Wildwood build-to-rent project with 130 units wins $22 million construction loan
The developer of a 130-unit build-to-rent community being built in Wildwood has obtained a $22 million construction loan to complete the project.
EDEN Living secured financing from City National Bank for the project, which will be built on 15 acres at 2072 County Road 501. The transaction closed March 6. Construction started in June 2022 and is expected to be completed in the first quarter of 2024.
“We appreciate City National Bank’s support of our partnership’s innovative approach to build-to-rent development through this project in Wildwood, Florida,” said Jay Jacobson, CEO of EDEN Living. “In a time when traditional multifamily construction financing is difficult to come by, our horizontal apartment model – and the track record of our principals – resonates in the capital markets. We look forward to filling the void for new multifamily product in the Wildwood area.”
The Wildwood project site is surrounded by large-scale developments, many golf courses and an abundance of commercial and retail space. Its 130 units include a mix of 799-square-foot one-bedroom, one-bathroom apartments and 1,268-square-foot two-bedroom, two-bathroom apartments. Class A amenities at the project include a clubhouse, fitness center, pool, BBQ area, pickleball courts and a park with walkways and seating areas.
Located on the east side of Interstate 75 and immediately west of Florida’s Turnpike, the development is also just five miles from Brownwood Paddock Square, a downtown hub of The Villages.
The Villages is one of Florida’s largest master-planned communities. It is experiencing substantial growth in the medical sector, as evidenced by HCA Healthcare’s $18.8 million purchase of a Trailwinds Village property in Wildwood. HCA is building a large medical facility on the site.
“Wildwood and The Villages are among the fastest-growing communities in Florida, and EDEN Living managed to secure one of the area’s most desirable development sites,” said Gary Fitzgerald, Real Estate Banking Executive at City National Bank of Florida. “The development’s premium location, coupled with the team’s track record and the surge of housing demand underway in Sumter County, made this a natural loan for City National Bank as we look to fund high-quality real estate projects across Florida.”
This project is part of a venture between EDEN Living and an investment fund managed by Morgan Stanley Real Estate Investing (“MSREI”). The venture currently has several horizontal-apartment projects under construction in Florida.
EDEN Living continues to expand its footprint across Florida. With the Wildwood project, a 265-unit development in Jacksonville and a 373-unit project in West Melbourne, the partnership has more than 750 horizontal build-to-rent units under construction in the state. Another 1,000 units are in various stages of the planning and permitting process.