EDEN Multifamily just scored a $45 million loan that will finance the construction of its 288-unit multifamily project in Volusia County’s growing Port Orange city.
The developer sourced the mortgage from private real estate lender Trez Capital earlier this month. Cushman & Wakefield arranged the construction financing on behalf of EDEN.
Plans for the garden-style EDEN Crystal Lake in Port Orange apartment community call for a mix of one, two and three-bedroom apartments across several three-story buildings. Units will feature nine-foot ceiling heights, granite countertops, walk-in closets and balconies/patios.
Amenities will include a clubhouse, resort-style pool, fitness center, lakefront boardwalk, dog park with a grooming station, large lawn areas and detached garages.
Records show the developer paid $3.27 million for the longtime vacant 19.5-acre site at 1270 Reed Canal Road in 2019.
EDEN Multifamily co-founder Jay Jacobson told GrowthSpotter the groundbreaking was pushed back because of COVID-19, but with construction now underway he expects to openby the second quarter of next year.
IP Investment Managementis an equity partner in EDEN Crystal Lake. The privately held real estate investment company is based in Singapore.
This would be the first of many projects Jacobson and co-founder Jay Massirman are planning in Central Florida. The EDEN Multifamily is currently reconfiguring a site plan for a proposed apartment community on part of the Stoneybrook East Golf Club in east Orlando.
And last month, the EDEN Multifamily principals announced they had teamed up withAmerica’s Capital Partners’ Sergio Socolsky to create EDEN Living, a new horizontal apartment development firm. Jacobson said the partners have narrowed down five general areas across Florida where they plan to build horizontal apartments, one being in Metro Orlando.
“We raised a significant amount of equity,” Jacobson said. “It’s just a matter of finding the right sites.”
Like those locations, Jacobson said the company carefully takes time to research areas where it plans to invest.
In regards to EDEN Crystal Lake’s location, he said studies show the Daytona MSA is projected to experience exponential economic growth between 2020 and 2025, with a forecast of more than 39,400 new residents and 25,130 new jobs created.
A fair amount of people are moving to the area, both from other cities in Florida and from outside of the state, he said.
Other indicators of growth include the site’s proximity to strong employment providers either by the Space Coast or in Daytona, like the Embry-Riddle Aeronautical University, the headquarters for the Ladies Professional Golf Association (LPGA), the Daytona International Speedway and the Daytona Beach International Airport.
Just across EDEN’s development, the Collier Companies is in the midst of constructing its 310-unit multifamily community at 1401 Reed Canal Road.