Developer Duo Obtains $117M Construction Loan for W. Palm Beach Apartments
Immocorp Ventures and Beachwold Residential secured a $117 million construction loan to fund a 382-unit multifamily apartment complex in the Northwood District of West Palm Beach. Centennial Bank was the lender. The financing will cover the remaining vertical construction, reserves and closing costs for the project, which broke ground in February 2024 and is now approximately 30 percent complete. Construction is scheduled for completion in the fourth quarter of 2026.
The multifamily project consists of a nine-story building and two additional four-story structures. 61,000 square feet will be dedicated to retail, dining, and an art gallery. The project will include 22,000 square feet for a grocery store or a retail anchor.
Located at 2484 Pinewood Ave., the property offers co-working spaces, an indoor/outdoor fitness studio, paddle courts and a rooftop entertainment complex with poolside cabanas. A dedicated outdoor area will provide a kitchen, dining areas, lawn games and a pet park.
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Brokers
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Remax Real Estate Professionals
Re/Max Real Estate Professionals
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Greg Corbin
Northgate Real Estate Group
Lenders
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout