JLL Arranges $100M Bridge Loan from TPG AG Real Estate for Waypoint Residential's Two Florida Multifamily Properties

JLL Capital Markets has arranged $100 million in bridge financing for Waypoint Residential's two-property multifamily portfolio in Florida, the firm announced. TPG AG Real Estate provided the floating-rate construction take-out loan, which facilitates the recapitalization of two recently completed projects in Jacksonville and St. Augustine.

JLL worked on behalf of the borrower, Waypoint Residential. The financing covers a combined 538 units across The Pointe at Davis Creek and The Bradley St. Augustine, both of which delivered in the first quarter of 2025.

Deal Structure and Lender

The $100 million loan is structured as floating-rate construction take-out financing, which replaces or follows construction financing after completion. The bridge structure gives Waypoint Residential time to execute its stabilization business plan while retaining the option to sell once the assets reach maturity, according to JLL.

The loan works out to roughly $185,874 per unit across the 538-unit portfolio. That figure is a loan-to-unit calculation, not a sale price or implied property value.

JLL's Capital Markets Debt Advisory team representing the borrower was led by Executive Managing Director Matthew Lawton and Senior Managing Directors Travis Anderson, Melissa Quinn, Gregg Shapiro and Dan Kearns. Vice President Kelsey Bawcombe, Analyst Streeter Simmons and Vice President Rob Rothaug provided support.

"This transaction demonstrates the strength of Waypoint's vertically-integrated platform and TPG's continued confidence in high-quality Sun Belt multifamily fundamentals," said Lawton. "Both properties are performing exceptionally well in their respective lease-up trajectories, with The Pointe at Davis Creek and The Bradley St. Augustine benefiting from strong demographic growth and compelling affordability relative to homeownership. The flexible bridge financing structure positions Waypoint to execute their stabilization business plan while maintaining the optionality to sell once the assets reach maturity."

The Properties: The Pointe at Davis Creek and The Bradley St. Augustine

The Pointe at Davis Creek is a 288-unit garden-style community at 12175 Philips Highway in Jacksonville. It sits just off Interstate 95 near the intersection with State Road 202, close to St. Johns Town Center, a 1.5 million-square-foot super-regional outdoor mall recently renovated by Simon Property Group, and The Avenues, a 1.5 million-square-foot regional mall. Published floor plans at the property range from 682 to 1,318 square feet across one-, two- and three-bedroom layouts, and listed rents begin at about $1,415 per month.

The Bradley St. Augustine is a 250-unit garden-style community at 350 Bay Laurel Drive in St. Augustine. It is located in the city's southern growth corridor, surrounded by golf communities including St. Johns Golf Club and St. Augustine Shores Golf Club, and about 5.6 miles from historic downtown St. Augustine. The property connects to Jacksonville, the beaches and regional employment centers via Interstate 95 and State Road A1A.

Both communities offer resort-style pools with tanning ledges and cabanas, 24-hour fitness centers with yoga and spin studios, pet spas, outdoor gathering areas with fire pits and grilling stations, resident lounges with coffee bars and co-working spaces, and on-site leasing and management offices. Unit interiors include walk-in closets, gourmet kitchens with granite countertops and islands, luxury vinyl plank flooring, stainless-steel appliances, full-size washers and dryers, and private patios or balconies.

North Florida Market Context

JLL cited population and income trends in the properties' immediate trade areas. Anderson said North Florida continues to experience population and employment growth driven by corporate relocations, favorable tax policies and quality of life.

"Jacksonville and St. Augustine rank among the fastest-growing markets in the Southeast, with the population within one mile of these properties growing over 4% annually on average over the past five years," Anderson said. He added that average household incomes exceeding $104,000 within the immediate trade areas reflect the demographics supporting rental demand. These figures were provided by JLL.

Newly delivered supply has weighed on near-term conditions in the area, particularly in St. Augustine. Apartment vacancy in St. Augustine stood at 17% in the second quarter of 2026, even after absorption of approximately 1,100 units over the preceding year. About 940 additional units were under construction, equal to an inventory increase of nearly 9%. Average St. Augustine rents were approximately $1,750 per month, compared with $1,510 in Jacksonville, while rents in the St. Augustine market declined 2.3% year over year.

Rental platforms showed roughly 31 to 34 units available at The Pointe at Davis Creek in late September and early October 2026. Listing availability is not equivalent to physical vacancy, since listings can include pre-leasing or units not yet ready for occupancy, but it indicates the property was still in lease-up.

Implications for Waypoint Residential

The bridge loan allows Waypoint Residential, a vertically integrated developer, owner and operator of conventional multifamily properties across the U.S. Sunbelt, to avoid an immediate permanent financing or disposition decision while both communities lease up. Population growth and relative affordability against homeownership underpin the demand case outlined by JLL, while elevated vacancy and new supply in St. Augustine make the pace of stabilization a key variable for the portfolio.

JLL Capital Markets provides capital solutions including investment sales and advisory, debt advisory, loan sales and equity placement, with more than 3,000 specialists in nearly 50 countries.

Sources

• JLL news release: https://www.jll.com/en-us/newsroom/jll-arranges-financing-for-florida-multifamily-portfolio