ECI Group Secures $17.66 Million Mezzanine Loan for New Multifamily Project in Davenport, FL
ECI Group, in conjunction with its partners Smith Hill Capital and InterVest, has made strides in the real estate sector by securing a substantial mezzanine loan amounting to $17.66 million. This funding will play a crucial role in enhancing the ongoing development of the Lynwind Apartments, a Class A multifamily community located in Davenport, Florida.
Situated at 2110 Lynwind Boulevard, the development boasts 384 units and has already achieved a leasing rate of 91%. The project is a collaboration led by The Latigo Group, based in Los Angeles, California. According to John Clair, ECI's Director of Finance, this transaction reflects the comprehensive capabilities of ECI’s private lending platform. It emphasizes the company’s commitment to navigating the complex debt markets and delivering tailored financial solutions to its partners. "The Lynwind transaction is a testament to our collaborative efforts and our goal of providing unique financing solutions for multifamily operators in the Southeast," Clair stated.
Brendan McCormick, Managing Principal of Smith Hill Capital, echoed Clair's sentiments, expressing his enthusiasm for the partnership. McCormick highlighted the strategic importance of this financing, designed specifically to address the requirements of the multifamily sector.
Lynwind Apartments, completed in 2023, spans over 26.6 acres in a prime location that is adjacent to numerous local amenities. Residents will enjoy proximity to the Publix-anchored Ovation retail center, several renowned golf courses, and iconic attractions such as Walt Disney World and Universal Studios. The community is designed for modern living and offers a variety of apartment layouts including one-, two-, three-, and four-bedroom units, all featuring upscale finishes.
The development incorporates a range of on-site amenities to enhance resident lifestyle, such as a clubhouse equipped with a gym and yoga studio, an expansive outdoor pool, and several recreational spaces.
Reflecting on this significant investment, ECI Group acknowledges the support of Bercut Smith, JLL’s Managing Director of Capital Markets, who played a vital role in facilitating this deal.
Established over half a century ago, ECI Group stands as a prominent name in the U.S. real estate landscape, particularly in the multifamily sector. The company operates as a fully integrated firm with expertise in development, construction, investment, and property management, holding a portfolio that exceeds 7,000 units across the Southeastern United States and Texas.
Smith Hill Capital specializes in commercial real estate debt investment management and aims to target unique financing opportunities resulting from market discrepancies. With a well-experienced team, Smith Hill looks to provide effective financing solutions, ensuring favorable results for its stakeholders.
On a related note, InterVest Capital Partners, based in New York, focuses on asset-based lending and structured finance, boasting more than $15 billion in managed funds. Their priority is to maximize asset value and bolster long-term growth through innovative deal structures and robust stakeholder alignment.
The collaboration between ECI Group, Smith Hill Capital, and InterVest signifies a promising advancement in the multifamily real estate sector, showcasing their commitment to excellence and adaptive financial solutions amidst market challenges.
Situated at 2110 Lynwind Boulevard, the development boasts 384 units and has already achieved a leasing rate of 91%. The project is a collaboration led by The Latigo Group, based in Los Angeles, California. According to John Clair, ECI's Director of Finance, this transaction reflects the comprehensive capabilities of ECI’s private lending platform. It emphasizes the company’s commitment to navigating the complex debt markets and delivering tailored financial solutions to its partners. "The Lynwind transaction is a testament to our collaborative efforts and our goal of providing unique financing solutions for multifamily operators in the Southeast," Clair stated.
Brendan McCormick, Managing Principal of Smith Hill Capital, echoed Clair's sentiments, expressing his enthusiasm for the partnership. McCormick highlighted the strategic importance of this financing, designed specifically to address the requirements of the multifamily sector.
Lynwind Apartments, completed in 2023, spans over 26.6 acres in a prime location that is adjacent to numerous local amenities. Residents will enjoy proximity to the Publix-anchored Ovation retail center, several renowned golf courses, and iconic attractions such as Walt Disney World and Universal Studios. The community is designed for modern living and offers a variety of apartment layouts including one-, two-, three-, and four-bedroom units, all featuring upscale finishes.
The development incorporates a range of on-site amenities to enhance resident lifestyle, such as a clubhouse equipped with a gym and yoga studio, an expansive outdoor pool, and several recreational spaces.
Reflecting on this significant investment, ECI Group acknowledges the support of Bercut Smith, JLL’s Managing Director of Capital Markets, who played a vital role in facilitating this deal.
Established over half a century ago, ECI Group stands as a prominent name in the U.S. real estate landscape, particularly in the multifamily sector. The company operates as a fully integrated firm with expertise in development, construction, investment, and property management, holding a portfolio that exceeds 7,000 units across the Southeastern United States and Texas.
Smith Hill Capital specializes in commercial real estate debt investment management and aims to target unique financing opportunities resulting from market discrepancies. With a well-experienced team, Smith Hill looks to provide effective financing solutions, ensuring favorable results for its stakeholders.
On a related note, InterVest Capital Partners, based in New York, focuses on asset-based lending and structured finance, boasting more than $15 billion in managed funds. Their priority is to maximize asset value and bolster long-term growth through innovative deal structures and robust stakeholder alignment.
The collaboration between ECI Group, Smith Hill Capital, and InterVest signifies a promising advancement in the multifamily real estate sector, showcasing their commitment to excellence and adaptive financial solutions amidst market challenges.
Topics General Business）
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