The mortgage is part of a larger financing package backed by assets in seven Florida markets.
Redfearn Capital has obtained a $48 million loan for Jacksonville Southside, a shallow-bay industrial collection totaling 380,589 square feet in Jacksonville, Fla. Prospect Ridge originated the note that replaces previous debt from two years ago while also becoming part of a larger portfolio loan.
In February, Redfearn Capital closed on a refinancing agreement with Prospect Ridge, with an initial $80 million amount secured and up to $70 million in additional capital, according to REBusinessOnline. The 590,895-square-foot portfolio that backs the financing is spread across Orlando, Fla., Clearwater, Fla., Pompano Beach, Fla., Naples, Fla., Hialeah, Fla., Miramar, Fla., and Jacksonville.
Now, the loan financing the Jacksonville Southside portfolio pushes the total debt provided by Prospect Ridge to $158 million, Duval County public records show.
Redfearn Capital purchased the collection for $47.8 million in May 2024. A $26.5 million loan from Americo Financial Life and Annuity Insurance Co. financed that acquisition, according to Yardi Matrix.
The original article can be found here: https://www.commercialsearch.com/news/redfearn-lands-48m-for-jacksonville-portfolio/
