Walker & Dunlop has successfully arranged a construction loan of $72.7 million for Vintage Lake Powell, an upscale apartment complex located in Panama City Beach, Florida. The project is being developed by TDK Construction and Oldacre McDonald at 24000 Panama City Beach Parkway.
The financing was secured through the efforts of W&D FHA Finance team leaders Keith Melton and David Strange, who utilized HUD’s Section 221(d)(4) mortgage insurance program.
Vintage Lake Powell will consist of six buildings with varying heights (two-, four-, and five-story), offering a total of 289 units. The complex will also feature luxurious amenities such as a spacious clubhouse and leasing center spanning over 6,700 square feet, a fitness facility, package/storage center, pool with sundeck area, outdoor seating with grilling station under an arbor structure , pickleball and bocce ball courts , playground area for children to enjoy , dog park for pet owners to utilize , as well as access to the beautiful lakefront on Lake Powell . Additionally there will be nearly-20 thousand square feet dedicated to retail space on the ground floors of Buildings 100 &200 which have prime frontage along Panama City Beach Parkway .
In summary:
Walker & Dunlop secures $72.7 million construction loan for Vintage Lake Powell apartments in Florida’s Gulf Coast region.
TDK Construction and Oldacre McDonald are developing this Class A mixed-use project.
W&D FHA Finance team led by Keith Melton and David Strange utilized HUD’s Section 221(d)(4) mortgage insurance program.
The development includes six buildings ranging from two- to five-stories high.
Amenities include clubhouse/leasing center (6k+ sq ft), fitness facility,
package/storage center,
pool/sundeck,
outdoor seating/grilling station under arbor structure ,
pickleball/bocce ball courts ,
playground/dog park ,
and lakefront access on Lake Powell.
Nearly 20k sq ft of retail space will be located on the ground floors with frontage along Panama City Beach Parkway.
