$3 Million Construction Loan Arranged for Mixed-Use Development in Florida
Wayne Griest, Managing Director of Progress Capital secured a $3,060,000 construction loan for Palm Coast 145 LLC, principal and developer of a 145-acre mixed use development project that has approximately one (1) mile of frontage along US-1 and is well situated to serve the City’s projected 5,000 new residents.
A few years ago, the sponsor purchased the mixed-use property with a plan that included designating 52-acres for industrial use and 82-acres for residential use. Today, the plan has shifted to construct an exclusive single-family development consisting of 348-450 dwelling units.
With a convenient location immediate to US-1 and minutes from I-95 and Belle Terre Parkway, residents will enjoy ease of access to everything that Palm Coast and neighboring cities have to offer. The site is located within 5 miles of Palm Coast Town Center and Belle Terre Crossings, providing residents with an array of conveniences including retail stores, restaurants and hotels, as well as Flagler Hospital and Flagler Municipal Airport.
Pelican Creek Preserve is one of several parks close by. This conservation area and other parks are gems for hiking, canoeing and boating, horseback riding, fishing, and even camping. The area provides as many golf options, including: Palm Harbor Golf Club, rated the best in the county for nearly a decade, and Pine Lakes Golf Club, an Arnold Palmer signature design. Just 11 miles away is the Flagler Beach Pier and the Atlantic Ocean.
Progress Capital is a commercial mortgage advisory firm with over $40 Billion in closed loans and $150 Million of directly funded bridge loans. With over 30 years of experience, we continually prove our value to our clients by securing the best capital options available in the market.