Oldacre McDonald, LLC and TDK Construction, LLC have been awarded a $72 million construction loan to support the development of a mixed-use apartment complex in Panama City Beach, Florida.
Vintage Lake Powell is located at 24000 Panama City Beach Parkway. When the project is completed it will feature six apartment buildings, with heights ranging from two, four, and five stories.
The 289-unit Class A site will include 19,783 square feet of retail space on the ground floor of buildings 200 and 100, as well as a 6,697 square-foot leasing center and clubhouse. Other property amenities will include a pool, a sundeck, a fitness center, a pickleball and bocce ball court, an arbor area, a dog park, a playground, and a package/storage facility.
Walker & Dunlop arranged the loan, with the efforts led by David Strange and Keith Melton. Oldacre is the owner of the property, while TDK will develop it.
“Vintage Lake Powell will be highly visible, well-connected to public transportation, and near retail, community amenities, and employment centers,” Walker said in a statement.
“It will also include direct beach access and will be easily reachable from Panama City Beach Parkway/US-98.”
While multifamily has been a struggle for the most part this year with high supply, Florida is seeing some serious momentum – at least for apartments. In the second quarter, net absorption for the segment in The Sunshine State was up nearly 700 percent year-over-year, according to a RealPage analysis. Plus, apartment demand was double compared to the average between 2015 and 2019.
Oldacre McDonald has more than 540 developments in 28 states and manages 14 million square feet of property. The Nashville-based firm has two mixed-use projects (with retail and restaurants included), in development currently, called Century Farms and The Pinnacle. Both are located in Tennessee.