EDEN Living has landed $22 million in financing for the development of Eden Village, a 130-unit single-family-rental community in Wildwood, Fla. JLL secured the non-recourse loan from City National Bank.
Eden Village is part of a venture between EDEN Living and an investment fund managed by Morgan Stanley Real Estate Investing, in which MSREI has agreed to commit up to $180 million. The venture currently has several projects underway in Florida, including a 373-unit BTR property in West Melbourne and another horizontal community in Jacksonville.
When complete, Eden Village will comprise one- and two-bedroom floorplans ranging from 799 to 1,269 square feet. Common-area amenities are slated to include a clubhouse, barbeque area, fitness center, swimming pool and pickleball courts. With construction services provided by Certified General Contractors, delivery is expected in the first quarter of 2024.
Located at 2072 Country Road 501, the 15-acre development site is some 48 miles from Orlando via Florida’s Turnpike, just south of the master-planned Villages community. The location is also roughly 6 miles from Brownwood Paddock Square.
JLL Senior Director Max La Cava and Director Kenny Cutler secured the financing on behalf of the developer. EDEN Living CEO Jay Jacobson stated in prepared remarks that the company’s horizontal model helped secure the funding at a time when multifamily financing is hard to obtain.
