August 22, 2019 – JLL announced today it has arranged a $24 million loan to refinance Agora at Port Richey, a 288-unit, garden-style apartment community in Port Richey, Florida.
Working exclusively on behalf of Agora Capital Partners, JLL placed the 10-year, fixed-rate loan with Goldman Sachs. The loan, which closed on July 31st and includes interest-only payments for the full term, replaces acquisition financing the same deal team secured on the borrower’s behalf in 2017.
Agora at Port Richey features 24, two-story buildings totaling 264,168 rentable square feet with a variety of one-, two- and three-bedroom layouts. Unit amenities include faux granite countertops, raised panel cabinet doors, new appliances and faux wood plank flooring. Community amenities include a swimming pool with cabanas, fitness center, dog park, playground, clubhouse, business center, internet café and coffee bar.
The JLL Capital Markets team representing the borrower was led by Managing Director Elliott Throne and Director Jesse Wright.
“Goldman Sachs provided a very attractive, low-rate, full-term, interest-only loan with a cash out option that won the business in the midst of a highly competitive lender field, including the agencies and other CMBS shops,” Wright said. “With this financing, the borrower has put themselves in an excellent position to hold the asset long-term.”