A JWB Real Estate Capital LLC subsidiary was issued a $2.214 million mortgage for its mixed-use renovation of the historic Florida Baptist Convention building in Downtown’s North Core.
The development company, led by President Alex Sifakis, borrowed the money through 218 W Church LLC from nonprofit Self-Help Ventures Fund, according to the mortgage recorded Nov. 29 with the Duval County Clerk of Courts. The mortgage agreement was made Nov. 22.
Self-Help Ventures Fund is operated by Durham, North Carolina-based Self-Help Credit Union.
According to its website, the fund manages the credit union’s “higher-risk business loans, real estate development and home loan secondary market programs.”
The city issued a permit July 1 for Auld & White Constructors LLC to begin renovating the five-story, 25,991-square-foot structure at 218 W. Church St. at a cost of $5.8 million.
Sifakis said in September that the Baptist Convention’s total project cost would be $9.85 million.
JWB bought the 97-year-old property Aug. 26 for $675,000. The company’s redevelopment proposal includes a restaurant space in the basement and ground levels, two mercantile suites at the ground-floor entrance and 24 studio and one-bedroom apartments on the upper floors.
The mortgage adds to the project’s financing that includes $5,371,953 in forgivable and deferred principal loans awarded by City Council and Downtown Investment Authority’s Downtown Preservation and Revitalization Program.
Those incentives were part of a $8,624,321 city loan package that included JWB’s renovation of the adjacent Federal Reserve Building at 242 N. Hogan St. It will be converted into restaurant and event space.
JWB expects an $18.5 million renovation of both historic properties that will include a courtyard connector to JWB’s Seminole Building, home of the Sweet Pete’s candy shop.
JWB has two other projects underway or planned east of City Hall on the Downtown Northbank.
The company is developing a $43.2 million two-phase office renovation of the Porter House Mansion with a mixed-use, 160-unit residential new construction project.
JWB also added a 22,035-square-foot warehouse at 331 W. Ashley St. to its portfolio in March for $652,500.
At the time, Sifakis said JWB is considering a food hall/entertainment concept at the site but plans are not final.
