DLP Capital Provides $17.2 Million in Financing for Lighthouse Harbor Mixed-Use Development in Palm Coast, FL
DLP Capital is proud to announce its financing partnership with CR Endeavors (formerly Corporate Realty) for the development of Lighthouse Harbor, a mixed-use community in Palm Coast, Florida. This exciting project will combine residential, commercial, and a marina complete with boardwalk to create a vibrant and dynamic community along the Florida coastline.
Project Overview
DLP Capital has extended a $17.2 million loan to CR Endeavors to finance the remaining soft costs and fund the horizontal improvements of Lighthouse Harbor, a proposed 68-acre mixed-use community. The site is fully entitled for a total of 845 single-family, multifamily, and townhome units, along with 160,000 square feet of commercial space and a marina with 80 wet and 200 dry slips.
The development will feature residential townhomes, public spaces, and essential amenities for both residents and businesses. Current phase I plans call for 121 townhomes, along with the seawall basin and necessary infrastructure. Construction on the coastal community is expected to begin in Q2 2025, with the townhomers set to be completed in collaboration with a national homebuilder.
Key Project Features
Lighthouse Harbor will include:
- 121 Townhomes: High-quality townhomes under contract with a regional homebuilder.
- Seawall Basin and Infrastructure: Investment in vital infrastructure to support the long-term success of the development.
- Mixed-Use Community: The project will bring together residential living with commercial and recreational spaces to create a well-rounded community.
- Phased Vertical Development: Collaboration with a regional homebuilder to complete the townhomes as part of the overall development.
- Revolving Loan Structure: Above stated improvements are part of Phase I, but the loan is established to support future development as well once Phase I items are completed and refinanced or sold.
DLP Capital’s Role
Financing provided by DLP Capital will help CR Endeavors cover ongoing horizontal construction expenses and soft costs until the project starts generating income. This creatively structured loan will enable CR Endeavors to bring critically-needed attainable housing to market in Palm Coast, Florida’s fastest-growing city.
Thanks to this growth, the median home price in the area has risen by $140,000 since the pandemic, making housing increasingly difficult to afford for the one-third of workers who work in essential tourism and hospitality roles.1 Lighthouse Harbor will address the affordable housing crisis in Palm Coast by providing a true blend of safe and high-quality housing options to low- and moderate-income families in the area.
About CR Endeavors
CR Endeavors, formerly Corporate Realty, is a leading real estate developer in Birmingham, Alabama, with over 20 years of experience in urban redevelopment. Specializing in mixed-use, multifamily, healthcare, and active adult community development, CR Endeavors has delivered transformative projects that have driven economic growth and community engagement across the Southeast. Notable developments include Birmingham’s 19-acre Railroad Park, the city’s 8,500-seat Regions Field baseball stadium, and The Star at Uptown, a 47.3-acre mixed-use development located in the Magic City’s Norwood neighborhood.