Corner Lot Living is developing the Class A, garden-style community
JACKSONVILLE, FL (January 21, 2021) – Franklin Street has arranged the construction financing and equity placement for Duval Crossing, a 270-unit, Class A, garden-style apartment community in Jacksonville.
Franklin Street’s Laura Gonzales, Director of Capital Markets, Debt and Equity Origination, secured the financing and equity on behalf of developer Corner Lot Living. Based in Jacksonville, Corner Lot Living is a recently formed division of Corner Lot Development Group. Led by Andy Allen, George Leone and Scott Hobby, the division focuses on multifamily development throughout Northeast Florida.
The construction loan was secured through a regional bank relationship that features extremely competitive pricing, interest-only payments throughout the development process and ample time for completion and lease up. In addition to securing the debt financing, Franklin Street leveraged its vast investor network to arrange a joint-venture equity partnership for the developers. The partnership was arranged with a first-class investment firm with substantial experience in the multifamily development arena.
“We are fortunate to have connected and partnered with the amazing developer, equity partner and lender with the common goal of developing a project that meets the needs of the growing Jacksonville community,” said Gonzales. “All parties were aligned on the vision for this project and share a mutual belief in its value potential.”
Duval Crossing, located at 14200 Duval Road, is just west of Interstate 95 and three miles from Jacksonville International Airport. The community, situated on 13.5 acres, will consist of 11 three-story buildings and units will range from one to three bedrooms.
The community’s robust amenities will include a resort-style pool, outdoor summer kitchen with grilling areas, a clubhouse with a fully-equipped gym, and a dog walking path and dog park.
About Franklin Street:
Founded in 2006 during one of the toughest real estate climates, Franklin Street focused on delivering value-added solutions to meet the evolving needs of clients. Through a collaborative philosophy of leveraging the resources, expertise and experience of each of its lines of business, Franklin Street has grown to include seven business divisions – Investment Sales, Tenant and Landlord Representation, Capital Advisory, Insurance, Property Management and Project Management. With more than $5 billion in transaction value across all major product types, Franklin Street offers unmatched value and optimal solutions for clients nationwide. Headquartered in Tampa, Fla., the company has offices in Fort Lauderdale, Jacksonville, Miami, Orlando and Atlanta. Learn more about Franklin Street at FranklinSt.com.
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