IN THE NEWS
MIAMI, Jan. 23, 2023 – JLL Capital Markets announced today that it has arranged $48 million in construction financing for the development of Solamar Wildwood, a 243-unit, build-to-rent townhome and villa community located in Wildwood, Florida and adjacent to The Villages, the largest 55+ active-adult master-planned community in the United States.
JLL worked on behalf of the borrower, TRUSOT Developments and Agador Spartacus Development, to secure the two-year, non-recourse loan through Churchill Real Estate. TRUSOT and AS are developing Solamar Wildwood as part of a joint venture that includes several projects across Florida, including Solamar Kissimmee, which was also financed by Churchill Real Estate.
“We view this as a continuation of our overarching belief in the BTR space and are excited to continue down this path with the TRUSOT and AS team” said Jeff Rosenfeld, who, along with Sean Robertson, co-head Churchill’s Institutional Property Group.
Once completed, Solamar Wildwood will feature one, two- and three-bedroom homes, with semi-private backyards and a combination of surface parking spaces and private garages. The property will benefit from a robust amenities package, including a resort-style swimming pool, a spacious sun deck with cabanas, a professional fitness studio with a yoga room, a summer kitchen and a tropical clubhouse.
Located adjacent to The Villages – the #1 fastest growing metro area in the U.S. since 2010, Solamar Wildwood will strategically capture multiple renter demographics, including a portion of the 65,400 employees working in and around The Villages who are under 55 and restricted from living in The Villages, new-to-market residents migrating to The Villages who want to rent before committing to buying and existing homeowners within The Villages who are seeking to upgrade to a maintenance-free build-to-rent lifestyle.
The JLL Capital Markets Advisory team was led by Senior Director Max La Cava, Director Kenny Cutler and Analyst Karim Khaiboullin.
“Construction lenders remain bullish about the fundamentals in the single-family rental space as evidenced by the multiple financing quotes secured for Solamar Wildwood,” said La Cava. “Banks and debt funds recognize the value proposition of developing built-to-rent communities in fast growing submarkets with supply-demand imbalances in the housing sector.”
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment and sales advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.