SunTrust Provides $40M for Air Force Retirement Community Expansion on Florida Panhandle

SHALIMAR, Fla. — SunTrust served has served as sole provider on a $40 million loan to Air Force Enlisted Village in Shalimar.

Located on the Florida Panhandle east of Pensacola, Shalimar is a tiny town of fewer than 1,000 residents next to Eglin Air Force Base and the Air Force Armament Museum.

The financing will support construction of new residential units and to refinance existing debt on the retirement community. Ziegler Investment Bank served as a placement agent on the transaction.

The $20 million expansion, known as Bob Hope Village 6, will add 63 residential units, allowing the community to reduce its waiting list. Construction of the new units, ranging from 1,250 to 1,450 square feet, started in early December, and is scheduled for completion in 2020.

Air Force Enlisted Village is a nonprofit organization that provides housing for retired members of the U.S. Air Force and surviving spouses.