Angelo & Banta closes a $45.8 million construction loan for downtown Jacksonville Luxury Apartment Tower on the St. Johns River

FORT LAUDERDALE – The South Florida law firm of Angelo and Banta negotiated and closed a $45,877,500 construction loan for the Strand, a 28-story luxury apartment tower going up on the banks of the St. John’s River in Jacksonville. Firm partners Tom Angelo and Gavin Banta represented the developer, St. Johns Phase 1 LLC, of Delaware, managed by American Land Ventures of Miami, Florida and its president Granvil Tracy. Pacific Life Insurance of Newport Beach, California provided the construction loan. Matthew G. Breuer and David Cook of the Tampa, Florida branch of Foley & Lardner represented Pacific Life Insurance. The construction loan was arranged Madison Capital Group of Miami, Florida.

Located at 1401 Riverplace Boulevard, the Strand is part of a major redevelopment of the St. John’s River area in downtown Jacksonville. Construction is expected to be completed by May of 2006 and consists of 21 studio units, 204 two-bedroom units and 25-three bedroom units.

This phase of construction begins a three-phase development project on the St. John’s River by American Land Ventures. The second phase involves a 37-story, 234 unit condominium to be followed by a mixed-use commercial site that will contain office space, retail, parking, and restaurants.