Prudential Mortgage Capital Co. is funding the five-year loan which has a 64% loan-to-value ratio. Sail Cove Ltd. is the borrower.
Monthly rents for one bedroom, 929 sf, are $790 to $890; two bedroom, 1,296 sf, $970 to $1,070; two bedroom, 1,390 sf, $980 to $1,080; and three bedroom, 1,605 sf, $1,175 to $1,275.
Atlanta-based iCap Realty Advisors brokered the mortgage.
The loan comes at a time when Jacksonville mayor John Delaney has declared war on runaway commercial development growth.
Like a growing number of metropolitan areas determined to control development sprawl, Delaney has convinced the city it is less expensive to buy up prime undeveloped land than it is to pay for new roads, utilities, schools and other urban services required at new developments.
The half-cent sales tax addition approved recently by Jacksonville voters gives the city a land-buying chest to match state and federal grants.
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