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Evolve secures $51m in construction financing for multifamily development in Florida
Transactions - JANUARY 19, 2024

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Evolve secures $51m in construction financing for multifamily development in Florida

by Denise Moose

Evolve Companies announced that it secured $37 million in construction financing and $14 million in preferred-equity placement for the development of Evolve Palm Coast, a 256-unit, garden-style, market-rate, multi-family community in Palm Coast, Fla.

Greysteel worked on behalf of the sponsor to secure a three-year, floating-rate loan through a regional bank. Greysteel also sourced the preferred equity from an institutional real estate investment fund.

With an expected completion of fall 2025, Evolve Palm Coast will include 256 units featuring one-, two- and three-bedroom apartments in 12 three-story, garden-style buildings. The exterior architecture will combine masonry and fiber cement. Interiors include quartz countertops, stainless-steel appliances and walk-in showers. The property will have 96 first-level garages and ample surface parking. Beyond residences, this community also will feature a clubhouse and amenities including a saltwater pool, gas grills, fitness c

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