TAMPA, Fla. – JCR Capital (JCR), a Denver-based real estate finance company, announced that its JCR Capital Commercial Real Estate Finance Fund III, LP (Fund III) has made a $2.7 million preferred equity investment to facilitate the acquisition and repositioning of Hidden River Grande, a 212-unit apartment community located in Tampa, Florida.
The property, which is 93 percent occupied, is comprised of 28 two-story, garden-style apartment buildings constructed in 1973 and renovated in 2012.
Upon acquiring the property, the sponsor will make further renovations including clubhouse upgrades, roof replacements, asphalt repairs, signage, painting, lighting, landscaping and pool maintenance. Interior renovations will include upgraded flooring, countertops, appliances, painting and cabinets.
The sponsor and JCR are also joint-venture partners on a 735-unit, five-asset portfolio of apartment buildings in the Tampa-area and a 752-unit, three-asset portfolio of apartments in the Orlando-area. The sponsor has owned or developed 2.5 million square feet of real estate in California, Texas, Arizona, and Florida.
“We are pleased to make another investment with this sponsor in Tampa,” said Jay Rollins, JCR’s CEO. “The sponsor has been very successful with this property type and this transaction presents another value-add opportunity that we expect will be mutually beneficial to all parties involved.”
To date, JCR funds have committed over $206 million of capital in 77 investments nationwide. JCR focuses on protecting principal while providing investors with excellent risk adjusted returns, including current pay and profit participation components. Fund III targets short duration investments, typically six to 36 months, in multifamily, retail, industrial, office, and finished lots using a diversified mix of senior debt, participating debt, and structured equity positions.
JCR, founded in 2006 and initially focused on distressed transactions, has transitioned to a “full cycle” finance company providing capital solutions with bridge loans, preferred equity, mezzanine loans and joint-venture equity for value added, distressed, and opportunistic transactions to middle market sponsors.
JCR is managed by Jay Rollins and Maren Steinberg, JCR’s Managing Principals. Since 1992, throughout several real estate cycles, this team has successfully invested over $2.0 billion in over 300 middle market commercial real estate transactions across three platforms — with less than a one percent principal loss ratio.
Mr. Rollins is author of the book, Commercial Real Estate Uncovered, a handbook for real estate finance and investment. He is a recognized industry leader and is a featured speaker and guest lecturer at numerous industry events and colleges and universities.
This communication is for informational purposes only and intended for our non-advisory loan origination and servicing clients only. As such, nothing herein is an offer or solicitation for the purchase or sale of any security, may not be relied upon in connection therewith, and is qualified in its entirety by any related Private Placement Memorandum and Partnership Agreement. An investment in a private real estate fund involves a substantial degree of risk and investors could lose some or all of their investment. SEC registration does not imply any particular level of skill. Any market data is third-party information and uncorroborated. Loan terms are subject to change.