Developer Duo Ink $72.7M Construction Loan for Gulf Coast Apartments
Walker & Dunlop has arranged $72.7 million in construction loan proceeds for Vintage Lake Powell, a 289-unit, Class A, mixed-use apartment complex in Panama City Beach, Florida. TDK Construction and Oldacre McDonald are developing the project at 24000 Panama City Beach Parkway.
The W&D FHA Finance team, led by Keith Melton and David Strange, helped secure the financing and arranged the loan proceeds by utilizing HUD’s Section 221(d)(4) mortgage insurance program.
Vintage Lake Powell will feature six apartment buildings of varying heights (two-, four-, and five-story) and complex amenities, including a 6,700 sq ft clubhouse and leasing center, fitness facility, package/storage center, a pool and sundeck, arbor with outdoor seating and grilling station, pickleball and bocce ball court, playground, dog park and lakefront amenity area on Lake Powell. The nearly-20,000 square foot retail space will be located on the ground floors of Buildings 100 and 200 with frontage along Panama City Beach Parkway.
