BWE Arranges $101M Bridge Loan With HPS to Refinance RISE at Glen Kernan Park in Jacksonville

BWE has secured a $101 million bridge loan with HPS, a part of BlackRock, to refinance RISE at Glen Kernan Park, a newly delivered 308-unit luxury active adult community in Jacksonville, Florida. The financing retires existing construction and mezzanine debt and provides RISE, the property's developer and operator, with additional runway as the community moves through lease-up.

Andy Effler, a senior vice president and partner on BWE's Columbus team, led the origination on behalf of RISE. The transaction was announced Sept. 14, 2026.

Loan Structure and Capital Stack

The non-recourse, floating-rate bridge loan carries a three-year initial term with two additional one-year extension options. Proceeds retire the senior construction loan, which was held by BSP, and the mezzanine loan, which was held by Pearlmark Real Estate. The financing also funds an interest and carry reserve to support the property during lease-up.

"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," Effler said. "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."

Greg Hunter, CFO of RISE, said the timing and structure met the company's objectives. "Refinancing a newly delivered asset out of construction and mezzanine debt is a moment where execution matters more than promises," Hunter said. "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."

Property Overview: RISE at Glen Kernan Park

Located at 4890 Sweetgrass Place in Jacksonville's Southside neighborhood, RISE at Glen Kernan Park is a 55+ active adult rental community structured under the Housing for Older Persons Act, requiring that at least 80% of occupied units have one resident aged 55 or older. The property is not a licensed assisted living facility; it is positioned as age-restricted, amenity-rich rental housing targeting the 55-and-older cohort seeking maintenance-free living.

The 308-unit community includes 109 one-bedroom apartments, 127 two-bedroom apartments, and 72 single-story cottage units with attached garages. The cottages are a distinct product type within the development, set apart from the mid-rise apartment buildings. The property received its final certificate of occupancy in May 2026, with groundbreaking having taken place in April 2024 and first units becoming available in 2025.

The community's amenity package includes a clubhouse, fitness facility, resort-style pool, pickleball courts, and a bar and lounge. Individual units feature stainless steel appliances, granite and quartz countertops, in-unit full-size washer/dryer, valet trash, and screened-in balconies and patios. The cottage units, which include attached garages, are positioned to attract residents downsizing from single-family homes who still prefer a private entry and quasi-residential feel.

The property sits near major transportation routes, employment centers, and retail destinations, including St. Johns Town Center, a prominent open-air shopping center in Jacksonville. The location also offers proximity to Mayo Clinic and Hodges Boulevard.

Market Context

The refinancing comes at a sensitive point in the asset's lifecycle — immediately following full construction completion and ahead of stabilization — in a Jacksonville multifamily market that has been emerging from a period of elevated new supply and rent pressure. The bridge loan replaces a two-tranche construction capital stack with a single, more flexible non-recourse structure, giving RISE time and proceeds to complete lease-up without the constraints of a construction loan extension.

The 55+ active adult rental sector has drawn increased institutional attention as the demographic cohort of adults aged 55 to 75 grows and seeks amenity-rich, low-maintenance housing alternatives to traditional senior care facilities. Purpose-built communities like RISE at Glen Kernan Park, which combine resort-style amenities with age-restricted rental terms, represent a distinct product category within the broader senior housing spectrum.

About the Firms

BWE is a national commercial and multifamily mortgage banking company with more than 40 offices and a national loan servicing platform. HPS, a part of BlackRock, served as the bridge lender on the transaction. RISE is a national real estate development and property management firm and the sponsor and operator of RISE at Glen Kernan Park.

Sources: BWE Press Release