Columbia Pacific Advisors Bridge Lending, a platform within Columbia Pacific Advisors, announced it has provided a $38.1 million bridge loan to fund construction completion of the Pine Wood multifamily development located at 179 S. County Highway 393, Santa Rosa Beach, Florida.
The 122-unit development is comprised of 5 separate buildings including a main clubhouse containing approximately 11,000 square feet of retail space. The property features high-end amenities such as a resort style pool, a putting green, and a bike rental service. Optimally situated between the Gulf of Mexico and the Choctawhatchee Bay, for-rent golf carts will provide residents easy-access to the beach, only 1.5 miles from the property.
“With a scarcity of new product, combined with the low vacancy rates and over 6 million tourists visiting Santa Rosa Beach each year, we believe that 179 S. County Highway 393 is well positioned to capitalize on a market that is in high demand,” said Will Nelson, Director of Real Estate Lending at Columbia Pacific Advisors. “The development’s ideal location and high-end offerings will be a draw to potential residents.”
The loan is intended to provide the capital to complete the remaining 30 percent of construction and refinance the development. The facility is expected to receive its Certificate of Occupancy in Summer 2021.
