EBSC Lending has issued a $28.9m loan to a commercial real-estate developer in Denver for the construction of a multifamily property in Jacksonville, Florida, US.

The loan will facilitate the development of a five-storey building with 56 residential units, scheduled for completion in the second quarter (Q2) of 2026.

The project will offer a mix of studio, one-bedroom, and two-bedroom apartments, and four are designated as affordable units.

Each apartment will include modern features such as stainless steel appliances, in-unit washers and dryers, quartz countertops, and laminate flooring.

Residents will have access to shared amenities, including a tenant lounge on the ground floor, a roof deck with a grilling area, a coworking space, a community garden, a dog run space, a club room, and a fitness centre.

Despite market challenges, the EBSC team implemented a creative strategy that reduced the capital costs of the borrower. This approach has led to substantial savings on interest expenses for the developer.

ESBC special assets vice-president David Palmer said: “We needed to pick up the pieces quickly. Given our history of executed loans, we were able to step in after the original lender pulled out of the deal within a week of the scheduled close and were able to get this across the finish line in 28 days.”

EBSC Lending CEO Martin Alex added: “The borrower is an experienced developer based in Denver, with whom EBSC has worked on previous loan arrangements.

“This project marks their second development in the Jacksonville market, with two additional sites currently in the entitlement process. We look forward to furthering our relationship with them as they continue to advance their development pipeline.”

The property's location at the south-west corner of Florida Route 207 and Lightsey Road in St. Augustine positions it conveniently near Interstate 95 and nearly 40 miles south-east of Jacksonville.

Additionally, it is a mere two miles from the Dixie Highway retail corridor.