JLL Capital Markets arranges flexible loan for a four-property portfolio in Florida and Arizona
PHOENIX, (Jun. 3, 2025) – JLL Capital Markets announced today that it has arranged a $255.25 million refinancing for a four-property multifamily portfolio with locations in Scottsdale, Arizona, as well as Tampa and Orlando, Florida.
JLL worked on behalf of the borrowers, funds managed by Oaktree Capital Management, L.P. (“Oaktree”) and TruAmerica Multifamily, to arrange a five-year, floating-rate loan through a national bank.
The portfolio covers 1,324 units across four properties with locations in Florida and Arizona. In Florida, the portfolio includes a fractured condo development, Arbors at Carrollwood in Tampa, as well as two Class A assets in Orlando: Audubon Park and Alcove Orlando. In Arizona, the portfolio features Luxe Scottsdale, a Class A property at 8444 E Indian School Rd in Scottsdale. These properties were built between 2001 and 2017.
The properties showcase premium features and lifestyle amenities tailored to their respective markets. Arbors at Carrollwood offers resort-style living with spacious one-, two- and three-bedroom layouts averaging 1,060 square feet. Audubon Park stands out with its distinctive townhomes featuring direct-access garages and spacious floor plans up to 1,558 square feet. Luxe Scottsdale provides modern living in Old Town with upscale finishes and community amenities, and Alcove Orlando offers contemporary units, including studios to three-bedrooms with premium features.
All properties feature resort-style pools, fitness centers, and modern community spaces designed to enhance resident satisfaction and retention.
JLL Capital Market’s Debt Advisory team, representing the borrower, was led by President Kevin Mackenzie and Managing Directors Annie Rice and Brandon Smith.
"The competitive process allowed us to secure optimal terms for our client with substantial flexibility to execute their business plan across these strategic markets," said Rice.
JLL conducted an extensive marketing process, securing numerous quotes across various execution options. The final terms included a competitive spread, full-term interest-only, with flexible prepayment provisions that will allow the sponsors to continue their value-add initiatives across the portfolio.
“We appreciate the exceptional efforts of the JLL team in executing this refinancing and are grateful for our continued partnership with TruAmerica, whose operational excellence is key to driving improvements across this portfolio,” said Jared Lazarus, a managing director in Oaktree’s Real Estate group. “We remain highly confident in the multifamily sector, particularly in high-growth Sunbelt markets.”
“We greatly appreciate the opportunity to be a part of such a significant transaction while navigating through the current environment,” added Mackenzie. “The spectrum of options produced and the final result is a testament to the current liquidity in the debt markets and strength of the sponsorship.”
Photo: Alcove Apartments in Orlando.