Evolve Inks $70M Construction Loan for Palm Coast Apartments

Evolve Companies closed on a $70 million bridge and construction loan for a 352-unit multifamily development at 4800 US Hwy. 1 N. in Palm Coast, Florida.

Northmarq’s West Palm Beach Debt + Equity team, led by Chris Hammel, arranged the loan on behalf of the borrower with Cross Harbor Capital Partners’ involvement. The loan was non-recourse financing that recapitalized phase I’s construction loan and preferred equity and funds for phase II’s construction.

Evolve Palm Coast features luxury one-, two-, and three-bedroom floor plans with private patios/ balconies. Community amenities include a pool with a lounge and outdoor kitchens, fire pits, a golf simulator, a co-working space, a full gym with a yoga studio, a dog park and a pet spa. 

Earlier this year, Northmarq and Cross Harbor also arranged construction financing for Evolve Companies’ Evolve Crossing, a Class A multifamily development in Burlington, North Carolina.