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Jax Developer Lands $33M Mezz Loan for Active-Adult Community – Connect CRE

by | Feb 27, 2024 | 0 comments

Rise: A Real Estate Company has received a $33 million mezzanine loan for a 308-unit age-restricted community on Jacksonville’s Southside. The developer of Rise Glen Kernan Park has also taken out a $61.45 million mortgage on the project, which will include 24,000 square feet of retail, a 174-room Embassy Suites hotel and a four-story memory care and assisted living center.

Pearlmark provided the mezz loan, Benefit Street Partners provided the mortgage.

The $95.9 million project is on a 30-acre site near Mayo Clinic Florida and the St. Johns Town Center, near the entrance to the Glen Kernan neighborhood.

Designed by architect Niles Bolton Associates, the project will include 72 cottages and 236 other apartment units. RISE Glen Kernan Park will offer an amenity package that includes a clubhouse, fitness center, yoga and group fitness space, media lounge, pool, pickleball courts, dog park and an event space.

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