CBRE Capital Markets secures $37.9 million in construction financing for new Jaguars headquarters

JACKSONVILLE, Fla. — CBRE Capital Markets, a prominent financial services firm, has successfully secured $37.9 million in construction financing for the Jacksonville Jaguars’ new headquarters.

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The financing deal was orchestrated by Philip Rachels and Jeff Kinney from CBRE’s Jacksonville office, working on behalf of the borrower, Shipyards Office, LLC, a subsidiary of Iguana Investments Florida LLC. The loan, spanning 10 years, was provided by First Horizon Bank.

Situated at 1406 Gator Bowl Boulevard, adjacent to EverBank Stadium, the proposed headquarters will be a six-floor Class A office building spanning approximately 143,000 sq. ft. It will feature ground-level retail and amenity space, including 102,424 sq. ft. of rentable office space and 9,670 sq. ft. of rentable retail.

The Jacksonville Jaguars are slated to lease three floors within the building, while the remaining floors will be marketed for lease.

Additionally, a portion of the first floor will be leased to an affiliate of the Jaguars to operate a fitness facility, with the remaining ground floor retail space open for lease.

Jeff Kinney, CBRE Senior Vice President, expressed optimism about the deal, stating “While office fundamentals remain challenging, we were able to secure offers from a number of lending sources who clearly understood the value of the opportunity from the ownership entity, the Jaguars as the main tenant, as well as the City of Jacksonville,” said CBRE Senior Vice President Jeff Kinney. “First Horizon’s team differentiated itself with a solid loan structure and a local team approach which secured the confidence of our client.”

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