Gainesville Apartment Developer Secures $22M Refinancing DealMay 21st, 2016 by gainesvillechamber
Trimark Properties, a property management company and commercial real estate developer with headquarters in Gainesville, has secured a $22 million refinancing from JP Morgan for three of their apartment complexes: Solaria Luxury Apartments, Savion Park Luxury Apartments, and Tuscana Luxury Apartments. These luxury properties were built between 2014 and 2015, forming a portfolio that provides a walking option to class for the 50,000 students at the University of Florida looking for their home away from home. Trimark Properties has acquired a substantially lower interest rate and 10-year fixed-rate financing through Paul Ahmed of Walker & Dunlop, who led the financing through JP Morgan.
“Trimark Properties has done an outstanding job of revitalizing the apartment market near the University of Florida by designing a dynamic community of luxury student housing,” Ahmed said. “The property benefits from a highly-visible location where tenants are excited to live. With the consistent addition of modern, quality features, the properties will continue to see success making them a prime investment opportunity for lenders.”
Trimark’s impressive history in the Gainesville apartment market reflects their competency in controlling a niche market as well as providing quality service for their residents. Serving as a reflection of Trimark’s success, Savion Park, Tuscana, and Solaria were perfect candidates for lendors, boasting a combined total of 157,000 square feet and 114 units. These numbers, coupled with Trimark’s ability to lease at full capacity year after year, creates an enticing opportunity. Throughout the next few years the company is expected to continue expanding in the emerging market in Gainesville, FL, for multi-family and commercial real estate.
Solaria Luxury Apartments are comprised of 25 units offering a Spanish feel with upgraded kitchens complete with granite countertops and custom wood cabinetry. Residents’ bedrooms are attached to a luxury bathrooms with full tubs and pedestal sinks. Select apartment living rooms open into a private porch with a swing for residents to enjoy. Located in close proximity to Sorority Row and the UF campus, Solaria is a favorite among students who want the best location and don’t want to sacrifice luxury amenities.
Savion Park Luxury Apartments are comprised of 55 units that contain kitchens with new stainless steel appliances, built-in wine racks, and custom wood cabinetry made of birch wood with black finish. Most apartments include living rooms with built-in bookshelves, large windows for an abundance of natural sunlight, and elevated 9 foot ceilings. Each private bathroom includes oversized, ceramic stone tile flooring and a full-size tub. Savion Park is perfect for students, since it located within a 5 minute walk to the University of Florida campus.
Tuscana Luxury Apartments are just a few steps from UF sorority row and campus. Residents are able to enjoy granite countertops and stainless steel electric wine coolers in their kitchens. There are also elevated nine foot ceilings and designer lighting throughout the apartments. Select apartments include porches overlooking the creek, which contributes to the relaxed Tuscan design with an internal courtyard containing a fire pit and trickling water fountains. These features combined with being very close to UF classes help make Tuscana one of the nicest apartments in Gainesville for students.
In addition to receiving the refinancing, Tuscana and Solaria were recently in the news for winning two of the 2016 Gainesville City Beautification Awards for their outstanding excellence in design.