Two Beachwalk projects secure $58 million construction loan

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Walker & Dunlop says that it arranged construction financing for two projects located within the Beachwalk master-planned community in St. John.

The firm secured $51.60 million for Beachwalk Apartments and $6.50 million for Atlantica Isles. Beachwalk Apartments is a 348-unit garden-style rental community, while Atlantica Isles is a 285-unit housing community with villas and single-family homes.

The Beachwalk master plan, which is currently under development, will include a 14-acre Crystal Lagoon with 1,000 feet of pristine beachfront, a private beach club and a 175,000 sq.-ft. retail village along the shore.

In addition to Beachwalk Apartments, the Beachwalk master plan will eventually comprise over 750 for-sale residential units, 825,000 sq. ft. of retail and commercial space, 360,000 sq. ft. of office space, 1.5 million sq. ft. of industrial space, and a high school.

Beachwalk Apartments is being developed by Falcone Associates, the family office of Arthur Falcone. Once complete, the multifamily property will comprise eleven three-story buildings on 21.5 acres. Amenities will include a clubroom, fitness center, pool, athletic courts, a playground, walking access to the Crystal Lagoon, a beach club, and waterfront retail.

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