Evolve Companies closed on a $70 million bridge and construction loan for a 352-unit multifamily development at 4800 US Hwy. 1 N. in Palm Coast, Florida.
Northmarq’s West Palm Beach Debt + Equity team, led by Chris Hammel, arranged the loan on behalf of the borrower with Cross Harbor Capital Partners’ involvement. The loan was non-recourse financing that recapitalized phase I’s construction loan and preferred equity and funds for phase II’s construction.
Evolve Palm Coast features luxury one-, two-, and three-bedroom floor plans with private patios/ balconies. Community amenities include a pool with a lounge and outdoor kitchens, fire pits, a golf simulator, a co-working space, a full gym with a yoga studio, a dog park and a pet spa.Â
Earlier this year, Northmarq and Cross Harbor also arranged construction financing for Evolve Companies’ Evolve Crossing, a Class A multifamily development in Burlington, North Carolina.Â
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