Financing in the amount of $48 million has been arranged for 243 build-to-rent villas and townhomes in Wildwood.
Solamar Wildwood, which won approval this past fall from Wildwood officials, is being built near the northwest corner of County Road 466A and County Road 462.
JLL Capital Markets announced this week that it has arranged $48 million in construction financing for the development.
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.