Thorofare Capital has provided a $73,070,000 floating-rate senior loan for the refinance of The Residences at Enso, a newly built 304-unit Class A multifamily community located in Jacksonville, Florida.

The sponsor utilized the loan proceeds to repay the original bank construction loan and institutional preferred equity which funded the development. The Residences at Enso is located off San Pablo Parkway, a well-recognized and major thoroughfare in Jacksonville. The Property is located less than 0.5 miles from the Mayo Clinic Hospital, which employs 9,400 employees, and 9 miles away from the PGA Tour Headquarters. Additionally, the Property is 4 miles from the ocean, 8 miles from St. Johns Town Center and 18 miles from Downtown Jacksonville.

Completed in 2023 and 95% occupied at the time of loan origination, the property offers a mix of studio, one-, two-, and three-bedroom units averaging 1,085 square feet. Units feature high-end finishes, including wood-style flooring, designer lighting, custom balconies, kitchen islands, and Quartz countertops.

The asset sits within a broader 40-acre master-planned site that includes a Home2Suites and future commercial development along a key corridor in Jacksonville.

The interest-only loan carries an initial term of 24 months and includes a $500,000 earnout subject to performance hurdles.

The sponsor is a Florida-based real estate investment and development firm established in 2016. Headquartered in Jacksonville, the firm operates as a family office with a focus on multifamily, hospitality, and mixed-use projects.