Beachwalk Scores $58 Million Construction Loan
Beachwalk, Encore’s 3,000 acre development currently being developed in St. John’s County, has just secured a $58 million construction loan. Surrounded by the largest crystal lagoon in the United States, Beachwalk is located County Road 210 from Interstate 95 east to U.S. 1.
The bulk of the funding —$51.6 million — is going to Beachwalk Apartments, a 348-unit garden-style rental community with 11 three-story buildings on 21.5 acres. A total of $34.75 million was secured by Winston-Salem, North Carolina-based BB&T, and $16.85 million came from Vestavia, Alabama-based equity partner Equity Resources LLC, a real estate investment company that focuses on multifamily.
The remaining $6.5 million is for Atlantica Isles, which will have 166 villas and 119 single-family homes for sale. Bank of the Ozarks Inc., based in Arkansas, provided the loan.