Red Oak Capital Holdings, LLC provided $6.3 million to refinance the Laura Street Trio, a one-acre site in the core of Downtown Jacksonville, FL. The structures, considered to be among the most significant and endangered historical buildings in the city, are the subject of a $179-million adaptive reuse project proposed by the sponsor, a major local developer and investor.

The interest-only loan carries a note rate of 11.00% and a one-year term with an option to extend for six months. Red Oak’s Jeff Joyner, Thomas Gorski and Jesus Martinez originated and underwrote the debt, which was brokered by Denise Spinelli of Spinelli Commercial Mortgage Capital. The sponsor, Stephen Atkins, is owner and managing principal of SouthEast Development Group, a seasoned local player with significant expertise in urban development and adaptive reuse of historic properties across the Southeast.

The Laura Street Trio includes the former Florida National Bank Building, the 10-story Bisbee Building, and the 11-story Florida Life Building. Plans involve rehabilitating and expanding the existing structures and the construction of two new towers on the site’s additional vacant acreage. The development, ultimately comprising 300,000 square feet, would feature a 143-key Autograph Collection by Marriott hotel; 169 multifamily units, 30% of which is reserved for workforce housing; 6,500 square feet of retail space, a rooftop bar, underground speakeasy and multiple restaurants.

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