Developer Duo Obtains $80.6M W. Palm Beach Apartment Financing
A developer team obtained construction financing for a mixed-use project on leased land in West Palm Beach. Woodfield Development and Flagler Realty & Development were winners of a request for purchase sponsored by the city of West Palm Beach. The South Florida Business Journal reports they agreed to pay $2 million to lease the land. PNC Bank provided the $80.6 million leasehold mortgage to the joint venture. It covers the 6.5-acre site at 8111 S. Dixie Highway. The developers broke ground on the project in December.
It’s slated for 358 apartments, 19,000 square feet of retail space and about 710 parking spaces in eight stories. That would include 90 units of affordable housing. A grocer has agreed to lease 15,000 square feet.
Apartment complex amenities will include a pool, coworking space and a sky lounge. Verdex Construction is the general contractor. Local architect Spina O’Rourke + Partners designed the project.
It’s expected that the project will be completed in late 2026.
Other News
Jonathan Rose Announces Revamp of Ohio Seniors Housing
Jonathan Rose Companies and Community Opportunity Fund, a nonprofit focused on expanding affordable housing and connecting residents to opportunity, announced plans for a comprehensive $32.8 million rehabilitation of Ashtabula Towers, a 202-unit affordable senior housing community in Ashtabula, Ohio. The project represents a significant reinvestment in a longstanding community asset, with updates designed to enhance...
Learn more
Atlas Capital Snags Hell’s Kitchen Apartments for Reported $150M
Atlas Capital Group has acquired 360 W. 43rd St., a 256-unit multifamily property located in Midtown Manhattan’s Hell’s Kitchen neighborhood. Although Atlas Capital did not disclose the acquisition price, Crain’s New York Business reported it as approximately $150 million, or about $586,000 per unit. The 23-story, approximately 250,000-square-foot property comprises 256 rental apartments, 13,000 square feet...
Learn more
EYA Advances Two Residential Developments in Fairfax County
EYA LLC, a D.C.-based urban infill residential developer, is advancing two major residential projects in Northern Virginia. The firm’s Prosperity Park project received approval from the Fairfax County Board of Supervisors, and the Idylwood Hill development reached a key milestone with the closing of its 6.97-acre site in Falls Church. The two projects will bring...
Learn more
Brokers
View All-
Remax Real Estate Professionals
Re/Max Real Estate Professionals
-
Jared Ennis
Central CA Commercial | California
-
Rick Recckio
Recckio Real Estate & Development
-
Greg Corbin
Northgate Real Estate Group
Lenders
View AllManagement
View All-
Essex Property Trust, Inc.
California
-
Josh A
California
-
Bob Tuteur
-
Andrew Schildcrout