EJF Capital JV to Develop Multifamily Property in Jacksonville Opportunity Zone
EJF Capital LLC and Chance Partners LLC have broken ground on Eastborough, a two building, 226-unit multifamily community in an opportunity zone located in the San Marco neighborhood of Jacksonville, Florida.
EJF Capital LLC and Chance Partners LLC plan to develop a two building, 226-unit multifamily property dubbed Eastborough in the San Marco neighborhood of Jacksonville, Florida.
Situated on a 6.6-acre parcel in an opportunity zone, Eastborough will be comprised of two four-story multifamily buildings surrounded by a surface parking lot. Synovus Bank provided $25.3 million of construction financing to the transaction.
“San Marco is not your typical Jacksonville neighborhood,” said Jeff Rosen, principal with Chance Partners. “It is a community that is walkable, comfortable, promotes neighborhood interaction and offers a central location. It is designed to focus on the whole person and quality of life.”
EJF Capital LLC is a global alternative asset management firm headquartered outside of Washington, D.C. that focuses on regulatory event-driven investment themes including its strategy to invest in opportunity zones. EJF recently launched its second opportunity zone fund, EJF OpZone Fund II LP, to invest primarily on multifamily and industrial development opportunities in disadvantaged areas. EJF’s inaugural fund closed in January 2021 after raising approximately $280 million. As of June 30, 2021, the firm managed approximately $6 billion across a group of alternative asset strategies.
