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BSC Lending has provided a $28.9 million construction loan to a Denver-based developer for a 56-unit multifamily property in Jacksonville, Florida. The five-story building will feature studio, one-bedroom, and two-bedroom units, with four designated as "affordable." Each apartment will come equipped with modern amenities such as in-unit washer and dryer, stainless steel appliances, and laminate flooring.

    The property will also include shared amenities like a ground-floor lounge, coworking space, roof deck with BBQ area, community garden, club room, dog run, and fitness center. EBSC's team successfully navigated market challenges by employing a creative strategy that reduced the borrower's capital costs, resulting in significant interest expense savings.

    "We were able to step in quickly after the original lender pulled out of the deal," said David Palmer, Vice President Special Assets. "Our history with the borrower allowed us to get this project across the finish line in 28 days." Martin Alex, CEO of EBSC Lending, added that they look forward to continuing their relationship with the developer as they advance their pipeline.

    The development site is located near Interstate 95 and the Dixie Highway retail corridor, which offers a variety of amenities. EBSC Lending provides customized financing solutions for various property types across primary and secondary U.S. and Canadian markets. With over $2 billion invested in balance sheet capital since its inception, the firm specializes in a range of financing options, including construction loans, bridge loans, and multifamily financing.

    The loan was issued with efficient execution by EBSC's dedicated teams in origination, underwriting, closing, and servicing.