Northmarq secures $70M bridge and construction loan for multifamily development in Palm Coast, FL
Photo source: Evolve Companies
PALM COAST, Fla. — Northmarq’s West Palm Beach Debt + Equity team led by Chris Hammel arranged a $70 million bridge and construction loan for Evolve Palm Coast, a 352-unit garden-style multifamily development located at 4800 U.S. Hwy. 1 N. in Palm Coast, Florida.
Northmarq arranged financing on behalf of the borrower, Evolve Companies, through a relationship with Cross Harbor Capital Partners.
“Northmarq was pleased to provide Evolve Companies with non-recourse financing that recapitalized phase I’s construction loan and preferred equity and funds phase II’s construction. We appreciate the continued relationship with the Evolve team,” Hammel said.
The multi-phased Evolve Palm Coast offers garden-style apartment homes designed to meet growing housing demand and serve a broad range of residents seeking high-quality housing options in an expanding Northeast Florida market.
The community features luxury one-, two-, and three-bedroom floor plans with private patios/ balconies and high-end finishes. Community amenities include a resort-style pool w/ lounge and outdoor kitchens, fire pits, golf simulator, co-working space, full gym with yoga studio, dog park and pet spa, and welcoming common areas.
Conveniently located near I-95 and US-1, residents enjoy easy access to restaurants, shopping, entertainment, the beach, golf and racquet clubs, and K-12 schools.
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.
David Roellig, Vice President, led the CrossHarbor team with Sara Jennings, Vice President, on the transaction. “CrossHarbor is excited to be involved in this Class A project in one of the fastest growing markets in Florida,” said Roellig. “We look forward to continue working with the Northmarq and Evolve teams.”
About CrossHarbor
Founded in 1993, CrossHarbor Capital Partners is a real estate investment manager offering a multi-strategy investment platform providing investors with broad access to opportunities across property types, geographies, and the capital structure. With a $34+ billion investment track record, the firm currently has $11.0 billion in assets under management in several investment programs along the risk-return spectrum. Through its nation-wide, relationship-driven origination platform, disciplined investment approach, and experienced team of professionals, CrossHarbor seeks to generate consistent, risk-adjusted performance while focusing on capital preservation. CrossHarbor is based in Boston with offices in Chicago, Los Angeles, and Big Sky. For more information, please visit www.CrossHarborCapital.com.
Meet our team
Northmarq is one of the largest privately held commercial real estate firms in the United States, combining a nationwide presence with deep local expertise. With more than 50 offices across the country, we provide a full suite of debt, equity, investment sales, loan servicing and fund management solutions for a comprehensive range of property types. Our unique structure allows us to connect clients with the best opportunities, yet be nimble enough to ensure access to every expert across our company. The firm manages a loan servicing portfolio of over $80 billion and has completed $91.3 billion in transactions over the past four years. At Northmarq, collaboration fuels results, helping clients achieve success in every market, nationwide.
