Voya Provides $47M Refi on Multifamily Complex Off Florida’s Navarre Beach
The loan will refinance existing construction debt on a property that opened in 2022
By Brian Pascus May 27, 2025 3:07 pm
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Branch Properties, an Atlanta-based developer and operator, has secured $47 million to refinance existing construction debt on Elevate Navarre, a 332-unit multifamily complex in Navarre, Fla.
Voya Investment Management, a life insurance company, originated the loan, which carries a three-year, fixed-rate term. CBRE Capital Markets’ Blake Cohen arranged the deal.
In a statement, Cohen called Elevate Navarre “a best-in-class asset” and noted its strong leasing metrics shortly after completion.
“The quality of the asset and moderate leverage request made this a perfect fit for a life company execution,” he said.
Located at 1900 Elevate Avenue in Navarre, a Florida Panhandle community about 90 miles east of Mobile, Ala., Elevate Navarre opened in 2022. The complex includes nearly a dozen three-story buildings holding one- to three-bedroom apartments, as well as 565 parking spaces. Amenities include a pool, a clubhouse, an on-site leasing center, a fitness center and a pet spa.
Branch Properties did not respond to requests for comment.
Brian Pascus can be reached at bpascus@commercialobserver.com
