Canadian real estate investment and development company Jaymor Group just scored a $19 million refinance loan with plans to utilize the funds to begin construction on a luxury marina mixed-use project in Daytona Beach.
Jaymor Group affiliated company Daytona Bluetide Group LP secured the financing from Miami-based private lender LV Lending. The loan was facilitated by LV Lending’s Camilo Niño, Ricardo Uribe and Alen Hernandez. Alico Capital was the mortgage broker.
The financing will help fund the first phase of the Daytona Gateway Marina project, including associated pre-development costs and the construction of a 138-slip marina on the east side of the Halifax River. Features include space to accommodate vessels ranging from 40 to 150 feet as well as dry storage for up 250 boats.
Plans for the mixed-use project, located on the northwest corner of East International Speedway Boulevard (U.S. 92) and South Halifax Avenue, call for 550 luxury apartments and a boutique hotel. The project also includes retail and restaurant space, a parking garage and a waterfront activity plaza with green space.
According to a news release about the financing, the Canadian-based real estate firm plans to break ground in the first quarter of next year.
Records show Jaymore Group assembled and purchased the 11-acre development site in 2016 for $9.6 million.
It’s one of the many properties Jaymor Group owns in the Daytona Beach region. Just across the Daytona International Speedway, the company completed the Marriott Autograph Collection hotel in 2019.
LV Lending also facilitated the refinancing for another Jaymor Group project in downtown Orlando.
Jaymor Group used the refinancing to help secure entitlements to build a 28-story mixed-use building, also with hotel rooms and apartments, called Monarch Tower.
Just last week, GrowthSpotter reported that Jaymor Group sold the development rights to Massachusetts-based Northland Investment Corporation, which was originally signed on as a partner for the Monarch Tower project. Plans call for 360 residential units, a 150-key hotel, a five-story parking garage, and 14,239 square feet of ground-floor retail space just off the South Street exit from State Road 408, according to the release.
Jaymor Group, founded in 1989, is active in the U.S. and Canada and specializes in real estate development, investment, asset management and property management. Its North American developments and holdings are valued at approximately $350 million.
Major employers in Daytona Beach include the Ladies Professional Golf Association (LPGA), the Daytona International Speedway and the Daytona Beach International Airport.
Developers active in the area include Orlando-based Avalon Park Group which bought over 3,000 acres along S.R. 40, just west of Interstate 95, next to Latitude Margaritaville, last year with plans for a large mixed-use community dubbed Avalon Park Daytona.
Conceptual plans allow for 10,000 dwelling units, 730,000 square feet of retail space and 270,000 square feet of office space. A majority of residential units would be multifamily, while the remaining will be a mix of single-family homes, townhomes and villas.
Houston, Texas-based developer Silvestri Investments is also planning a development on the Halifax River. The company owns about 6 acres along U.S. Highway 1 and plans to build a condo and townhome complex with an associated marina. Earlier this summer, the St. Johns River Water Management District issued an environmental resource permit allowing for the construction of a stormwater management system to support the future project, property records show.
A Notice of Commencement for vertical construction has not yet been filed.
Nearby in Port Orange, Halifax River Partners is planning a 260-unit condo development with two 17-story towers at 3751 S. Ridgewood Ave., along with a two-story restaurant at the site of the former Captain Daddy’s location. The developer is proposing a 58-slip marina; there are currently 38 slips at the site.