Time Equities (TEI) has closed on a $35 million construction loan for the development of Phase II at Villas at Suncrest, Panama City Beach, Fla.
Phase II – which is slated for an early 2024 delivery – is an expansion of the existing 116 condominiums and townhomes (Phase I) at Villas at Suncrest. Phase II will add new 108 rental units, resulting in a total of 224 residential units at the site. Phase II will also expand the onsite amenities, which will be accessible to both Phase I and Phase II units.
The new amenities being developed as part of Phase II include a 6,500-square-foot clubhouse equipped with a resort-style pool, a grand club room, a fitness center, a game-room, private dining facilities, lounges, an outdoor kitchen, pergolas and firepits. Other onsite amenities to be added include a dog park, a putting green, a playground, and mail kiosk.
Also, as a part of Phase II, the original existing 2,500-square-foot club house and pool is being converted
