Download Offering Materials: The Annex Apartments
Capstone is pleased to present a debt financing opportunity on behalf of Augustine Development Group (the “Developer”) for The Annex Apartments—a 143-unit multi-family development that includes a 480-space structured parking garage and 5,700 SF of ground-floor retail. The project will partially consist of a historic renovation, feature a new construction multi-family building, and a structured parking garage. Given the historic redevelopment component, the project has over $11.4M of approved development incentives from the federal Historic Tax Credit program, the City of Jacksonville’s Downtown Investment Authority, and the Jacksonville Fire & Rescue Department, with the potential of up to $14.2M of incentives if state tax credits are approved by June of this year. Furthermore, the Developer is currently under construction on a hotel redevelopment and residential mixed-use development on the same city block, which will be completed ahead of this project and transform the entire block for future residents to enjoy. Lastly, the Augustine Development Group has an extensive track record in both historic redevelopment and new development of multi-family, retail, storage, hospitality, and senior housing, underscoring the strength of development team for this project.
Adjacent Sponsor-Led Developments Underway: Ambassador Hotel & the Independent Life Building Redevelopment
Excellent Long-Term Submarket Fundamentals in Downtown Jacksonville
8.70% Untrended Stabilized Debt Yield