Capital markets and investment sales firm Faris Lee Investments has secured a $32.8 million acquisition loan for Mission Springs Apartments, a 444-unit multifamily community in Jacksonville. Faris Lee secured the financing on behalf of Texas-based firm LYND through an undisclosed lender.
Located in southwest Jacksonville, the area has only registered one development since 2013. Nearly 70% of the inventory in the submarket is two decades old or more. Proceeds of the financing will be used to acquire and renovate the property.
“We are excited to have executed this transaction on behalf of LYND,” said Jay Quinn, senior managing director with Faris Lee Investments. “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.”