Trevato Development Group has locked in a $78 million refinance for The Station at San Marco, the five-story apartment community in Jacksonville’s San Marco neighborhood. The deal converts the project’s construction financing into long-term debt and, according to the developer, serves as a low-cost takeout that wipes out Trevato’s last remaining construction loan. The Station, which opened in 2024, includes about 345 units and has been leasing ahead of local market averages.
Deal terms and lender
In a press release via Trevato Development Group, the company said it placed the $78 million loan with “a nationally known insurance company” it chose not to identify. Trevato framed the refinancing as term funding that converts short-term construction debt into permanent financing at roughly 90% of project cost, a structure it describes as a low-cost takeout of the original construction loan.
Local context
The five-story building at 1230 Hendricks Ave. opened in 2024 and was permitted for 345 units, as reported by Jacksonville Daily Record. That coverage also noted the move comes on the heels of a $73 million refinance of the Residences of Enso completed in 2025, a similar takeout in Trevato’s Florida portfolio that suggests the company is steadily converting its recent developments into long-term holds.
Project background
The Station sits just off San Marco Square and includes ground-floor retail, active recreation space and a multi-level parking garage. FaverGray, which built the project, celebrated the delivery of the 345-unit community in a 2024 announcement on PR Newswire, highlighting a mix of studio through two-bedroom apartments and emphasizing the property’s proximity to downtown Jacksonville.
What this means for Trevato
Per the Jacksonville Daily Record, Trevato said the refinance “provides term funding, satisfying the last remaining construction loan in Trevato’s portfolio.” Locking in permanent financing at about 90% of cost should free up capital for the developer to chase additional projects across Northeast Florida, at a time when many builders are still wrestling with expensive short-term debt.
Block One Ventures, a sister company that developed the community, handled the on-the-ground work while Trevato managed the capital stack. Company materials say The Station’s strong leasing performance helped attract institutional interest for the insurance-backed loan, and Trevato has indicated it plans to keep targeting infill, mixed-use rental projects in the Jacksonville market.
