According to Mike Boyd of Connect CRE, Coldwell Banker Richard Ellis’s Blake Cohen arranged the three-year fixed rate, interest only loan on behalf of the sponsor/developer. Voya Investment Management provided the loan, which the sponsor will use to refinance its existing construction loan.
Built in 2022, Elevate Navarre sits next to the Shoppes of Navarre, which includes Publix, and is nestled near the intersection of Highway 87 S and Highway 98 (Navarre Parkway). It encompasses 11 three story buildings and a clubhouse. The Elevate Navarre area doesn’t just include places to live, it includes places to shop and eat.
In the past few years, Starbucks, Buffalo Wild Wings, Wendy’s, ABC Fine Wine and Spirits and Chipotle have all opened around the complex. Plans have also been announced from a different developer to build a hotel in between Elevate and the Shoppes of Navarre complexes.
