JACKSONVILLE, Fla. — Pearlmark has provided a $33 million mezzanine loan for the development of RISE @ Glen Kernan Park, a 308-unit active adult development in Jacksonville’s Southside neighborhood.
Pearlmark closed the financing via its Pearlmark Mezzanine Realty Partners V LP investment vehicle. Benefit Street Partners provided the senior debt piece, the amount of which was not disclosed.
Taylor Williams of Walker & Dunlop arranged the project capitalization on behalf of the borrower, RISE, a locally based multifamily development firm with five other projects in the Jacksonville market.
RISE @ Glen Kernan Park is situated near the Mayo Clinic and St. Johns Town Center and is reserved for residents age 55 years and older. Upon completion, the 30-acre project will comprise 236 apartment units and 72 cottages.