Ebsc
JACKSONVILLE, Fla., Feb. 26, 2025 (GLOBE NEWSWIRE) — EBSC Lending has issued a $28.9 million construction loan to a Denver-based commercial real estate developer for the development of a 56-unit multifamily property in Jacksonville, Florida. The five-story building, set to be completed in the second quarter of 2026, will offer a combination of studio, one-bedroom, and two-bedroom units, with four designated as “affordable.” Each apartment will feature in-unit washer and dryer, stainless steel appliances, quartz countertops, and laminate flooring. The property will also include a variety of shared amenities, such as a ground-floor tenant lounge, coworking space, roof deck with a BBQ area, community garden, club room, dog run, and a fitness center.
The EBSC team successfully navigated market challenges by employing a creative strategy that significantly lowered the borrower’s capital costs, providing considerable savings on interest expenses. “We needed to pick up the pieces quickly. Given our history of executed loans, we were able to step in after the original lender pulled out of the deal within a week of the scheduled close and were able to get this across the finish line in 28 days,” said David Palmer Vice President Special Assets, who heads the firm’s originations.
“The borrower is an experienced developer based in Denver, with whom EBSC has worked on previous loan arrangements. This project marks their second development in the Jacksonville market, with two additional sites currently in the entitlement process. We look forward to furthering our relationship with them as they continue to advance their development pipeline,” said Martin Alex, CEO of EBSC Lending.
The development site is located at the southwest corner of Florida Route 207 and Lightsey Road in St. Augustine, about 2 miles east of Interstate 95 and approximately 40 miles southeast of Jacksonville. The site is also just 2 miles from the Dixie Highway retail corridor, home to a variety of grocery stores, big-box retailers, restaurants, and shops.
EBSC Lending is a real estate lending business that provides customized financing solutions for a wide range of property types across primary and secondary U.S. and Canadian metropolitan markets. With a history of navigating diverse market cycles, EBSC Lending has invested over $2 billion in balance sheet capital since its inception. The firm specializes in a broad array of financing options, including Bridge Loans, Construction Loans, Cannabis Financing, Commercial Bridge Loans, C-Pace, Fix & Flip Loans, Hard Money, Lines of Credit, Mezzanine Financing, Multifamily Bridge Loans, Rental Loans, and Self-Storage Facilities. EBSC Lending’s fully dedicated teams in origination, underwriting, closing, and servicing ensure efficient and timely execution to meet client needs.
Media Contact.
Martin Alex.
EBSC Lending.
(949) 229 6155.
info@EBSC-llc.com
www.ebsc-llc.com
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/6a480072-cf2f-4350-9f96-8f67e6b8fd46
