Daytona Beach Luxury Development Scores $29M Loan
- Nov 21, 2019
The joint venture of Integra Land Co., Capital Apartment Group and Tequesta Development Group has received a $29 million construction loan for Enclave at 3230, a 256-unit luxury community underway in South Daytona, Fla. Newmark Knight Frank secured the four-year financing from Hancock Whitney Bank.
Enclave at 3230 is the first multifamily project in South Daytona in nearly 30 years. Capital Apartment Group acquired the 12.5-acre development site in 2018, broke ground on the project this May and completion is expected within 20 months.
Located at 3230 S. Ridgewood Ave. in an Opportunity Zone, the property is one block west of Halifax River, with the Atlantic Ocean only 2 miles east. Daytona Beach is approximately 4 miles up the coast and Daytona Beach International Airport is 8 miles northwest of the development site.
When completed, the community will consist of four four-story buildings with one- to three-bedroom apartments. Common-area amenities will include a swimming pool, fitness center, clubhouse and dog park, as well as private garages.
NKF Executive Managing Director Matthew Williams, Associate Director Kyle Schlitt and Assistant Vice President James Maynard provided the construction loan for the borrower. The team also secured financing for the $35 million sale of a 288-unit luxury community in Tallahassee, Fla.