Abacus Capital Group has successfully secured a $77.5 million construction loan for Arbor House, a significant new multifamily development in Palm Beach Gardens, Florida. This funding will facilitate the construction of a 302-unit upscale apartment complex, aimed at meeting the growing demand for high-quality housing in the West Palm Beach area.
Key Takeaways
- Project: Arbor House, a 302-unit luxury apartment development.
- Location: Palm Beach Gardens, Florida, near West Palm Beach.
- Financing: $77.5 million construction loan secured by Abacus Capital Group.
- Loan Details: Arranged by JLL Capital Markets, a four-year floating-rate loan.
- Development Features: 13-story building with studio to three-bedroom units, extensive amenities, and parking.
Arbor House Development Details
The Arbor House project will be a 13-story building located at 3701 Catalfumo Way S. It will offer a variety of living spaces, including studio, one-, two-, and three-bedroom apartments, with an average unit size of 956 square feet. The development is designed to provide residents with a premium living experience, featuring a 7,000-square-foot eighth-floor deck, a wellness and fitness center, a sauna, a swimming pool, and a ground-floor working lounge. Additionally, an eight-story parking garage with 480 spaces will accommodate residents’ vehicles.
Strategic Location and Accessibility
Situated just off Florida State Route 811, Arbor House boasts a prime location approximately 14 miles north of downtown West Palm Beach. Its proximity to major transportation routes, including Interstate 95 and Florida State Route 786, ensures convenient access to the wider South Florida region. The development is also surrounded by a variety of retail and dining options, with popular stores such as Whole Foods Market, Publix Super Market, and Trader Joe’s nearby, enhancing the convenience for future residents.
Financing and Market Context
JLL Capital Markets, specifically Senior Managing Director Mona Carlton, Director Joshua Odessky, and Analyst Michael Romero, were instrumental in arranging the $77.5 million loan on behalf of Abacus Capital Group. The financing was provided by a publicly traded real estate investment company. This investment comes at a time when the West Palm Beach area is experiencing substantial growth in its multifamily construction pipeline. According to Yardi Matrix, the region has a significant number of properties in various stages of development, poised to add nearly 43,300 units to the market.
Sources
- Abacus Capital Secures $78M for West Palm Beach Development, Multi-Housing News.