Newmark Knight Frank (NKF) announces a $26 million 15-year fixed-rate refinance loan for Evolve at Stones Bay. NKF’s Managing Director Josh Davis along with Managing Director Chris Caison and Vice President C.J. Webb represented property owners Evolve Companies in securing the financing backed by Freddie Mac for the asset.
“Despite the uncertainty of the economic environment due to the novel coronavirus pandemic, our team displayed a great effort in assisting Evolve Companies in securing the Freddie Mac refinance loan,” said Davis. “The borrower was able to lock in a low rate with an attractive spread on a long-term fixed-rate structure for the refinancing of Evolve at Stones Bay shortly after completing a significant expansion of the property.”
Evolve at Stones Bay, located in Sneads Ferry, is a 300-unit Class-A garden-style multifamily property that is owned and managed the Evolve Companies. The apartment community includes a mix of one-, two- and three-bedroom units with on-site amenities including a business center/clubhouse, fitness center, game room, grill/picnic area, playground, pool, sundeck and volleyball court.
Evolve at Stones Bay is approximately a 15-minute drive from Marine Corps Base Camp Lejeune, the site of the largest concentration of marines and sailors in the world and a major economic force in the Jacksonville metro area. The property is located within 4.5 miles of the Atlantic Coast and is within walking distance of Stones Bay, an inlet of New River which connects Jacksonville to the Atlantic Ocean. Residents at the property are also a twenty-minute drive to Downtown Jacksonville, which is home to nearly 150 office users, 20 industrial businesses, 350 retail stores and 20 medical firms.
According to NKF Research the multifamily asset class has been the top performing property type for rent collections since the onset of COVID. The performance of this property type in the Southeast region has outpaced the broader US multifamily market on both a short- and long-term basis as the region exhibits strong job growth, demographic tailwinds and a favorable regulatory environment. Garden-style apartments in the Southeast have experienced superior outperformance compared to the overall market
About Newmark Knight Frank
Newmark Knight Frank, operated by Newmark Group, Inc. (NASDAQ: NMRK), is one of the world's leading and most trusted commercial real estate advisory firms, offering a complete suite of services and products for both owners and occupiers. Together with London-based partner Knight Frank and independently-owned offices, NKF's 18,000 professionals operate from approximately 480 offices on six continents. NKF’s investor/owner services and products include investment sales, agency leasing, property management, valuation and advisory, diligence, underwriting, government-sponsored enterprise lending, loan servicing, debt and structured finance and loan sales. Occupier services and products include tenant representation, real estate management technology systems, workplace and occupancy strategy, global corporate services consulting, project management, lease administration and facilities management. For further information, visit www.ngkf.com.
