Evolve Cos. Seals $51M Financing Package for Florida Development
The property is expected to be online in late 2025.
A rendering of the completed community. Image courtesy of Greysteel
Evolve Companies has obtained $37 million in construction financing and $14 million in preferred equity for a new garden-style apartment community to be developed in Palm Coast, Fla.
Evolve Palm Coast will be a 256-unit, market-rate community, featuring one-, two- and three-bedroom units in 12 three-story buildings. Greysteel worked on behalf of Evolve Companies to secure a three-year, floating-rate loan through a regional bank. Greysteel obtained the preferred equity from an institutional real estate investment fund. Completion of the property is slated for autumn of 2025.
Features and finishes of Evolve Palm Coast apartments will include stainless steel appliances, quartz countertops and walk-in showers. Among the community’s common area amenities will be a salt water pool.
Key thoroughfare
Palm Coast enjoys a thriving employment market and offers an outsize number of higher-income health care and manufacturing sector opportunities. Major employers in the area include Advent Health, Flagler Health+ and UNF, all of which are located within 10 to 15 minutes of the new multifamily community. Advent Health is in the process of developing a $145 million medical complex. University of North Florida is developing MedNexus to educate future medical professionals for the health care and biomedical sectors. Boston Whaler has generated more than 400 jobs at its now three-year-old, 225,000-square-foot facility.
Evolve Palm Coast will be located 45 minutes south of Jacksonville, one hour east of Orlando, 30 minutes north of Daytona Beach and 30 minutes south of historic St. Augustine. The new property will be located just south of the key thoroughfare of Palm Coast Parkway, which connects U.S. 1, Interstate 95 and A1A. Major retailers are no more than a 10-minute drive and Flagler Beach is only 14 miles away. Jeremy Slocumb, director, and Chris Wilkins, senior associate, led the Greysteel team.
Last month, an Orlando Multifamily Report found an economic slowdown had dented area rent growth.
