EDEN Multifamily Breaks Ground on Florida Project
- Mar 22, 2021
EDEN Multifamily has obtained a $44.1 million first mortgage construction loan to build a new Daytona Beach, Fla.-area apartment community called EDEN Crystal Lake. The 288-unit, Class A garden-style property will be located in Port Orange, Fla., a city just south of Daytona Beach. The loan was provided by Trez Capital.
Situated at 1270 Reed Canal Road, EDEN Crystal Lake will spread across 19.5 acres, serving up a variety of one-, two- and three-bedroom apartments. Among features and finishes of the residences will be 9-foot ceiling heights, granite countertops, high-end appliances, walk-in closets and balconies or patios. A dog park with grooming station is one of the leading amenities of the apartment community.
“We are all working a little more remotely, so everything took a little longer,” Brett D. Forman, Trez Capital executive managing director, Eastern U.S., told Multi-Housing News. “In this case, there were limited third-party investors, some from overseas, and with overseas investors we still need to do our Know Your Customer verification and anti-money laundering protocols, so that took more time. And the price of lumber continues skyrocketing, so there were a couple times when we had to revisit the numbers to increase the loan and accommodate the increased costs.”
Trez Capital was attracted to the deal given Port Orange is a smaller market unlikely to appeal to other lenders. “We feel there will be less supply,” Forman said. “But with the increased population and jobs coming, we’ll be able to sleep a bit better knowing that’s where the momentum is going.”
EDEN Crystal Lake will be situated within 4 miles of Daytona Beach beaches, the Daytona International Speedway, Daytona Beach International Airport and LPGA headquarters. Also nearby are interstates 4 and 95, shopping and restaurants and a trio of post-secondary educational institutions. Among them is Embry-Riddle Aeronautical University, the world’s largest university dedicated to aviation and aerospace.
EDEN Crystal Lake construction is slated to be complete in the middle of 2022. In mid-January, Whisper Oaks Villas, a property near Daytona Beach, changed hands.