JLL Capital Markets arranged $100 million in floating-rate bridge financing for Waypoint Residential’s two-property multifamily portfolio in North Florida. The loan from TPG Real Estate Credit supports the recapitalization of recently completed developments, giving the owner time to advance the communities through lease-up and stabilization.
Key takeaways
The financing covers 538 apartments across Jacksonville and St. Augustine. Both communities opened in the first quarter of 2025 and are pursuing stabilization under a flexible loan structure.
- The portfolio comprises The Pointe at Davis Creek and The Bradley St. Augustine.
- JLL represented borrower Waypoint Residential in arranging the financing with TPG Real Estate Credit.
- The bridge loan is intended to support the owner’s business plan, with a potential sale as an option once the assets mature.
Financing supports newly completed communities
The portfolio includes The Pointe at Davis Creek, a 288-unit garden-style property at 12175 Philips Highway in Jacksonville, and The Bradley St. Augustine, a 250-unit community at 350 Bay Laurel Drive. Both delivered in Q1 2025. JLL characterized the floating-rate loan as construction take-out financing, replacing the projects’ construction funding as they move toward stabilization.
JLL’s borrower advisory team was led by Executive Managing Director Matthew Lawton, alongside Senior Managing Directors Travis Anderson, Melissa Quinn, Gregg Shapiro and Dan Kearns. Vice President Kelsey Bawcombe, Analyst Streeter Simmons and Vice President Rob Rothaug also supported the assignment.
Amenities and locations target renters
The properties offer resort-style pools, fitness facilities, pet spas, outdoor gathering spaces and resident lounges with coworking areas. Apartment features include gourmet kitchens, walk-in closets, in-unit washers and dryers, and private patios or balconies.
In Jacksonville, The Pointe at Davis Creek sits near Interstate 95 and State Road 202, with access to St. Johns Town Center and The Avenues. The Bradley is in St. Augustine’s southern corridor, about 5.6 miles from the historic downtown and near golf communities, Interstate 95 and State Road A1A.
Growth underpins the investment case
JLL executives pointed to population and employment growth, household affordability compared with homeownership, and demand in the two markets as factors supporting the communities’ lease-up prospects. Anderson said the population within one mile of the properties had grown by more than 4% annually on average over the past five years, while average household incomes in the immediate trade areas exceeded $104,000.
The financing gives Waypoint time to execute its stabilization plan before deciding on an eventual disposition. The company develops, owns and operates conventional multifamily properties across the Sun Belt.
- The Pointe at Davis Creek, Yield PRO.