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July 29, 2021

Columbia Pacific lends $38M for Florida units

Columbia Pacific Advisors announced the recent provision of a $38.1 million loan for the completion of a multifamily project under construction in Santa Rosa Beach, Florida. (That's in the state's panhandle, near Tallahassee.) Completion is expected this summer, with 14% of the 122 units now pre-leased. Columbia Pacific said the funding amounted to about 30% of the total construction cost. Its Will Nelson said, “The development's ideal location and high-end offerings will welcome permanent residents and their vacation subletters alike.” He also said the city expects 6 million visitors each year. The borrower wasn't named. When completed, the five-building mixed-use complex will also include about 11,000 square feet of retail.

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