Navarre Apartment Developer Inks $47M Refi
Branch Properties obtained a $47 million loan to refinance Elevate Navarre, a new 332-unit multifamily community in Navarre.
CBRE’s Blake Cohen arranged the three-year fixed-rate, interest-only loan on behalf of the sponsor/ developer. Voya Investment Management provided the loan, which the sponsor will use to refinance its existing construction loan.
Located at 1900 Elevate Avenue, the garden-style community was built in 2022 and encompasses 11 three-story residential buildings and a clubhouse/leasing center. It features one-, two-, and three-bedroom units averaging 893 square feet. Unit amenities include private patios and balconies. Community amenities include a resort-style pool with sun deck, club room with lounge area and billiards, outdoor kitchen/dining area, fitness center and pet spa.
Situated on a 20.2-acre site just north of Navarre Parkway, the community is 2.5 miles from Navarre Beach and the Gulf Coast. It’s adjacent to a Publix-anchored shopping center featuring national retailers and within 23 miles of Eglin Air Force Base and its 20,000-plus personnel.
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Brokers
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Remax Real Estate Professionals
Re/Max Real Estate Professionals
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Greg Corbin
Northgate Real Estate Group
Lenders
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout