BLD Group and JSB Capital Secure $156.5 Million to Refinance High-Quality Multifamily Properties

FORT LAUDERDALE, Fla., July 26, 2023 /PRNewswire/ -- A joint venture between BLD Group and JSB Capital Group today announced that it has refinanced a portfolio of three Class A multifamily properties in Florida.   

Two of the properties — the 308-unit V2 Apartments in Fort Myers, and the 220-unit Sunnyside Apartments in Panama City Beach — are in lease-up, while the third — the 336-unit Sundance Trails Apartments in Wildwood — has nearly completed construction.

Each of the communities features contemporary layouts with luxurious finishes, including stainless steel appliances and granite countertops, as well as property amenities that include state-of-the-art clubhouses, business centers, fitness centers, resort-style pools with grilling and sun decks, common area Wi-Fi and electric car outlets.  

Eastdil Secured advised the joint venture on the financing, and a vehicle sub-advised by Rialto Capital Management originated the $156.5 million, five-year, floating rate loan that closed on July 14, 2023.   

BLD Group's current focus is acquiring, entitling and developing sites in Florida, Colorado and the Southern United States. BLD Group's foundation is built on multiple generations of real estate development. Its principals have been involved in over ten billion dollars of real estate transactions, the development of over four million square feet of real estate, and the construction of over twelve thousand residential units. The firm seeks underserved markets with strong economic drivers. BLD Group's current development pipeline totals over 2,000 residential units and several commercial projects. The company is continuously searching for opportunities that will enhance the quality of life for those seeking to rent versus purchase a home.   

JSB Capital Group is a privately-held real estate investment management firm with primary offices in Miami, New York City and Baltimore.  JSB invests both directly and alongside best-in-class operators focused on specific asset classes, geographies and investment strategies. JSB has invested more than $3bn of equity, representing greater than $10bn of asset value across various asset classes, and has acquired or built nearly 50,000 apartment units across the United States. While its focus is multifamily assets, JSB actively sources opportunistic investments across the asset spectrum, seeking to devise creative capital markets and operational strategies to drive superior risk-adjusted cash yields and long-term returns.  

SOURCE BLD Group; JSB Capital