Land Pre-Development
Palm Beach Gardens, FL

A $32MM First Mortgage secured by the fee simple interest in an 8.2-acre development site planned for a luxury waterfront condominium development in Palm Beach Gardens, FL. The loan was used to complete an assemblage of the Property, pay transaction costs, and fund carry, debt service and predevelopment reserves. The Sponsor is a local developer who plans to seek entitlements allowing them to build 98 luxury condominium units across three buildings with 31 boat slips.