Net-Leased Specialty-Use Building In Pembroke Pines Secures $14.4M Non-Recourse Loan

JLL Capital Markets has arranged a $14.4 million financing for Franklin Academy Pembroke Pines, a single-tenant net-leased educational campus in Pembroke Pines.

JLL worked on behalf of the borrower, Alliance Companies, in securing the five-year, fixed-rate, non-recourse loan through a regional bank.

Franklin Academy Pembroke Pines School, located at 18800 Pines Blvd. in Broward County, is a 79,271-square-foot educational campus serving approximately 1,400 students in grades K-8. Built in 2011, the purpose-built facility features 66 classrooms, administrative offices, a media center and comprehensive student facilities.

Broward County remains a strong market for educational real estate, supported by robust demographics and continued population growth. The Pembroke Pines area, in particular, demonstrates exceptional fundamentals with 49.7% of households within a 15-minute radius holding bachelor’s degrees or higher and commanding an average annual income of $151,635.

The property is 100% net-leased to Florida Charter Foundation Inc., a Florida not-for-profit corporation, which operates under the Franklin Academy Foundation Inc., a well-established charter school operator with five locations throughout South Florida.

JLL Capital Markets’ Debt Advisory team representing the borrower was led by Managing Director Max La Cava, Associate Justin Ratcliffe and Analyst Abbie Kushner.

“We ran a competitive debt advisory process that generated 15 term sheets from bank and non-bank lenders, resulting in one of the lowest spreads we’ve secured on a specialty-use asset,” said La Cava. “Lender appetite was exceptional, driven by the mission-critical nature of the educational campus and the operator’s strong track record.”