BWE, a national commercial and multifamily mortgage banking company, announced today that it has secured a $101,000,000 bridge loan with HPS, a part of BlackRock, to refinance RISE at Glen Kernan Park, a newly delivered 308-unit luxury active adult (55+) community in Jacksonville, Florida.
Andy Effler, a senior vice president and partner on BWE’s Columbus team (Sam Miller, Conor Lee, Paul Smith, Chad Kiner, AJ Mangan) with extensive bridge financing experience, lead the origination on behalf of RISE, a nationally recognized real estate development and property management firm. The non-recourse, floating rate loan, which has a three-year initial term with two additional one-year extension options, allows RISE to retire the senior construction loan (BSP) and the mezzanine loan (Pearlmark Real Estate), along with funding an interest and carry reserve while the property is leasing up. The new loan for Rise at Glen Kernan Park provides a more efficient capital structure for RISE, giving them additional flexibility and proceeds as they move past the construction phase and into the lease-up process.
“RISE had a clear objective: take out construction and mezzanine debt upon receiving the final certificate of occupancy, minimize carried interest through lease-up, and give the asset the runway to stabilize on its own merits. Our team ran a competitive process across the bridge lending market, identified the right capital partner, and closed the loan on the exact date the construction financing would have required an extension – that kind of precision execution matters to our clients.” said Effler. “RISE at Glen Kernan Park is an exceptional asset and RISE is a best-in-class operator; we’re proud to have helped them structure the bridge loan that gets them to stabilization.”
RISE at Glen Kernan Park is a flagship, resort-style 55+ community that consists of 109 one-bedroom and 127 two-bedroom apartments, as well as 72 single-story cottage units with attached garages. As an institutional quality, lifestyle-driven product, the community has a wide range of amenities for residents, including a state-of-the-art clubhouse, fully equipped fitness facility, resort-style pool, pickleball courts, and a bar and lounge room. The units feature stainless steel appliances, granite and quartz countertops, in-unit full size washer/dryer, valet trash, and screened-in balconies and patios. The property received its final certificate of occupancy in May 2026.
Greg Hunter, CFO of RISE shared, “Refinancing a newly delivered asset out of construction and mezzanine debt is a moment where execution matters more than promises. Andy Effler and the BWE team understood our objectives from day one, ran a disciplined process, and delivered exactly the capital structure we needed to carry RISE at Glen Kernan Park through lease-up. Their market relationships and precision on timing gave us confidence throughout, and we look forward to continuing to work with them.”
Located at 4890 Sweetgrass Place in Jacksonville’s desirable Southside neighborhood, the property benefits from a central, highly accessible location. Residents can enjoy easy access to major transportation routes, employment centers, and retail corridors, including St. Johns Town Center, one of Jacksonville’s premier open-air shopping destinations.