South Florida developer scores construction loan for Jacksonville multifamily project
Royal-Palms-Main-Street2025
Royal Palms Main Street is expected to offer a mix of garden-style apartments and townhouses for rent, seen in this rendering. (Ceiba Groupe)
South Florida developer scores construction loan for Jacksonville multifamily project
Royal Palms Main Street to offer 227 townhouses and apartment units in gated community
An affiliate of Ceiba Groupe, a Fort Lauderdale, Florida-based
developer, received a $40.2 million construction loan for a new
multifamily and built-to-rent project along Main Street in
Jacksonville, Florida.
Plans for Royal Palms Main Street include 227 rental units,
comprising 168 garden-style apartments and 59 townhouses within a
gated community at 15275 N. Main St. Apartment floorplans include
one- and two-bedroom residences alongside three- and four-bedroom
townhouse units.
Crestline Investors provided the loan, while Ceiba Groupe was
represented by JLL Capital Markets in the deal.
“Royal Palms Main Street represents a highly differentiated offering in
North Jacksonville, combining traditional multifamily units with
townhomes in a fully amenitized community,” said Chris Drew, a
senior managing director at JLL Capital Markets, in a press release
from the brokerage.
“Jacksonville’s status as one of America’s fastest-growing cities,
combined with this property’s strategic location near major
employment centers, positions Royal Palms Main Street for strong
performance in a market experiencing unprecedented in-migration
and economic expansion,” Drew said.
Market asking rents in Jacksonville average $1,522 a month, with
renter demand beginning to rebound this year after the past two years
of slow activity, according to a CoStar report. Still, Jacksonville
continues to gain residents at one of the fastest rates in the country,
with over 3,300 new apartment units under construction, the report
said.
Royal Palms Main Street is 13 miles north of downtown Jacksonville
and is connected to the city via State Route 17. Interstate 95 is less
than a mile east of the Royal Palms site and provides additional
connectivity to the River City Marketplace and Jacksonville
International Airport.
“We look to create resilient projects that stand the test of time,” said
Adam Bedzow, managing principal of Ceiba Groupe, in the press
release. “Royal Palms Main Street, with its completely differentiated
unit and amenity offerings, is another incredible project embodying
our development ethos,” said Bedzow.
South Florida developer scores construction loan for Jacksonville multifamily project
Royal Palms Main Street to offer 227 townhouses and apartment units in gated community
An affiliate of Ceiba Groupe, a Fort Lauderdale, Florida-based
developer, received a $40.2 million construction loan for a new
multifamily and built-to-rent project along Main Street in
Jacksonville, Florida.
Plans for Royal Palms Main Street include 227 rental units,
comprising 168 garden-style apartments and 59 townhouses within a
gated community at 15275 N. Main St. Apartment floorplans include
one- and two-bedroom residences alongside three- and four-bedroom
townhouse units.
Crestline Investors provided the loan, while Ceiba Groupe was
represented by JLL Capital Markets in the deal.
“Royal Palms Main Street represents a highly differentiated offering in
North Jacksonville, combining traditional multifamily units with
townhomes in a fully amenitized community,” said Chris Drew, a
senior managing director at JLL Capital Markets, in a press release
from the brokerage.
“Jacksonville’s status as one of America’s fastest-growing cities,
combined with this property’s strategic location near major
employment centers, positions Royal Palms Main Street for strong
performance in a market experiencing unprecedented in-migration
and economic expansion,” Drew said.
Market asking rents in Jacksonville average $1,522 a month, with
renter demand beginning to rebound this year after the past two years
of slow activity, according to a CoStar report. Still, Jacksonville
continues to gain residents at one of the fastest rates in the country,
with over 3,300 new apartment units under construction, the report
said.
Royal Palms Main Street is 13 miles north of downtown Jacksonville
and is connected to the city via State Route 17. Interstate 95 is less
than a mile east of the Royal Palms site and provides additional
connectivity to the River City Marketplace and Jacksonville
International Airport.
“We look to create resilient projects that stand the test of time,” said
Adam Bedzow, managing principal of Ceiba Groupe, in the press
release. “Royal Palms Main Street, with its completely differentiated
unit and amenity offerings, is another incredible project embodying
our development ethos,” said Bedzow.
