$55m Non-recourse Construction Loan Secured for Build-to-rent Development in Port St. Lucie, Florida

December 18, 2023

JLL Capital Markets arranged $55M in non-recourse construction financing for EDEN at Tradition, a 214-unit build-to-rent project located in Port St. Lucie, Florida.

JLL Capital Markets announced today that it has arranged $55 million in construction financing for EDEN at Tradition, a 214-unit build-to-rent development project located in Port St. Lucie.

JLL worked on behalf of EDEN Living to secure the non-recourse loan. Additionally, in June 2023, JLL announced it had secured the project’s joint venture equity on behalf of EDEN Living.

The project is a part of the 8,300-acre master-planned development of Tradition, which includes office, retail, single-family, multi-housing, hospitality and medical uses. The larger development will offer residents 300 acres of parks, private schools, a Cleveland Clinic, a town center and numerous shopping and dining options.

Upon completion, EDEN at Tradition will offer two and three-bedroom townhome units with attached garages and private backyards, as well as a variety of community amenities, including a clubhouse, dog park, playground, a lake and walking paths.

Additionally, the property is 35 minutes from popular beaches, 45 minutes from West Palm Beach and less than two hours from Miami and Orlando. Major nearby employers include Cleveland Clinic, HCA Hospital, FedEx, Cheney Brother and Teleperformance.

The JLL Capital Markets team was led by Senior Director Max La Cava, Director Kenny Cutler and Analyst Shane Ciacci.

“Construction lenders remain bullish about the fundamentals in the single-family rental space as evidenced by the multiple financing quotes secured for EDEN at Tradition,” said La Cava. “Moreover, EDEN Living’s robust track record within the build-to-rent sector, coupled with the projects’ excellent deal-level metrics, made this capitalization a success.”

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

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Link: JLL Capital Markets