EJF Capital, Chance Partners Announce $86M Multifamily Development
The 486-unit Opportunity Zone project in Jacksonville, FL is set to break ground later this year.
JACKSONVILLE, FL–EJF Capital LLC and Chance Partners have announced a joint development of a two-building multifamily housing community in Jacksonville, FL. The 486-unit complex in the historic San Marco neighborhood will transform nearly nine acres of land. The $86 million development, known as the San Marco Crossing Project, is expected to break ground in Q3 2019, with plans to open in Q4 2020.
Three parcels of the project’s currently underused property are located in an Opportunity Zone.
About $51 million of construction financing has been provided by Ameris Bank, along with Stifel Bank, for the project. Jacksonville-based, Live Oak Contracting is the general contractor.
EJF and Chance are planning to capitalize on the project’s location, a short distance from historic San Marco and near Atlanta Boulevard where revitalization efforts are occurring. Considering multifamily housing’s continued growth, the companies also hope to benefit from Jacksonville’s expanding employment market, as the fourth largest in the state, boasting 709,000 jobs and averaging 16,000 new jobs annually since 2010.
EJF Capital LLC, founded in 2005, is a global alternative asset management firm, headquartered outside of Washington, DC. EJF formed EJF OpZone Fund I LP to utilize benefits provided by the TCJA.
Chance Partners specializes in acquiring and developing multifamily and mixed-use communities. The company has developed or acquired more than $300 million of assets across a variety of markets throughout the Southeast since 2010.