Greysteel Secures $51M Construction Loan For Evolve Palm Coast Multifamily Development

The development site located at 4800 North U.S. Highway 1 in Palm Coast, was the subject of a $51,000,000 construction loan. The loan secured by Greysteel consisted of $37 million in construction financing and $14 million in preferred equity. The funding was specifically designated for the Evolve Palm Coast multifamily development project by Evolve Cos., a 256-unit complex expected to be finalized in fall 2025. The property will boast amenities such as a saltwater pool, fitness center, and dog park.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $51,000,000
• Address: 4800 North U.S. Highway 1
• Market: Palm Coast
• Landlord: Mike Winstead Jr. (MikeWinsteadJr) - Evolve Companies
• Brokers: Jeremy Slocumb & Chris Wilkins - Greysteel
• Loan Type: Construction Loan
• Loan Terms: Three-year, floating-rate

The individuals involved in the deal were Chris Wilkins, Mike Winstead Jr., and Jeremy Slocumb. Chris Wilkins and Jeremy Slocumb represented Greysteel in securing the financing for the Evolve Palm Coast project.