Commercial Observer - Arris Holdings has sealed $43.5 million of bridge debt for the completion and lease-up of a multifamily community in the Florida Panhandle, Commercial Observer has learned.
Peachtree Group originated the two-year loan with one-year extension option to finance the final phase of the Seahaven Apartments project in Panama City Beach, Fla. The apartment project is roughly 90 percent complete.
Walker & Dunlop negotiated the debt with a team led by Alfie Means and Zach Whorton.
Taylor Pike, senior vice president at Peachtree, noted that the development will enjoy strong demand drivers as one of only two multifamily communities in the Panama City market with direct beach access. The property is also near major employers including a planned Florida State University Health hospital campus and Tyndall Air Force Base.
