HOLLYWOOD, FL-Locally based JL Real Ventures has closed on $40 million in bridge and mezzanine financing with plans to acquire multifamily properties in the Southeast in all-cash transactions. The company, which acquires and develops multifamily properties, currently owns 1,000 units and has another 650 units under development in Florida, Alabama, Mississippi and Louisiana. In Florida, the company plans to acquire value-add opportunities and, in the other states, plans to acquire newer properties.
JL Real Ventures managing partner Jordan Kavana tells GlobeSt.com that the company chose to pursue this type of financing because of the current volatility in the debt markets with respect to multifamily properties. "Brokers are getting deals handed back to them because buyers cannot get financing for deals," he says.
The company's recent acquisitions include the 240-unit Grande View Apartments at 151 Grande View Dr. in Biloxi, MS for $21.6 million, or $90,000 per unit. The 99%-leased complex was acquired at a 6.6% cap rate. The company also acquired the 300-unit Marina Palms apartment complex at 6904 Manatee Ave. West in Bradenton, FL for just under $22 million. The property was constructed in 1974 and was 85% occupied at the time of the sale. The company plans to spend $1 million in capital improvement to increase occupancy and rental rates.
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