OCALA,
Fla., July 23, 2024 /PRNewswire/ -- D2 Capital
Advisors arranged $2,400,000 in
financing for the acquisition of Northern Oaks, a fully approved
250-unit build-to-rent ("BTR") townhome development site, being
developed by Southern Waters Capital, a Fort Lauderdale-based developer experienced in
ground-up development of build-to-rent communities throughout
Florida and the Southeast.
The acquisition financing was arranged by Philadelphia-based D2 Capital Advisors'
Jack Cortese, David Frankel, and John
Lightcap. The financing was provided by Sure Lending.
Located along NW 35th Street and right off the newly
approved I-75 interchange, the development site is one of the
largest remaining land assemblages within Ocala's city limits and is just 3.5 miles
north of the flourishing downtown district.
"D2's expertise in land development and financing was extremely
valuable to Southern Waters Capital throughout the financing
process," said Ray Mazzie, CEO of
Southern Waters Capital. "Their team's productivity, adaptability,
and deep understanding of our business model enabled us to secure
financing in this challenging lending environment."
"As land developers ourselves, through our D2 Organization
affiliate, we have a great respect for all of the hard work that
the Southern Waters Capital team has achieved in Ocala and throughout their portfolio," said
Jack Cortese, Vice President of D2 Capital Advisors. "And we
are excited for their continued growth as well as for what's next
as the Northern Oaks project is fully built out."
The 250-unit build-to-rent townhome project is anticipated to
cost approximately $73,000,000 and
will deliver much needed housing to the 5th fastest
growing metropolitan area in the U.S. Ocala recently ranked as the #2 growth city by
U-Haul in 2023 after ranking as the #1 growth city by U-Haul in
2022.
D2 Capital Advisors
D2 Capital Advisors is the transaction advisory division of D2
Organization that arranges and structures real estate debt and
equity financing for developers and investors throughout the United
States.
Southern Waters Capital
Southern Waters Capital is a real estate investment firm based
in Fort Lauderdale, FL. It is
focused on ground-up development strategy for build-to-rent and
multifamily properties and value add & core plus strategy for
multifamily properties in the Sunbelt.
Southern Waters currently has 1,700+ units in development and
created over $450 million of value
for their investors and capital partners though their two
discretionary funds focus on land development and multifamily
development.
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SOURCE D2 Capital Advisors