$70M Bridge Financing Secured For Build-To-Rent Property In West Melbourne

JLL Capital Markets has secured a $70 million refinancing for EDEN at Heritage Lakes in West Melbourne.

JLL worked on behalf of the borrower, a joint venture between EDEN Living and their institutional partner, to arrange the debt.

EDEN Heritage Lakes, located at 4850 Heritage Lakes Blvd. in West Melbourne, is a 373-unit BTR community completed in 2024. The property offers a mix of one-, two- and three-bedroom units averaging 976 square feet. Situated in Florida’s booming Space Coast MSA, the community provides easy access to major employers in the space exploration, aerospace, advanced engineering and defence industries.

The build-to-rent sector continues to provide residents a charming single-family living experience at a significantly lower monthly cost than homeownership.

JLL Capital Market’s Debt Advisory team representing the borrower was led by Managing Director Max La Cava, Senior Managing Director Melissa Quinn and supported by Vice President Rob Rothaug and Analyst Jade Starkey.

“We’re seeing remarkable liquidity in the bridge lending market right now, with lenders aggressively competing to finance new-construction residential communities,” said La Cava. “For developers, these bridge loans are a smart move – they lower borrowing costs, allow for tax-free cash out and eliminate personal guarantees that were required during construction. Plus, they offer maximum prepayment flexibility, giving developers a clear path to position their assets for an eventual sale or permanent refinancing once the properties stabilize.”

“EDEN Living remains committed to the BTR development space, with high conviction in its strong long-term fundamentals. We are very pleased with the result of these executions, it is always a great pleasure working with the JLL Capital Markets team,” added Marc Chasin, EVP at EDEN Living.