WILDWOOD, FLA. — Agador Spartacus has secured a $26 million take-out bridge loan on existing construction debt used to build Magnolia at Powell in Wildwood. The Aventura, Florida-based developer completed the build-to-rent project in January.
JLL Capital Markets arranged the financing with a team led by Managing Director Max La Cava, Senior Managing Director Melissa Quinn, Vice President Rob Rothaug and Analyst Jade Starkey. The funding provider of the loan was not disclosed.
Magnolia at Powell is located adjacent to The Villages active adult community and features one-, two- and three-bedroom units averaging 1,162 square feet. Amenities include a resort-style pool, fitness center, pickleball court and dog park. When the loan closed, the property had achieved 40 percent occupancy. Stabilization is expected by 2026.