Updated Sep 14, 2026
Evolve Companies Secures $70 Million Construction Loan From CrossHarbor Capital Partners In Palm Coast
4800 Us Route 1
$70,000,000
Units
352
Asset Type
Development Site
Closing
Sep 11, 2026
About this deal
AI
The asset involved is a development site located at 4800 Us Route 1, Palm Coast, FL. The loan amount secured for this property is $70 million, specifically for bridge and construction financing. This site will facilitate the Evolve Palm Coast multifamily development, which consists of 352 units, covering both Phase I and Phase II of construction.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $70,000,000
- Lender: CrossHarbor Capital Partners
- Landlord: Mike Winstead Jr - Evolve Companies
- Broker: Chris Hammel - NorthMarq
- Loan Type: Construction
- Loan Terms: non-recourse
The transaction is representative of Evolve Companies' ongoing efforts in enhancing multifamily housing options in Palm Coast, Florida. The individuals involved include Mike Winstead Jr, who leads Evolve Companies, and Chris Hammel from NorthMarq, who acted as the broker for this deal.
On the Map
$70,000,000
Development Site
View full map
Players
Bunnell Development Site Market Snapshot
Boundary boundary · Development Site · Loan transactions
Loading comparables…
Deal FAQ
Browse Bunnell development site loans on Traded.
Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.23%
Cash-on-Cash
-0.06%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93