Cava, Director Kenny Cutler and Analyst Karim Khaiboullin.
“Construction lenders remain bullish about the fundamentals in the single-family rental space as evidenced by the multiple financing quotes secured for Solamar Wildwood,” La Cava said. “Banks and debt funds recognize the value proposition of developing built-to-rent communities in fast growing submarkets with supply-demand imbalances in the housing sector.”