JACKSONVILLE, FL— New York City-based Topaz Capital Group LLC, and JV Partner, Lynd Companies are pleased to announce the refinancing of Topaz Villas JAX located at 5327 Timuquana Rd, Jacksonville, FL 32210 on Wednesday, September 15. Just 15 months after the purchase of the property for $35.15 million in June 2019, the partnership closed on a 12-year non-recourse fixed-rate deal from Fannie Mae serviced by Arbor at a historically low-interest rate of 2.79%.
Marc A. Hershberg, Managing Partner & CEO of Topaz Capital Group LLC states “this new loan represents our unequivocal confidence in the Jacksonville market and the ability to take advantage of today’s historically low-interest-rate environment. TOPAZ aims to be a household name in the Multifamily space and this loan allows us to continue to revitalize our properties
with modern, functional amenities, enhanced technology, and vibrant social programs that have a positive impact on both our residents and the surrounding neighborhoods”.
A. David Lynd CEO of Lynd added “We are extremely pleased with this execution from arbor”. This portions this asset to be a financial success for the long term.”
Topaz Villas has fared well during Covid-19 and ownership continues to make significant improvements to the property. The new loan is a testament to the work done expeditiously and professionally at the property in the last year raising its value and the resiliency / strong performance of the Jacksonville market as a whole.
About Topaz : TOPAZ Capital Group is a vertically integrated multifamily real estate investment platform serving as the parent company for a group of operating subsidiaries, investment partnerships, funds, and ventures. The TOPAZ platform, has a nationwide presence, a reputation for excellence and has become a “best in class” multifamily real estate sponsor, investor, owner, partner, capital provider and developer. TOPAZ is setting the bar with transactional quality, multifamily strategies, investment returns, client services and industry impact focused on the Southeast. Explosive growth and thriving domestic and foreign relationships have provided TOPAZ with the ability to thrive on the leading edge of multifamily real estate investment and impact the multifamily real estate investment space in an exciting way.
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