EBSC Lending Issues $28.9M Construction Loan for Denver CRE Developer.
- Martin Alex
- Feb 26, 2025
- 3 min read
Updated: 4 days ago
JACKSONVILLE, FL — EBSC Lending has issued a $28.9 million construction loan to a Denver-based commercial real estate developer for the development of a 56-unit multifamily property in Jacksonville, Florida. The five-story building is scheduled for completion in the second quarter of 2026 and will deliver new residential supply to a high-growth Northeast Florida submarket.
Transaction Overview
The development will feature a mix of studio, one-bedroom, and two-bedroom residences, with four units designated as affordable housing. Each apartment will include in-unit washers and dryers, stainless steel appliances, quartz countertops, and laminate flooring, reflecting modern design standards for urban multifamily communities.
Planned shared amenities include a ground-floor tenant lounge, coworking space, rooftop deck with BBQ area, community garden, club room, dog run, and fitness center, supporting both resident convenience and community engagement.
The financing was executed under time-sensitive circumstances after the original lender exited the transaction shortly before closing. In connection with the execution, David Palmer, Vice President of Special Assets at EBSC Lending, stated, “We needed to pick up the pieces quickly. Given our history of executed loans, we were able to step in after the original lender pulled out of the deal within a week of the scheduled close and were able to get this across the finish line in 28 days.” Through a creative financing strategy, the EBSC team significantly reduced the borrower’s overall capital costs, generating meaningful savings on interest expenses.
The borrower is an experienced Denver-based developer with whom EBSC Lending has previously completed transactions. Commenting on the relationship, Martin Alex, CEO of EBSC Lending, noted, “The borrower is an experienced developer based in Denver, with whom EBSC has worked on previous loan arrangements. This project marks their second development in the Jacksonville market, with two additional sites currently in the entitlement process. We look forward to furthering our relationship with them as they continue to advance their development pipeline.”
Market Context + What It Means
Northeast Florida continues to experience sustained population growth, employment expansion, and rising housing demand, driving the need for new multifamily development across both urban and suburban corridors. Projects that combine modern unit design with flexible amenity spaces are particularly well positioned to capture renter demand.
At the same time, construction financing remains selective, particularly for projects requiring speed and adaptability after capital disruptions. Private construction lenders capable of stepping in late-stage and structuring cost-efficient capital solutions play a critical role in keeping viable projects on track.
By delivering a $28.9 million construction loan on an expedited timeline, EBSC Lending enabled the sponsor to maintain development momentum, reduce financing costs, and advance a growing pipeline of multifamily projects in the Jacksonville market.
Frequently Asked Questions
What type of loan did EBSC Lending provide for this project?
EBSC Lending provided a $28.9 million construction loan to finance the development of a 56-unit multifamily property in Jacksonville, Florida.
How quickly was the financing completed?
EBSC Lending closed the loan within 28 days after stepping in following the original lender’s withdrawal.
What amenities will the property offer?
Amenities include a tenant lounge, coworking space, rooftop BBQ deck, community garden, club room, dog run, and fitness center, along with modern in-unit finishes.
What types of projects does EBSC Lending finance?
EBSC Lending finances bridge, construction, and transitional loans for multifamily, mixed-use, and commercial real estate projects nationwide.
Related EBSC Lending Financing Programs
EBSC Lending provides flexible private capital solutions across the United States, including:
Commercial Bridge Loans – Short-term financing for transitional and stabilized commercial real estate assets
Ground-Up Construction Loans – Customized construction financing for multifamily and mixed-use developments
Multifamily Financing – Acquisition, construction, and refinance loans for apartment communities
View the official announcement: https://finance.yahoo.com/news/ebsc-lending-issued-28-9-013100901.html
