Plans are underway for the construction of a 243-unit apartment community dubbed Solamar Wildwood in Florida. The developers, TRUSOT Developments and Agador Spartacus Development are getting a $48 million, two-year, non-recourse loan to fund the project.
JLL‘s team represented the developers in the transaction where Churchill Real Estate is the lender. Senior Director Max La Cava, Director Kenny Cutler, and Analyst Karim Khaiboullin led JLL’s Capital Markets Advisory team. According to Jeff Rosenfeld, a co-head at Churchill, the company is happy to continue down this development path.
Expectations for the Solamar Wildwood in Florida
The developers intend to build Solamar Wildwood at a location adjacent to The Villages, a 55+ master planned adult community.
The new residential community will provide more options in the Wildwood community by accommodating multiple renter demographics. Consequently, several residents restricted from living in The Villages will also benefit from the new project. This population includes those under 55 that constitute a portion of the 65,400 employees working in and around the location.
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Furthermore, Solamar Wildwood will also target new residents migrating to The Villages, and homeowners planning to upgrade their lifestyle. In other words, new-to-market residents can rent an apartment before buying. While existing homeowners within The Villages can choose a maintenance-free build-to-rent lifestyle on the property.
Features and amenities
Upon completion, the developers expect the project to consist of one, two, and three-bedroom homes, with semi-private backyards. In addition, the Solamar Wildwood community also offers a combination of surface parking spaces and private garages.
Residents will enjoy a plethora of amenities such as a resort-style swimming pool and spacious sun deck with cabanas. Other facilities on the property include a professional fitness studio with a yoga room, a tropical clubhouse, and a summer kitchen.
Besides Solamar Wildwood, the joint venture between the developers includes several other projects across Florida. Churchill Real Estate also financed another one of their projects referred to as Solamar Kissimmee.
