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Time Equities Closes on $35M Build Loan for Phase II of Panama City Beach Community
Time Equities, Inc., has closed on a $35-million construction loan for the development of Phase II at Villas at Suncrest in Panama City Beach, FL. The construction financing was provided by M&T Bank Corporation.
Phase II — which consists of five, three-story apartment buildings — is an expansion of the existing 116 condominiums and townhomes (Phase I) at Villas at Suncrest. Phase II will add 108 rental units, resulting in a total of 224 units at the site.
The new amenities being developed as part of Phase II include a 6,500-square-foot clubhouse equipped with resort-style pool, grand club room, fitness center, gam room, private dining facilities, lounges, outdoor kitchen, pergolas and firepits. Other onsite amenities to be added include a dog park, putting green, playground and mail kiosk.
Also as part of Phase II, the original 2,500-square-foot club house is being converted into a work-from-home center with ‘zoom pods,’ conference room, lounge and kitchen.
Photo courtesy Conn Architects
- ◦Development
