Crestline Investors Closes $61.6M Construction Loan for Ceiba Groupe's Royal Palms at Nehi in Panama City
Crestline Management, L.P. (Crestline Investors) has closed a $61.6 million senior secured construction loan to Ceiba Groupe, a family-owned South Florida real estate developer, the firm announced Oct. 26. Crestline made the loan alongside Cliffwater Enhanced Lending Fund and Millennium Bridge Capital. Proceeds will fund the first phase of construction of Royal Palms at Nehi, a 363-unit build-to-rent community in Panama City, Florida.
Loan Details and Collateral
The financing is a senior secured construction loan of $61.6 million. It is secured by Royal Palms at Nehi, which comprises 336 apartments and 27 townhomes, along with an adjacent 20-acre parcel entitled for a future second phase. The loan works out to approximately $169,700 per planned first-phase unit, based on the 363-unit count. That figure is a simple division of the loan amount by unit count and is not a reported loan-to-cost or loan-to-value ratio.
The lender group consists of Crestline Investors, Cliffwater Enhanced Lending Fund and Millennium Bridge Capital.
Royal Palms at Nehi: Project Overview
Royal Palms at Nehi is located in northeast Panama City, off U.S. 231 on Nehi Road. The project includes six four-story apartment buildings, three two-story townhome buildings, a clubhouse and a resident-storage building. Ceiba's broader two-phase development is planned for more than 45 acres and approximately 700 units.
Ceiba Groupe was established in 2012 and is a family-owned and operated real estate investment, development and management firm. It develops residential and commercial properties in South Florida and Canada, with a focus on multifamily and build-to-rent communities.
Executive Comments
"Royal Palms at Nehi is located in the supply-constrained Panama City submarket, where demand is driven by Tyndall Air Force Base. Ceiba's attention to site selection, product design, and well-sequenced construction planning makes this an attractive investment for us. As our second transaction with Ceiba, we are excited to continue our partnership with their team," said James Delaune, Senior Managing Director at Crestline.
"Crestline understood the site, the timeline, and what we are building here, and structured a facility that lets us move into construction with confidence," said Jeremy Bedzow, co-managing principal at Ceiba Groupe, alongside his brother, Adam Bedzow.
Panama City Market Context
Panama City's housing demand is supported by military, reconstruction and employment activity. Tyndall Air Force Base is undergoing a multiyear modernization program following Hurricane Michael, generating continuing demand from military personnel, contractors and related service providers.
Average Panama City rents were roughly $1,200 to $1,500 per month in the first quarter of 2026, down approximately 2% to 4% year over year.
Other build-to-rent development is also advancing in the region. JLL marketed Coastal Palms in Panama City Beach as a 140-home first phase of a planned 289-home community, with delivery expected to begin in October 2026. Coastal Palms is positioned near Naval Support Activity Panama City, which employs more than 4,900 civilian and military personnel.
About the Lender
Crestline is a global alternative investment management firm founded in 1997 and based in Fort Worth, Texas, with affiliate offices in London, New York, Tokyo and Toronto. The firm had approximately $18 billion of credit assets under management as of June 30, 2026, including its capital solutions, direct lending and portfolio finance platforms. Crestline operates as part of Rithm Capital Corp. (NYSE: RITM), a global alternative asset manager whose platform spans asset-based finance, residential and commercial real estate lending, mortgage servicing rights and structured credit.
The Royal Palms at Nehi loan is Crestline's second transaction with Ceiba Groupe.
Sources
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