GREYSTEEL ARRANGES $51M IN CONSTRUCTION FINANCING AND EQUITY PLACEMENT FOR 256-UNIT MULTIFAMILY DEVELOPMENT IN PALM COAST, FLORIDA

January 16, 2024, Palm Coast, FL - Greysteel announced today that it has arranged the $37 million construction financing and the $14 million preferred equity placement for the development of Evolve Palm Coast, a 256-unit, garden-style market-rate multi-family community located in Palm Coast, Florida.

Greysteel worked on behalf of the Sponsor, Wilmington, North Carolina-based Evolve Companies, to secure a three-year, floating-rate loan through a regional bank. Greysteel also sourced the preferred equity from an institutional real estate investment fund. With an expected completion of fall 2025, Evolve Palm Coast will include 256 units featuring one-, two-, and three-bedroom apartments in 12 three-story garden-style buildings. The exterior architecture will combine masonry and fiber cement. Interiors include modern design elements like quartz countertops, stainless steel appliances, and walk-in showers. The property will have 96 first-level garages and ample surface parking. Beyond residences, this community will also feature a thoughtfully designed clubhouse and diverse amenities, including a saltwater pool, gas grills, fitness center, yoga room, dog park, and playground.

Conveniently located, the property is 45 minutes south of Jacksonville, an hour east of Orlando, 30 minutes north of Daytona Beach, and 30 minutes south of historic St. Augustine. Positioned just south of Palm Coast Parkway, a key thoroughfare connecting US 1, I-95, and A1A, the site is within a 10-minute drive to major retailers and 14 miles from Flagler Beach, offering access to a diverse range of amenities and the potential for future growth.

Prominent employers like Advent Health, Flagler Heath+, and UNF, all within 10-15 minutes of the site, contribute to Palm Coast's thriving job market. Advent Health is constructing a $145 million medical complex, UNF is developing Med Nexus for skilled medical professionals, and Boston Whaler's new 225,000-square-foot facility, operational since 2021, is generating over 400 jobs. This med-tech ecosystem positions Palm Coast as an innovative hub, fostering high-income opportunities in the medical and manufacturing sectors. Director Jeremy Slocumb and Senior Associate Chris Wilkins led the Greysteel team.

"Evolve Companies is a first-class organization, and we're thrilled to be a part of their entrance into Florida. It was a competitive marketing process to secure the preferred equity partner. Strong deals in dynamic locations will reap the benefits of a more fluid capital markets environment in 2024," said Slocumb.

‘’Despite broader headwinds affecting the construction lending landscape, regional banks still have an appetite for new, high-quality borrowers. The strength of Evolve Companies' track record, compelling cost basis, and robust project-level returns allowed this deal to receive multiple financing quotes. This property will be an excellent addition to the Palm Coast area," said Wilkins.

ABOUT GREYSTEEL:

?Greysteel is a leading commercial real estate and capital markets services firm with 16 offices located in Austin, TX; Baltimore, MD; Bentonville, AR; Charlotte, NC; Chapel Hill, NC; Columbus, OH; Dallas, TX; Los Angeles, CA; Miami, FL; Nashville, TN; New Orleans, LA; Newport Beach, CA; New York, NY; Orlando, FL; Philadelphia, PA; ?and Washington, D.C. Greysteel is a leading commercial real estate and capital markets services firm. Greysteel serves and advises private and institutional real estate investors and developers in the marketing, sale, and financing of private capital and middle-market real estate assets. Our platform optimizes options for our clients by providing end-to-end investment services, from sales and financing to research and investment planning. Strategically located across offices nationwide, Greysteel has established broad market coverage from coast to coast.

www.greysteel.com

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?Contact:

Audrey Kroa

Greysteel?

817/406.3210

[email protected]