Crestline Management, L.P. (“Crestline”) is pleased to announce the closing of a $61.6 million senior secured construction loan, alongside Cliffwater Enhanced Lending Fund and Millennium Bridge Capital, to Ceiba Groupe (“Ceiba”), a family-owned South Florida real estate developer. The loan is secured by Royal Palms at Nehi, a 363-unit build-to-rent community of 336 apartments and 27 townhomes in Panama City, Florida, along with an adjacent 20-acre parcel entitled for a future second phase. Proceeds will fund the first phase of construction.
“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, alongside his brother, Adam Bedzow.
About Crestline Management, L.P.
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 has 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 with significant experience managing credit and real estate assets and an integrated platform that spans asset-based finance, residential and commercial real estate lending, mortgage servicing rights, and structured credit. For more information, visit www.crestlineinvestors.com.
About Ceiba Groupe
Ceiba Groupe is a family-owned and operated real estate investment, development, and management firm established in 2012. The firm develops residential and commercial properties in South Florida and Canada, with a focus on multifamily and build-to-rent communities. For more information, visit www.ceibagroupe.com.
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