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.

Investment Highlights:

Adjacent Sponsor-Led Developments Underway: Ambassador Hotel & the Independent Life Building Redevelopment
Excellent Long-Term Submarket Fundamentals in Downtown Jacksonville