Irvine, CA (May 9, 2019) – Faris Lee Investments, a leading Capital Markets and investment sales firm, is pleased to announce the successful financing of a 3-year bridge loan with a long term permanent loan option for Mission Springs Apartments. Proceeds will be used to acquire and renovate a 444-unit multifamily investment opportunity in Jacksonville, FL.
Faris Lee Investments completed the complex transaction on behalf of LYND, a Texas-based firm that engages in the management, ownership, and development of multifamily assets.
“We are excited to have executed this transaction on behalf of LYND. This project is a great example of our ability to navigate complex transactions and utilize our strong capital relationships to successfully meet our clients’ financing objectives,” said Jay Quinn, Sr. Managing Director with Faris Lee Investments.
LYND has extensive knowledge and experience operating these type of properties and saw an opportunity in Mission Springs Apartments. The submarket where Mission Springs is located within is experiencing a shortage in new multifamily development which has pushed vacancy rates to near all-time lows.
The West Side submarket has registered only one development since 2013. With high construction cost, developers find renovation more profitable. Almost 70% of the current inventory is two decades old. The submarket is lacking supplies with favorable employment trends. This lack of supply coupled with the steady demand for housing has brought solid rent growth to the submarket since 2013 at levels far above the historical average of 2%. Through year-end of 2018, rent growth hits 5.6% as renters flooded the market.
“With the population growing, the shortage of multifamily development provided a good opportunity for our client. We were able to find a lender comfortable with the market, arrange the financing, and raise the capital needed to successfully acquire Mission Springs Apartments,” said Kirt Boultinghouse, Sr. Managing Director with Faris Lee Investments.
About Faris Lee Investments: Faris Lee Investments is a national leading retail advisory, capital markets, and investment sales firm. The company’s high-level investment advisors and sophisticated financing experts develop forward-thinking investment and finance strategies, and guide clients through complex transactions designed to maximize value and manage risk. Through its recent strategic partnership with X-Team Retail Advisors, a nationwide partnership of senior local market experts, Faris Lee offers a fully integrated platform with disciplined expertise in landlord leasing, tenant representation, capital markets, and investment sales.
For more information, visit www.farislee.com