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Cushman & Wakefield Secures $48.9M Construction Loan for Apartment Community in Navarre, Florida

NAVARRE, FLA. — Cushman & Wakefield has secured $48.9 million in construction financing on behalf of Atlanta-based Branch Properties LLC for Elevate Navarre Beach, a 332-unit apartment community located in Navarre. Michael Ryan, Brian Linnihan, Richard Henry and Taylor Crowder of Cushman & Wakefield secured the five-year, floating-rate loan through IberiaBank.

Elevate Navarre Beach will include 11 three-story residential buildings offering one-, two- and three-bedroom floorplans with an average unit size of 894 square feet. Community amenities will include a pool, fitness center, outdoor grilling stations with private cabanas, dog park and spa and car care center. The property is slated to break ground before the end of the year, and construction is expected to be complete by late 2023.

Located at 8250 Naverre Parkway, the property will be adjacent to Paradise Shoppes of Navarre, a Publix-anchored neighborhood center offering retail, restaurants and entertainment space. Elevate Navarre Beach will be situated approximately 20 miles from Pensacola Beach and 41 miles from Santa Rosa Beach.

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