GMF Capital Lands $35M Loan for Port St. Lucie Apartment Acquisition
By Andrew Coen September 15, 2021 3:00 pm
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GMF Capital landed $35.42 million of agency debt for its acquisition of a South Florida multifamily property, the developer announced Wednesday.
JLL (JLL) Capital Markets originated the Freddie Mac–backed loan for GMF’s The Parc at Gatlin Commons, a 200-unit, garden-style apartment community in Port St. Lucie, Fla., completed in 2020. The loan will be serviced by JLL Real Estate Capital, a licensed Freddie Mac Optigo lender.
GMF purchased the property, which is located six miles from the New York Mets‘ spring training complex, from Panther Residential Management for $46 million.
The deal was secured through a JLL debt team that included Senior Managing Director Elliott Throne, Managing Director Brian Gaswirth, Director Jesse Wright and Associate Kenny Cutler. JLL’s GMF Capital acquisitions team was led by Jared Frydman and Alejandro Ramirez.
“Freddie Mac provided extremely accretive loan terms with great flexibility for an experienced, repeat borrower,” Gaswirth said in a statement.
Located at 1900 Aledo Lane, The Parc at Gatlin Commons comprises a mix of one-, two- and three-bedroom units. Its amenities include fitness facilities, a clubhouse, theater room and swimming pool.
“GMF has done an exceptional job adding a brand-new, high-quality asset to their rapidly expanding portfolio in Florida,” Wright said in a statement.
Monthly rents at The Parc at Gatlin Commons range from $1,641 for one-bedroom units to $2,489 for three bedrooms, according to Apartments.com.
Freddie Mac and GMF Capital did not immediately respond to requests for comment.
Andrew Coen can be reached at acoen@commercialobserver.com.
