EDEN Living, with the mission to redefine an underserved segment of the rental population, secured financing for its horizontal apartment project under construction just south of Florida’s The Villages community. City National Bank provided the partnership with a $22 million construction loan for the 130-unit build-to-rent development on 15 acres in Wildwood, FL.
The financing transaction closed on March 6. EDEN Living began construction on the project at 2072 County Road 501 in June 2022. It expects to complete construction during the first quarter of 2024.
“We appreciate City National Bank’s support of our partnership’s innovative approach to build-to-rent development through this project in Wildwood, Florida,” said Jay Jacobson, CEO of EDEN Living. “In a time when traditional multifamily construction financing is difficult to come by, our horizontal apartment model – and the track record of our principals – resonates in the capital markets. We look forward to filling the void for new multifamily product in the Wildwood area.”
JLL Capital Markets’ Senior Director Max La Cava and Director Kenny Cutler, worked on behalf of EDEN Living to secure the non-recourse construction loan.
The Wildwood project site is surrounded by large-scale developments, many golf courses and an abundance of commercial and retail space. Its 130 units include a mix of 799-square-foot one-bedroom, one-bathroom apartments and 1,268-square-foot two-bedroom, two-bathroom apartments. Class A amenities at the project include a clubhouse, fitness center, pool, BBQ area, pickleball courts and a park with walkways and seating areas.
Conveniently located on the east side of I-75 and immediately west of Florida’s Turnpike, the development is also just five miles from Brownwood Paddock Square, the downtown hub of The Villages.
The Villages is one of Florida’s largest master-planned communities. It is experiencing substantial growth in the medical sector, as evidenced by HCA Healthcare’s $18.8 million purchase of a Trailwinds Village property in Wildwood. HCA is building a large medical facility on the site.
“Wildwood and The Villages are among the fastest-growing communities in Florida, and EDEN Living managed to secure one of the area’s most desirable development sites,” said Gary Fitzgerald, Real Estate Banking Executive at City National Bank of Florida. “The development’s premium location, coupled with the team’s track record and the surge of housing demand underway in Sumter County, made this a natural loan for City National Bank as we look to fund high-quality real estate projects across Florida.”
This project is part of a venture between EDEN Living and an investment fund managed by Morgan Stanley Real Estate Investing (“MSREI”). The venture currently has several horizontal-apartment projects under construction in Florida.
EDEN Living continues to expand its footprint across Florida. With the Wildwood project, a 265-unit development in Jacksonville and a 373-unit project in West Melbourne, the partnership has more than 750 horizontal build-to-rent units under construction in the state. Another 1,000 units are in various stages of the planning and permitting process.
Jacobson and fellow experienced multifamily developers Jay Massirman and Sergio Socolsky formed EDEN Living in February 2021.
The venture develops one-story living environments (and two-story townhomes in some locations) that provide enhanced privacy, exterior living space, courtyards and private landscaped backyards. Residents will be able to access their homes with no sharing of breezeways or elevators. Projects will include amenities that are on par with what is found in traditional Class A multifamily communities.
EDEN Living is actively seeking new development sites between 10 and 30 acres throughout its target markets. For direct inquiries, contact EDEN Living Director of Land Acquisition Jacky Sasson at firstname.lastname@example.org.
About EDEN Living:
EDEN Living is a partnership between EDEN Multifamily principals Jay Jacobson and Jay Massirman and America’s Capital Partners (ACP) Principal Sergio Socolsky. The partnership was formed to develop for rent, single-story detached horizontal apartment homes and two-story townhomes around the State of Florida and the Southeast, with future plans to expand the platform nationally. For more information on EDEN Living, visit http://www.edenliving.net.
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $19.4 billion, operations in over 80 countries and a global workforce of more than 102,000 as of September 30, 2022. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit www.jll.com.