Red Oak Capital Holdings has provided $6.3 million to refinance Laura Street Trio, a collection of once-proud assets in the core of Downtown Jacksonville, FL. The structures, considered to be among the most significant and endangered historical buildings in the city, are the subject of a $179-million adaptive reuse project proposed by SouthEast Development Group.
Plans for the Laura Street Trio involve rehabilitating and expanding the existing structures and the construction of two new towers on the site’s additional vacant acreage. The development, ultimately comprising 300,000 square feet, would feature a 143-key Autograph Collection by Marriott hotel; 169 multifamily units, 30% of which would be reserved for workforce housing; 6,500 square feet of retail space, a rooftop bar, underground speakeasy and multiple restaurants.
The interest-only loan carries a note rate of 11.00% and a one-year term with an option to extend for six months. Red Oak’s Jeff Joyner led a team that originated and underwrote the debt.
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