FORT WALTON, FL—Capstone Equity Solutions announces the $18.5M preferred equity raise to support the development of Madison at Owl’s Head: a to-be-built, 300-unit apartment community situated in the Owl’s Head master-planned community off Highway 331 in Freeport, Florida.
The Capstone Equity & Structured Finance team was led by Bryse Toothaker and Charlie Rimkus, who sourced the investment on behalf of the sponsor and developer, Ambling Property Investments, based in Valdosta, Georgia.
“We were excited to see the amount of interest we received from a wide array of investor groups,” said Toothaker. “The tremendous in-migration in the Florida Panhandle has led to high demand for quality housing, rapid rent growth, and overall strong fundamentals. These factors coupled with an experienced and talented development team in Ambling, made Madison at Owl’s Head a very attractive opportunity for the investor.”
Construction for Madison at Owl’s Head began this month. The three-story garden-style community will feature luxurious modern interiors and top-of-the-line amenities including a swimming pool, grilling pavilion, playground, dog park and spa, clubhouse, fitness center, billiards room, tennis courts, and bocce ball courts.
The Owl’s Head master-planned community is situated on 1,000 acres on both the east and west sides of US Highway 331 and is proximate to schools, shopping, and dining in the immediate area. The community is also surrounded by thousands of acres of the preserved lands of Nokuse Preservation to the north, south, and east and Eglin Airforce Base to the west—providing strong barriers to entry for future multi-family development in the area.
“Ambling is extremely pleased and grateful to work with the Capstone team on the Madison at Owl’s Head preferred equity raise. We couldn’t ask for a more professional and talented team to help guide us through the current headwinds in the market. Madison at Owl’s Head will be a legacy for our company and the Florida Panhandle for many years to come due in great part to Capstone’s help and expertise,” said Tim Palmieri, Ambling Vice President of Investment Management.