EDEN Living has secured $55 million in construction financing for its build-to-rent (BTR) project in Port St. Lucie, Fla. The EDEN at Tradition project is currently under construction with a scheduled completion date in the fourth quarter of 2024.
Upon delivery, EDEN at Tradition will offer 214 units in two- and three-bed townhomes featuring attached garages, driveways and private backyards. Community amenities will include a clubhouse, dog park, playground, lake and walking paths.
Located on Village Parkway in Port St. Lucie, future residents will be approximately a half hour away from the area’s beaches. The property is located 45 minutes away from West Palm Beach and less than two hours away from both Miami and Orlando.
EDEN at Tradition will be a part of the 8,300-acre master-planned project, Tradition, currently being developed by Mattamy Homes. The development will span residential, office, retail and medical uses, while offering 300 acres of parks, private schools, a town center, a Cleveland Clinic location and retail and restaurant options.
The JLL Capital Markets team of Max La Cava, Kenny Cutler and Shane Ciacci arranged the non-recourse loan for the BTR community.
The same team also previously arranged joint venture equity for EDEN Living’s project in June. La Cava, senior director at JLL, said in prepared remarks that the project secured multiple financing quotes, adding that construction lenders are still bullish on the single-family rental sector.
Focusing on Florida projects
EDEN Living focuses on off-market properties in targeted submarkets throughout Florida to develop BTR communities. Since being founded in 2020, the firm has generated a development pipeline of more than 2,000 BTR units.
Includes in its portfolio is the 130-unit Eden Village in Wildwood, Fla., that’s expected to deliver in the first quarter of 2024. Earlier this year, EDEN Living secured $22 million in financing for its Wildwood project.
EDEN Living also serves as the build-to-rent affiliate of EDEN Multifamily, which develops residential projects other than BTR communities. In April, EDEN Multifamily partnered with Dermot Co. to develop a 430-unit luxury residential tower in Miami’s Park West district. Construction on the 44-story is expected to start in 2024.
