New 332-Unit Multifamily Community in Pensacola Metro Secures $47 Million Refinancing

CBRE has secured a $47 million loan to refinance Elevate Navarre, a new 332-unit multifamily community in Navarre, Florida.

Blake Cohen with CBRE Capital Markets’ Debt & Structured Finance in Atlanta arranged the three-year fixed-rate, interest-only loan on behalf of the sponsor and developer, Atlanta-based Branch Properties. Voya Investment Management provided the loan, which the sponsor will use to refinance its existing construction loan.

Located at 1900 Elevate Avenue, the garden-style community was built in 2022 and encompasses 11 three-story residential buildings and a clubhouse/leasing center. It features one-, two-, and three-bedroom units with five different floor plans averaging 893 sq. ft. Unit amenities include luxury finishes with quartz countertops, hardwood-style flooring, custom cabinetry, stainless steel appliances, in-home washer/dryers, and private patio/balconies. Community amenities include a resort-style pool with sun deck, club room with lounge area and billiards, outdoor kitchen/dining area, fitness center with Peloton bikes, pet spa, and 565 surface-level parking spaces.

“It was a pleasure working with the Branch team on this refinance opportunity,” said Cohen, a Senior Vice President with CBRE. “Elevate Navarre is a best-in-class asset that has been extremely well received by the Navarre community as evidenced by a successful lease up. The quality of the asset and moderate leverage request made this a perfect fit for a life company execution.”

Situated on a 20.2-acre site just north of Navarre Parkway, the community provides quick access to US Highway 98 and Florida Highway 87 and is 2.5 miles from Navarre Beach and the Gulf Coast. It’s adjacent to a Publix-anchored shopping center featuring national retailers, within 2.5 miles of four Santa Rosa County Public Schools, and within 23 miles of Eglin Air Force Base and its 20,000-plus personnel. The area is home to major employers including Navy Federal Credit Union, Baptist Healthcare, and the University of West Florida.