JACKSONVILLE, FL-St. Johns Phase 1 LLC, a Delaware-based developer, has closed a $45.8-million construction loan for the Strand, a planned 28-story, 250-unit apartment community that is part of a three-phased, multi-million-dollar Downtown redevelopment of the St. Johns River area. The site is at 1401 Riverplace Blvd.

Pacific Life Insurance Co. of Newport Beach, CA provided the loan but didn’t disclose its length, interest rate, amortization period or loan to value ratio. The developer plans a 37-story, 234-unit condominium community in the second phase of the project. The third and final phase will be a mixed-use commercial site containing undetermined office and retail space, parking and restaurants.

Construction of the first phase is expected to be completed by May 2006. The Strand consists of 204 two-bedroom units, 25 three-bedroom units and 21 studio units. Projected rents are undetermined. American Land Ventures of Miami and its president, Granvil Tracy, manage St. Johns Phase 1.

Matthew G. Breuer and David Cook in the Tampa law office of Foley & Lardner represented Pacific Life. Madison Capital Group LLC of Miami brokered the loan. Angelo, Barry and Banta, a Fort Lauderdale-based law firm, negotiated for the developer.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.