Updated Oct 12, 2026
Time Equities, Inc Acquires Multifamily Property In Panama City Beach For $35M Construction Loan
8603 Whelch Drive, Panama City Beach, Florida 32408, United States
$35,000,000
Building Size
—
Asset Type
MultiFamily
Closing
Apr 17, 2023
About this deal
AI
The multifamily property located at 8603 Whelch Dr in Panama City Beach has been involved in a recent closed transaction. The property, owned by Time Equities, Inc and represented by Robert Singer, has garnered attention in the market.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $35,000,000
- Address: 8603 Whelch Dr, Panama City Beach
- Market: Panama City Beach
- Lender: M&T Bank Corporation
- Landlord: Time Equities, Inc - Robert Singer
- Loan Type: Construction Loan
M&T Bank Corporation has provided a construction loan of $35,000,000 for this multifamily property transaction. The loan has been secured by Time Equities, Inc, with Robert Singer representing the company. The property's prime location, combined with the financial support from M&T Bank Corporation, indicates the potential for future development and growth in the Panama City Beach market.
On the Map
$35,000,000
MultiFamily
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Players
Panama City MultiFamily Market Snapshot
Boundary boundary · MultiFamily · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.45%
Cash-on-Cash
-0.13%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93