Apartments in Florida's New Beachwalk Development Receive $58 Million in Construction Financing via Walker & Dunlop
BETHESDA, Md., Sept. 11, 2018 /PRNewswire/ -- Walker & Dunlop, Inc. announced today that it arranged construction financing in the amount of $51,600,000 for Beachwalk Apartments and $6,500,000 for Atlantica Isles, both located within the Beachwalk master-planned community in St. John, Florida. Beachwalk Apartments is a 348-unit garden-style rental community. Atlantica Isles is a 285-unit housing community with villas and single-family homes.
The Beachwalk master plan, which is currently under development, will include a 14-acre Crystal Lagoon with 1,000 feet of pristine beachfront, a private beach club and a 175,000 square-foot retail village along the shore. In addition to Beachwalk Apartments, the Beachwalk master plan will eventually comprise over 750 for-sale residential units, 825,000 square feet of retail and commercial space, 360,000 square feet of office space, 1.5 million square feet of industrial space, and a high school.
Beachwalk Apartments is being developed by Falcone Associates, LLC, the family office of Arthur Falcone based in Boca Raton, Florida. Once complete, the multifamily property will comprise eleven three-story buildings on 21.5 acres. Amenities will include a clubroom, fitness center, pool, athletic courts, a playground, walking access to the Crystal Lagoon, a beach club, and waterfront retail. The property was financed by $34.75 million in senior financing coming from BB&T and the remaining $16.85 million in joint venture equity coming from Birmingham-based Equity Resources, LLC. Americrest Luxury Homes, led by Arthur Falcone, Neil Eisner, and Albo Antenucci, Jr., is developing Atlantica Isles. The financing of $6.5 million for this property was provided by Bank of the Ozarks. Atlantica Isles will feature 166 twin villa units and 119 single-family homes.
Both transactions were arranged by Kevin O'Grady, Daniel Sheehan, and Eric McGlynn, all managing directors in Walker & Dunlop's Capital Markets group, based in Miami, Florida. The team has been active in structuring nonrecourse construction loans for apartments and other property types nationwide. The team also focuses on identifying providers of equity, structured debt, and portfolio financing for developers and value-add owners and operators. As a team, they have closed in excess of $16 billion of debt and equity transactions.
Walker & Dunlop is a leader in the multifamily space; the firm ranked #1 with Fannie Mae for multifamily lending in 2017 and was also ranked within the top five largest multifamily lenders with Freddie Mac and HUD. The Capital Markets team also closed a record $7.3 billion in total brokered volume with over 235 different capital providers in 2017, up 75 percent from 2016. To learn more about Walker & Dunlop's financing capabilities, visit our website.
About Walker & Dunlop
Walker & Dunlop (NYSE: WD), headquartered in Bethesda, Maryland, is one of the largest commercial real estate services and finance companies in the United States providing financing and investment sales to owners of multifamily and commercial properties. Walker & Dunlop, which is included in the S&P SmallCap 600 Index, has over 650 professionals in 29 offices across the nation with an unyielding commitment to client satisfaction.
SOURCE Walker & Dunlop, Inc.
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